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Scorpion4ik [409]
3 years ago
11

On January 1, 2017, the City of Graf pays $68,000 for a work of art to display in the local library. The city will take appropri

ate measures to protect and preserve the piece. However, if the work is ever sold, the money received will go into unrestricted funds. The work is viewed as inexhaustible, but the city has opted to depreciate this cost over 20 years (using the straight-line method).Required:a. How is this work to be reported on the government-wide financial statements for the year ended December 31, 2017?b. How is this work to be reported in the fund financial statements for the year ended December 31, 2017?

Business
1 answer:
mariarad [96]3 years ago
6 0

Answer: The answer has been attached below

Explanation:

Financial statements are the formal records of financial activities and position of an individual, a business, or other entity. The relevant financial information is typically presented in a structured manner and in an understandable form.

Financial statements can include balance sheet, income statement, statement of cash flows, the notes to accounts and statement of changes in equity.

The solution to the question is attached.

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In using a marginal cost pricing rule to regulate a natural monopolist, losses would be sustained by the firm because the price
bonufazy [111]

In using a marginal cost pricing rule to regulate a natural monopolist, losses would be sustained by the firm because the price is below the average total cost.

The marginal cost, or price of producing more, is the variation in total cost that results from increasing the quantity produced in economics. It can refer to an increase of one unit of output in some settings and to the rate of change of total cost as output increases by a tiny amount in others. The marginal cost is the slope of the total cost, or the rate at which it increases with output, and is expressed in dollars per unit while the total cost is expressed in dollars. The difference between average cost, which is the entire cost divided by the quantity of units produced, and marginal cost is that latter.

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7 0
2 years ago
Assess the way in which a business would benefit from a low interest rate 6 mark
Sophie [7]

Answer:

one way that a business would benefit from a low intrest  rate is that there will be more customer because the borrowing rate is low

Explanation:

5 0
3 years ago
​________ is the degree to which employees believe the organization values their contribution and cares about their​ well-be
shtirl [24]

Answer:  

Organizational commitment                  

Explanation:

Organizational loyalty or commitment refers to the relationship of the bond that workers share with their organization. Overall, workers who are engaged in their organization usually feel connected to the organization, these workers assume that they suit in and make sure that they comprehend the organization's objectives.

Such workers ' economic value would be that they appear to become more motivated in their job, demonstrate fairly high efficiency, and are much more assertive in providing support.

8 0
3 years ago
The degree to which team members interact with and rely on other team members for the information, materials, and resources need
Mariulka [41]

Answer:

task interdependence is the correct answer.

Explanation:

The degree to which team members interact with and rely on other team members for the information, materials, and resources needed to accomplish work for the team is known as task interdependence.

The goal of task interdependence  is to alleviate the problems that arise when various assignments overlap and become the potential for disagreement.

Task interdependence within the team is an extent where the team members should communicate with each other to achieve their responsibilities and tasks.

Knowledge of task interdependence benefits company owners grasps how various branches and team members depend on the performance of each other.

5 0
3 years ago
The bank received and accepted a payment worth $7,200 from a customer on the company’s behalf. Which journal entry adjustment sh
krok68 [10]

Answer:

C. Accounts receivable will be credited by $7,200

Explanation:

Accounts receivable are expected payments from customers. They exist because businesses sell goods and services to customers on credit. Account receivables are asset accounts. An increase in assets accounts is debited, and a decrease is credited.

If the banks received payment from a customer, it means a customer has paid for goods sold on credit. Accounts receivable have decreased ( to be credited), but cash in the bank has increased.

5 0
3 years ago
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