1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Serhud [2]
2 years ago
11

A city government adds streetlights within its boundaries at a total cost of $300,000. These lights should burn for at least 10

years but can last significantly longer if maintained properly. The city develops a system to monitor these lights with the goal that 97 percent will be working at any one time. During the year, the city spends $48,000 to clean and repair the lights so that they are working according to the specified conditions. The city also spends another $78,000 to construct lights for several new streets. Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded on government-wide financial statements. Prepare the entries assuming infrastructure assets are capitalized with government using the modified approach on government-wide financial statements.
Business
1 answer:
tekilochka [14]2 years ago
3 0

Answer: See explanation

Explanation:

a. Prepare the entries assuming infrastructure assets are capitalized with depreciation recorded on government-wide financial statements.

1. Debit: Infrastructure assets—street lights $300,000

Credit: Cash $300,000

(To record cash purchase of street light

2. Debit: Depreciation expense $300,000/10 = $30,000

Credit: Accumulated depreciation—infrastructure assets $30,000

(To record depreciation expense)

3. Debit: Maintenance expense—infrastructure assets $48000

Credit: Cash $48000

(To record maintenance expense)

4. Debit: Infrastructure assets—street lights $78000

Credit: Cash $78000

(To record cash expense for new light)

b. Prepare the entries assuming infrastructure assets are capitalized with government using the modified approach on government-wide financial statements.

1. Debit: Infrastructure assets—street lights $300,000

Credit: Cash $300,000

(To record purchase of street light)

2. Debit: Maintenance expense—infrastructure assets $48000

Credit: Cash $48000

(To record maintenance expense)

3. Debit: Infrastructure assets—street lights $78000

Credit: Cash $78000

(To record cash expense for new light)

You might be interested in
Explain. Brainliest.
Rus_ich [418]
Alright, well look like this:

Public goods are goods that are open to anyone. They can’t turn down customers, and they can’t turn down even people who don’t pay.

Excludable goods means the people CAN turn away those who don’t pay. So, this is wrong.

Goods for a profit means that no matter what, they make money. Meaning those who can’t pay can still be turned away.

Privately owned goods can be turned away to and from anyone. This is also wrong.

Nonexcludable goods means that ANYONE can use this good or service, they aren’t for profit, they are non-rivalrous, etc. This is your answer.

<span>~Hope this helps!</span>

7 0
3 years ago
Suppose two​ countries, Country A and Country​ B, have a similar real GDP per capita. Country A has an average economic growth r
ozzi

Answer:

D

Explanation:

Many studies have found a positive correlation between economic growth and living standards. This means that empirical works have found that countries with higher economic growth, often have better living standards than the countries with less economic growth. In this case if real GDP per capita of both countries is similar, then they are comparable.

We can deduce that the country B will experience an increase in living standards much more rapidly in the long run because economic growth leads to an increase in profits for firms, there would be a better capital and labor return. This means that firms will pay more for capital and labor, if households are de owners of capital and labor, their rents and wages will increase. The disposable income will increase for households and they will consume more goods and services, then their living standards will increase.

7 0
2 years ago
In 2015, the city of Berkeley instituted a tax on sugar-sweetened sodas. Suppose that the tax increased the price of a typical s
DedPeter [7]

Answer:

(g) Between 0 and -S7.5k because residents can substitute to other products

Explanation:

Data given in the question

Increase in price of typical soda = 10 cents

Total consumed = 150,000 sodas [er day

Dropped quantity = 75,000 sodas

So by considering the above information, the per day compensating variation of the tax varies from 0 and - 7,500

Since the sugar sweetened sodas is treated as a normal goods. Moreover, people can substitute the other goods also if there is an increase in a price of the good

The -7,500 is come from = (-75,000 × 0.10)

The options are as follows

(a) Greater than -$15k because soda is a luxury good with income (b) -$15k because that is the old consumption level times the value of the tax (c) Between -S7.5k and -$15k because soda is a luxury good elasticity > 1 with income elasticity >1 (d) Between -$7.5k arti -$15k because residents can substitute to other products (e) -$7.5k because that is the new consumption level times the value of the tax ()-$7.5k because that is the change in consumption times the value of the tax (g) Between 0 and -S7.5k because residents can substitute to other products (h) Between 0 and -$7.5k because because beverages are typically necessity goods with 6) Nothing because there was no effect on income G) It is impossible to say without knowing consumers' marginal rate of substitution income elasticity less than 1

8 0
3 years ago
Q1. As the economy nears the end of an expansion, which of the following typically occurs? A. Wages are usually rising faster th
vazorg [7]

Answer:

D

Explanation:

5 0
3 years ago
Custom Quilters makes decorative comforters, quilted garments, and other products in a small sewing factory. The company expects
Ronch [10]
You would have to divide
4 0
3 years ago
Other questions:
  • It takes K’s Boutique an average of 53 days to sell its inventory and an average of 16.8 days to collect its accounts receivable
    12·1 answer
  • The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) In
    5·2 answers
  • In order to build profitable relationship with customers, it is important to decide whom it will serve. It does this by ________
    7·1 answer
  • Sensitive data on a gfe mobile device does not need to be encrypted.
    5·1 answer
  • A stock can split and add additional shares as specified per existing share OR a stock can reverse split and decrease the number
    5·2 answers
  • The following present value factors are provided for use in this problem.
    11·1 answer
  • Superior has provided the following information for its recent year of operation: The common stock account balance at the beginn
    11·1 answer
  • A company begins operations in Year 1 and offers a one-year warranty on all products sold. Total appliance sales in Year 1 are $
    11·1 answer
  • The three fundamental elements that motivate people to be fair are _____.
    11·1 answer
  • According to ___________________, if the money supply grows at 6%, real gdp grows at 2%, and the velocity of money is constant,
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!