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guapka [62]
2 years ago
11

A state whose fiscal year ends June 30, 2013, had the following transactions and events. For each item, compute how much total e

xpenditures the state will report in the General Fund Statement of revenues, expenditures, and changes in fund balance for the year ended June 30, 2013. Also, state the accounting principle that governs calculation of the amount to be accrued at the end of the accounting period.
1. During the year, the state paid salaries of $3,600,000. Its employees also earned $150,000 during the period June 23–30, but the payroll for that period will be paid on July 12.
2. The state permits its employees to accumulate up to 30 days of vacation leave. The employees are entitled to be paid on termination or retirement for any unused vacation days. At the beginning of the fiscal year, the state’s liability for unused vacation pay was $720,000. By the end of the fiscal year, the vacation pay liability had increased to $810,000. The latter amount includes $16,000 owed to employees who retired as of June 30, 2013 with unused vacation pay. That amount will be paid on July 12, 2013.
3. At the beginning of the fiscal year, the state’s actuary advised the budget director that a total of $430,000 would have to be paid into a Retiree Health Care Trust Fund if the state were to contribute to the fund based on the benefits earned by its active employees during fiscal 2013. The adopted budget, however, contained an appropriation for $115,000, the amount of benefits the state expected to pay on behalf of retired employees.
During the year, actual payments on behalf of retired employees were $96,000. An additional $12,000 was scheduled to be paid in July 2013 for health care benefits claimed in June 2013.
Business
1 answer:
inysia [295]2 years ago
3 0

Answer:

kahau allu lahau na ta ghar jau malai tah china so k gaeu ma ha

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AudioCables, Inc., is currently manufacturing an adapter that has a variable cost of $0.50 per unit and a selling price of $1.40
Sedaia [141]

Answer: Yes. AudioCable should buy a new equipment

Explanation:

Audiocables Inc. without new equipment:

Selling price: $1.40

Variable cost: $0.50

Fixed cost: $14,000

Sales: 30000 units

Total cost = Fixed cost + Variable cost

= $14000 + ($0.50 × 30000)

= $14000 + $15000

= $29000

Revenue = Sales × Selling price

= 30000 × $1.40

= $42000

Profit = Revenue - Total Cost

= $42000 - $29000

= $13000

Audiocables Inc. with new equipment:

Selling price: $1.40

Variable cost: $0.60

Fixed cost: $14,000 + $6000 = $20000

Sales: 50000 units

Total cost = Fixed cost + Variable cost

= $20000 + ($0.60 × 50000)

= $20000 + $30000

= $50000

Revenue = Sales × Selling price

= 50000 × $1.40

= $70000

Profit = Revenue - Total Cost

= $70000 - $50000

= $20000

From the calculations made, AudioCable buy a new equipment as profit generated is more.

5 0
3 years ago
The general term for the payments for the use of resources is ______?
Zielflug [23.3K]
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strojnjashka [21]

Answer:

a.

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Dec, 31. 2020       Cash                                              $1,000

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b.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $800

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c.

Date                      Account Title                                    Debit                Credit

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A list of accounts and balances before adjustments are recorded is known as a(n)?
djverab [1.8K]

A list of accounts and balances before adjustments are recorded is known as a(n) Unadjusted trial balance.

What is accounts?

The entry of a transaction in a financial statement is referred to as a “accounts.” The account has been updated to reflect the debit and credit transactions. Assets, liabilities, revenue, equity, and expenses are all types of financial activity.

The unadjusted before trial balance as the adjustment of the record in the accounts. The trial balance as the entry in the double-entry account book, as the indicating the errors of the accounting.

As a result, the unadjusted trial balance, list of accounts and balances before adjustments are recorded.

Learn more about accounts, here:

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