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
zlopas [31]
3 years ago
10

The City of Mayville had total fund balance in its General Fund of $200,000 on December 31, 2019. The City of Maysville's Genera

l Fund balance sheet for its December 31, 2019 year end shows inventory of $28,000 and prepaid rent of $10,000. The City also had $60,000 of outstanding encumbrances in its General Fund at year-end. In December 2019, a grantor provided the City with $42,000 that must be used to buy musical instruments for the City's youth orchestra. No instruments had been purchased at year-end. How much should the City report as restricted fund balance in its General Fund on December 31, 2019?
A $42.000
B. $38,000
C. $98,000
D. 528,000
E. $60,000
Business
1 answer:
d1i1m1o1n [39]3 years ago
5 0

Answer:

The City of Mayville

The City should report $42,000 as restricted fund balance in its General Fund on December 31, 2019.

Explanation:

a) Data and Calculations:

Total fund balance in General Fund = $200,000

Inventory =     $28,000

Prepaid Rent     10,000

Encumbrances 60,000

Restricted fund = $42,000

b) The City of Mayville's restricted fund balance is the cash balance that has been earmarked for specific or limited use by or for the City. Restricted funds ensure that donors detect and direct the usage of the funds.

You might be interested in
Which of the following best describes the term customer contact points? Group of answer choices
kumpel [21]

Answer:

d.a customer interacting with a franchise employee

Explanation:

Customer contact points are avenues through which a company interacts with its customers directly. The modes of interactions include phone calls, written communication, online interactions, or one-on-one customer support.

Many businesses recognize the importance of customer contact points. They invest heavily to ensure that the customer gets a wonderful experience at the contact points.

6 0
3 years ago
Consider two straight-line PPFs. They have the same vertical intercept, but curve I is flatter than curve II. The opportunity co
Fynjy0 [20]

Answer:

c) is the same along both curves.

Explanation:

Two straight-line PPFs have the same vertical intercept, but curve I is flatter than curve II. The opportunity cost of producing the good on the horizontal axis is the same along both curves.

3 0
3 years ago
Candice bought a shipment of jeans to sell at her store for $20 each. She'd
rusak2 [61]

Answer:

D. $28

Explanation:

Given the following data;

Cost price = $20

Markup = 40%

To find the selling price;

Markup price = 40/100 * 20

Markup price = 800/100

Markup price = $8

Next, we would add the markup to the cost price;

Selling price = markup price + cost price

Selling price = 8 + 20

Selling price = $28

Therefore, the price of each pair of jeans is $28.

6 0
3 years ago
A U.S. exporter sells $150,000 of furniture to a Latin American importer. The exporter requires the importer to obtain a letter
grandymaker [24]

Answer:

5.52%

Explanation:

Cost of Furniture= $150,000

discount= 5.25% (120-day note)

To get the exporter's true effective annual financing cost, we have:

150,000*[1-(0.0525*120/360)] = 147,375

=(150,000/147,375) 365/120-1 = 5.52%

Therefore, the exporter's true effective annual financing cost is 5.52%

6 0
3 years ago
Direct materials for the month amounted to $111,500. Direct labor for the month was $206,500. During the month, 12,500 units wer
Alenkinab [10]

Answer:

1. Total Production Cost = $413400

2. Cost per unit of production for the previous month = $25.44

   Cost per unit of production for the next month = $25.44

Explanation:

GIVEN:

Direct Material for 12,500 unit = $111,500

Direct Labor for 12,500 unit = $206,500

Calculate:

Direct Material for 16,250 unit = $111,500*16,250/12,500 = $144,950

Direct Labor for 16,250 unit = $206,500*16,250/12,500 = $268,450

  • Total Production Cost =  Direct labor + Direct materials + Factory Overheads

Total Production Cost =  $144,950 + $268,450

Total Production Cost =  $413,400

Cost per unit of production = Total Production Cost / Total unit

For Previous month  = ($111,500 + $206,500) / 12,500

                                  = $318000/ 12,500

                                  = $25.44

For Next month = ($413400) / 16,250    

                           = $25.44

6 0
3 years ago
Other questions:
  • Below are several amounts reported at the end of the year. Currency located at the company $ 675 Supplies 1,700 Short-term inves
    9·1 answer
  • Bonita Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a
    12·1 answer
  • Nielsen purchases scanner data from retail transactions to compile, analyze, and resell to consumer packaged-goods firms so they
    9·1 answer
  • Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production
    10·1 answer
  • Economists usually assume that production is subject to increasing opportunity costs because: a. higher production usually resul
    9·1 answer
  • Albert works as a server for a restaurant that gives him a certain amount of autonomy. For example, if customers complain about
    9·1 answer
  • Tina and Betty formed a partnership. Tina received a 40 percent interest in the partnership in exchange for land with an adjuste
    11·1 answer
  • Treasury bills are currently paying 6 percent and the inflation rate is 3 percent. a. What is the approximate real rate of inter
    5·1 answer
  • Suppose that the average wage earner saves 7% of her take-home pay and spends the other 93%. Also suppose that 93% of any amount
    13·1 answer
  • Price discrimination is not viable if consumers can resell the products they purchase. true or false
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!