River City Is Constructing A Bike Path And Accounts For It In A Capital
River City is constructing a bike path and accounts for it in a Capital Projects Fund. Financing for the project came from the following sources: Transfer from River City’s general fund $20,000 Proceeds from a general obligation bond issue $80,000 Grant from state government $50,000 Which of the following amounts should appear in this year’s governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balance for Other Financing Sources? $150,000 $100,000 $20,000 $70,000
Allocation Of Costs Can Be A Very Controversial Subject When You Are Asking
Allocation of costs can be a very controversial subject when you are asking managers to control costs. Some feel that the methods of allocation may be too arbitrary. If you were asked to design the “perfect” cost allocation system, where would you start? What would be some of the aspects that should be considered in designing the system? What are some of the advantages and disadvantages of the types of systems?
14. Which Of The Following Will Generally Be Considered A Significant Risk? A) A
14. Which of the following will generally be considered a significant risk? A) a sale to a customer B) the determination of the amount of bad debt expense C) the purchase of inventory D) obtaining a loan from the bank
15. As Part Of Designing And Performing Procedures To Address Management Override Of Controls,
15. As part of designing and performing procedures to address management override of controls, auditors must perform which of the following procedures?
11.2 Can A Swimming Pool Be A Deductible Medical Expense? Finding And Analyzing The
11.2 Can a Swimming Pool Be a Deductible Medical Expense? Finding and Analyzing the Relevant Code Sections and Regulations and a Relevant Revenue Ruling Facts: Your clients, Holly and Greg Orman, are a married couple with two young sons, Blake (age 6) and Jonah (age 4). In late 2014, the Ormans learned that Blake has a medical condition that makes his muscles very weak. In addition to prescribing physical therapy that will include exercises to strengthen Blake’s muscles, Blake’s doctor suggested that swimming regularly could greatly improve Blake’s muscle strength. The Ormans live in a rural area far from any public swimming pool. They are considering installing a swimming pool in the backyard at their house. However, the Ormans would like to know whether the cost of installing a swimming pool may be deductible as a medical expense for federal income tax purposes. Required: First step: Identify and properly cite the Code sections and regulations that discuss the deductibility of medical expenses. Indicate whether and, if so, where, they indicate whether the cost of a swimming pool may be deductible as a medical expense. Second step: Find and review a relevant Revenue Ruling that involves the issues of whether the cost of a swimming pool may be deductible as a medical expense. Provide a proper citation for the Revenue Ruling. Briefly describe the facts of the ruling and the IRS’s reasoning and conclusion(s). Indicate whether you think the IRS would reach the same conclusion(s) in the Ormans’ situation and why or why not.
12.3 Building A Warehouse Facts: A South African Public Company Constructed A Warehouse During
12.3 Building a Warehouse Facts: A South African public company constructed a warehouse during 20X1. Costs involved in building the warehouse (or incurred after construction) included, among others: • Payment of wages and benefits to construction workers, who were already employed by the company ($3 million). • Exterior paint for the building ($80,000). • A test production run, in which the plant tested its ability to produce its products ($100,000). • Payment of wages to construction workers for service issues arising after the plant was placed in service ($200,000). In 20X2, an appraisal by the company’s local tax assessor indicated that the building’s value had increased by $5 million. Required: 1. Determine whether the company is subject to the requirements of IFRS (based on the home country). Cite your source for this determination. 2. Locate the relevant guidance, then determine which of the above-listed costs may be included in the initial measurement (i.e., capitalized value) of the plant when the plant is first recognized in 20X1, citing your sources. Certain costs may be addressed directly by the guidance; others may require judgment in applying principles from the guidance. 3. Determine whether the property’s value should be adjusted in year 2 (20X2). 4. Using an IFRS/ U.S. GAAP comparison guide, state how your response to question 3 would differ if this company had been subject to U.S. GAAP. Cite the source for your response.
Assume That The Total COGS For Southern Comfort Will Increase At 7.5685% Annually, Same
Assume that the total COGS for Southern Comfort will increase at 7.5685% annually, same as the sales growth rate. State your own assumptions based on given data and build an integrated, pro forma financial model (Earnings Statement, Balance Sheet and Cash Flow Statement) of Southern Comfort based on Exhibits 6, 7 and 9 . Balance Sheet Data should begin for the year 1978, and Earnings Statement data should begin for the year 1979. Forecast the model out through (and including) the year 1988. Build the model in such a way that all income not used to pay interest and dividends goes towards paying down the long-term debt.
The Ledger Accounts Of AXX Internet Company Appear As Follows On March 31, 2019:
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: The ledger accounts of AXX Internet Company appear as follows on March 31, 2019: ACCOUNT NO. ACCOUNT BALANCE 101 Cash $ 63,000 111 Accounts Receivable 35,660 121 Supplies 8,900 131 Prepaid Insurance 23,300 141 Equipment 101,000 142 Accumulated Depreciation—Equipment 39,620 202 Accounts Payable 11,300 301 Aretha Hinkle, Capital 113,000 302 Aretha Hinkle, Drawing 11,300 401 Fees Income 305,400 510 Depreciation Expense—Equipment 19,460 511 Insurance Expense 9,700 514 Rent Expense 31,300 517 Salaries Expense 149,000 518 Supplies Expense 3,900 519 Telephone Expense 5,100 523 Utilities Expense 7,700 All accounts have normal balances. Required: Prepare the closing entries. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances. Aretha Hinkel capital Account No. 301 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Mar. 31, 2019 Income Summary Account No. 399 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Mar. 31, 2019 Depreciation Expense-Equip. Account No. 510 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Rent Expense Account No. 514 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Supplies Expense Account No. 518 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Utilities Expense Account No. 523 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Aretha Hinkle, Drawing Account No. 302 Date. Debit Credit Balance Mar. 31, 2019 Fees Income Account No. 402 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Insurance Expense Account No. 511 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Salaries Expense Account No. 517 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 Telephone Expense Account 519 Date. Debit Credit Balance Mar. 31, 2019 Mar. 31, 2019 All accounts have normal balances. Post the transactions in to the appropriate ledger accounts. Hint: Be sure to enter beginning balances.
Part 2… An Investor Who Is Willing To Invest 20 Million Thai Baht Wants
Part 2… an investor who is willing to invest 20 million thai baht wants you to explore an enterpreneurial business opportunity in the Thailand. The investor asks you to prepare a plan that outlines the profitability of the business. a. The proposed business a1. describe your main product. a2. describe your knowledge in this business and how it will help you succeed a3. describe your reasons for believing the business will succeed, b.Financial projections b1.fixed asset/start up expense list. fixed asset description expenses Land/building …….. Equipment or vehicles …….. Leasehold Improvements …….. Others …….. Start up expense description: Legal/organization costs ……………. initial marketing
Cost Accounting Is Used By Management To Understand Some Aspects Of Performance And Efficiency.
Cost accounting is used by management to understand some aspects of performance and efficiency. What are some common cost accounting measures? What is done with these measures?
A Company’s Planned Activity Level For Next Year Is Expected To Be 100000 Machine
A company’s planned activity level for next year is expected to be 100000 machine hours. At this level of activity, the company budgeted the following manufacturing overhead costs: Variable Fixed Indirect materials $150000 Depreciation $60000 Indirect labor 210000 Taxes 10000 Factory supplies 21000 Supervision 50000 A flexible budget prepared at the 80000 machine hours level of activity would show total manufacturing overhead costs of
The Per-unit Standards For Direct Materials Are 2 Pounds At $5 Per Pound. Last
The per-unit standards for direct materials are 2 pounds at $5 per pound. Last month, 9600 pounds of direct materials that actually cost $44500 were used to produce 5100 units of product. The direct materials quantity variance for last month was
The Per-unit Standards For Direct Labor Are 1.5 Direct Labor Hours At $15 Per
The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 2300 units, the actual direct labor cost was $44175 for 2850 direct labor hours worked, the total direct labor variance is
Need A Walk Through On How To Do This Problem, Thank You!
Need a walk through on how to do this problem, thank you!
Which Of The Following Transactions Would Be Classified As An Internal Exchange Transaction? The
Which of the following transactions would be classified as an internal exchange transaction? The General Fund transfers $300,000 to stablish a Central Supplies Fund; this amount will not be repaid The General Fund transfers $155,000 to the Debt Service Fund for payment of currently due bond interest payments The Capital Projects Fund completes a library building project and transfers the remaining cash to the Debt Service Fund The General Fund orders and receives supplies from the Central Supplies Fund in the amount of $10,000
Regal Marine Is One Of The United States’ Leading Luxury Performance Boat Manufacturers. Sales
Regal Marine is one of the United States’ leading luxury performance boat manufacturers. Sales of all models in a recent year topped $100 million, with their biggest customer, Boat Tree, buying close to 90% of all boats produced by Regal Marine. Headquartered in Orlando Florida Regal Marine currently makes 22 different models, ranging from a 14 foot runabout sport boat to the 40 foot Commodore yacht. The product life cycle for each of Regal Marine’s boats is 3 to 5 years depending on the size of the boat with smaller boats having shorter life cycles. These short life cycles result in continuing stream of new products that work their way through the company’s value chain. Cross functional design teams with representatives from R
Ryan Small Aged 30 And Single, Provided The Following Details For The Year Ended
Ryan Small aged 30 and single, provided the following details for the year ended 30 June, 2017. Ryan derives income from his employment as a bus driver and some investments. Ryan has no private health insurance. Receipts Legacy from his uncle’s estate $ 3,000 Fully franked dividend from F/S Ltd-amount received 3,300 70% franked dividend from Fl Ltd-amount received 2,900 Unfranked dividend from Back Ltd 1,750 Gross wages (PAYG tax withheld $20,500) 78,800 Bank interest (net of $97 TFN tax withheld) 103 Honorarium for duties as president of the swim club 350 Insurance lump sum compensation (for damage to back sustained in car accident) 12,000 Army Reserve payments for part time services 1,200 Expenses (All fully substantiated) Purchase of compulsory uniform 480 Laundry of uniform (estimate) 75 Parking fees (Ryan drives his car to the bus depot) 440 Sunglasses used for driving 150 Investment journals 230 Ryan has a HELP liability of $6,600. The repayment rate is 8%. During the year Ryan received an Australian Government Disaster Recovery Payment.
Centralia City Received Notification On May 1 That It Has Been Approved For A
Centralia City received notification on May 1 that it has been approved for a $300,000 federal operating grant. The grant is payable on a reimbursement basis as the city expends resources for the intended purposes of the grant. No expenditures have been made for grant purposes as of May 1. The journal entry to record approval of this grant will include: A credit to Revenues in the amount of $300,000 A credit to Deferred Revenues in the amount of $300,000 A debit to Grants Receivable in the amount of $300,000 No journal entry will be made until eligibility requirements are met by expending resources for the authorized purpose(s).
Mr. Jill Is An Accounting Student And Owner Of A Small Coffee – Shop,
Mr. Jill is an accounting student and owner of a small coffee – shop, which he purchased this year. He usually comes to you for tax return once in a year. He tried to do his quarterly GST this year (2015) and make a small mistake on the GST report form. As given below: At the total sales (G1) he wrote $ 10100.00 At the total Non-capital purchase option (G11) purchase options he wrote $ 9900.00 and He calculated his GST accordingly and report the GST without omitting the decimal point (00.00). With investigating the GST report The Auditor send him a letter informing he reported his total income $1010000 and Total Non-capital purchase of $ 990000 and requested him to provide the necessary documents about this GST reporting. Now, Jill came to you for advice as he believe that he did the right calculations. Now what would be your suggestion regarding: What was the mistake that Jill made for reporting his GST? Calculate the GST for Gill. Properly Fill up the GST form for him. What documents do Jill have to provide to ATO Auditor?
In Fiscal Year 2019, An Account Titled “Expenditures-2018” Represents: The Amounts Of Purchase Orders
In fiscal year 2019, an account titled “Expenditures-2018” represents: The amounts of purchase orders issued in 2018 that were intended to be paid in full from appropriations for 2019 Excess expenditures in 2018 that will be offset against appropriations for 2019 Goods for services received in 2018 which the government has no record of ordering Amount of expenditures for goods ordered in 2018 that were received in 2019 and chargeable to appropriations from 2016
A City Issued $5 Million In Special Assessment Bonds To Finance Capital Assets Used
A city issued $5 million in special assessment bonds to finance capital assets used to generate electricity that is subsequently sold to the citizens in the surrounding area. The city’s electric power distribution activities are accounted for in an Enterprise Fund, which will service the debt. If the city is legally obligated for the debt, the appropriate entry in the city’s Electric Enterprise Fund to record this event is….. Debit Plant assets; Credit Bonds payable. Debit Plant assets; Credit Contributed capital. Debit Plant assets; Credit Contributed revenue. No entry should be made in the Electric Enterprise Fund.
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