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timurjin [86]
3 years ago
8

5. A city received a grant of $5,000,000 from a private agency. The money was to be used to build a new city library. In which f

und should the money be recorded for the Fund-Based Financial Statements?
Business
1 answer:
Rudiy273 years ago
6 0

Answer:

4 500 000

Explanation:

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Dextra Computing sells merchandise for $15,000 cash on September 30 (cost of merchandise is $12,000). The sales tax law requires
Nitella [24]

Answer and Explanation:

The journal entries are shown below:

1. On Sep 30

Cash    $15750

   To Sales   $15,000

   To Sales taxes payable ($15000 ×5%)  $750

(Being the cash receipts is recorded)

For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it increased the revenue and liabilities

2   On Sep 30

Cost of goods sold   $12,000

              To Merchandise inventory $12,000

(Being the cost of goods sold is recorded)

For recording this we debited the cost of goods sold as it increased the expenses and credited the merchandise inventory as it reduced the assets

3  On Oct 15

Sales taxes payable $750

      To Cash $750

(Being cash paid is recorded)

For recording this we debited the sales tax payable as it reduced the liabilities and credited the cash as it decreased the assets

5 0
3 years ago
The demand for one of X Company’s products has declined in recent years. The product is manufactured using designated equipment
djverab [1.8K]

Answer:

$230,000

Revised Question:

The demand for one of X Company's products has declined in recent years. The product is manufactured using designated equipment that originally cost $1,300,000 and has a carrying value of $720,000. As of the current date, December 31, 2012, it is expected that only an additional 400,000 units are likely to be sold over the remaining life of the equipment. Each unit sells for $3 and has a manufacturing cost of $1.50. Relevant information as of December 31, 2018:

The undiscounted future cash inflows from the sale of products over the life of the equipment is expected to be $600,000.

The present value of the future cash inflows from the sale of products over the life of the equipment, calculated at the company's cost of capital, is $475,000.

The equipment has a fair value of $490,000 on the date of evaluation.

How much of an impairment loss will X Company recognize in 2018?

Explanation:

IAS 36 Impairment of Assets states that company's or entity's assets can not be carried at more than their Recoverable Amount

<em>Recoverable Amount</em> equals to higher of Fair Value less cost of disposal and Value in Use

<em>Value in Use</em> is net present value (NPV) of future cashflows generated by an asset.

Lets calculate the Recoverable amount of the equipment of Company X:

Fair Value less Cost of disposal = $490,000 - 0 = $490,000

Value in Use = discounted future cashflows from equipment =  $475,000

<em>So Recoverable Amount is higher of Fair Value less cost of disposal and Value in Use i.e $490,000</em>

<h3>Impairment Loss = Carrying Value - Recoverable Amount </h3><h3>                              = $720,000 - $490,000</h3><h3>                              = $230,000</h3>
5 0
3 years ago
What economic challenge did the newly formed American federal government face? Which act created nationally chartered banks and
Nadya [2.5K]

Answer:

Inflation;National Banking Act ;Panic of 1907

Explanation:

What economic challenge did the newly formed American federal government face? Inflation

Which act created nationally chartered banks and circulated notes backed by the federal government? National Banking Act was pass during the Civil War, it was created so as to provide for nationally chartered banks, whose circulating notes had to be backed by U.S. government

What economic event led to the creation of the Federal Reserve?  Panic of 1907 resulted in the creation of Federal Reserve by the Congress due the wreaked havoc on the fragile banking system at that time

8 0
3 years ago
Read 2 more answers
A cartel is difficult to maintain for which of the following reasons? A. Consumers substitute away from the good when the price
Ulleksa [173]

Answer:

The correct answer is option B.

Explanation:

A cartel can be defined as a group of independent producers who come together to form a group in order to improve profits. In an oligopoly market, there are few firms in the market. The firms are such that the economic decisions of one firm or producer affects their rivals.  

In such a situation, the firms come together to form a cartel to protect their interests. In a cartel, production limits are set for all producers so that the price is high. But cartels are generally short-lived.  

This is because the individual producers have incentives to cheat the cartel by producing more than a set limit so that they can increase their profit and market share.

4 0
3 years ago
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MAVERICK [17]

Answer:

have you tried refreshing the page

Explanation:

6 0
3 years ago
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