Answer:
$198,000
Explanation:
Following amount of property tax revenues should the city report in the government-wide financial statements for the current fiscal year
During the year collection = $170,000
During the first two months of the following year = $25,000
Prior year taxes = $3,000
Total = $170,000 + $25,000 + $3,000 = $198,000
Answer:
A flexible budget is a budget that adjusts or flexes with changes in volume or activity.
Explanation: For costs that vary with volume or activity, the flexible budget will flex because the budget will include a variable rate per unit of activity instead of one fixed total amount.
Answer: $650,000
Explanation:
Given that,
Fair and par value of issued bonds = $150,000
Prior acquisition, McGuire reported
Total assets = $500,000
Liabilities = $280,000
Stockholders’ equity = $220,000
At that date, Able reported
Total assets = $400,000
Liabilities = $250,000
Stockholders’ equity = $150,000
Account payable to McGuire = $20,000
Total assets reported by McGuire after acquisition:
= Total assets + Fair value of investment
= $500,000 + $150,000
= $650,000
Answer: $6000
Explanation:
Financing activities are all activities that a corporation undertakes to affect the company's long-term liabilities or equity.
You list the following activities
- receipts from customers
- receipt from bank for long-term borrowing
- payment to suppliers
- payment of dividends
- payment to workers
- payment for machinery
Any receipts to customers or payments to suppliers are short-term reimbursements for labor or purchase of product, and as such are not included in the financing activity cash flows. Your payments for machinery are not financing activities either as machinery is not considered a liability, rather, it is an asset for the company.
However, your receipt from the bank for long-term borrowing and payments of dividends affect both long-term liabilities and equity, and those are reflected on the financing cash flows as such
Receipts from the bank for long-term borrowing - $7500
Payment of dividends - ($1500)
Net cash flows from financing activities - $6000
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