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Alisiya [41]
3 years ago
12

On January 1, 2017 the City of Graf pays $85,500 fora work of art to display in the local library. The city will take appropriat

e 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 15 years (using the straight-line method) 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:
Nookie1986 [14]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

a. Artwork A/c Dr $85,500

        To Cash A/c                                       $85,500

(Being work is reported on the government-wide financial statements)

Depreciation Expense A/c Dr $5,700

        To Accumulated Depreciation A/c $5,700

(Being depreciation expense is recorded)

The depreciation expense is shown below:

= Original cost ÷ useful life

= $85,500 ÷ 15 years

= $5,700

b. Artwork expenditure A/c Dr  $85,500

           To Cash A/c  $85,500

(Being  work is reported on the fund financial statements

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ELEN [110]

Answer:

Free trade.

Explanation:

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In the world of our own, which is of the recent times, this policy implementation is done by means of a formal and mutual agreement of the nations which are seen to be involved. Also this policy in some cases may simply be the absence of any trade restrictions.

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3 years ago
A market orientation refers to:__________
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Answer:

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The philosophy of market orientation is concerned with crating value that meets the needs of customers.

A company that applies market orientation in their approach and processes seeks ways to identify the needs of customers, they study these wants, find our how well their competitors are meeting them and then create innovative value with a competitive edge that will sell easily.

The design and packaging of these customer orientated goods and services is meant to be cost effective for the sake of maximizing profit.

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