Concord Corp- has decided to expand its operotions- The boolkepeper re.pdf
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Concord Corp, has decided to expand its operotions, The boolkepeper recently completed the following statement of financiai potition in order to obfain additional funds for exparsiors Concord Corp. Statement of Financial frosition For the Year Ended December 31,2023 Currentassets Casininet of bank everdraft of $40 , 000 ) Aceeunts receivabie (ret) linentory at the fower of cost and net realitable value FV.NI inestrents lat cont-fair value $310 , 000 ) 510.000 492.000 581.000 330.000 Property. plant and equigment Eullidines inet) Eiquipment (he0) Land held for future ine 195,000 intaryibie ascets Goodwili lawes tment in bonds ro collect cash fove at amenized cont 110,000 Hreagid eupwicises Curronr Nabilitiei Accounts payable 215,000 Notes fuyable itue nevityear) 205000 inraigitite asmets Crimeteill Eirirant lagibitie. Aimimetv iaval fer Watet payacie thue next ye of Prisionocilatation foent poricitis lene cerrilisinint Basetiginike Whar shifur cus of ienimidated suptu: Ketained e iriaisi (ii) CONCORD CORP. Statement of Financial Position Assets Current Assets Current Liabilities Long-Term Investments Long-Term Liabilities Property, Plant, and Equipment Shareholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Liabilities Total Liabilities and Shareholders' Equity Total Shareholders' Equity CONCORD CORP Statement of Financial Posticion Assets (i) $ Liabilities and Shareholders' Equity 5 5.
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What amount of the forgoing revenues stovid be accounted for in Aevid.pdf
What amount of the forgoing revenues stovid be accounted for in Aevidas govemmentat funds?
as s,140000 as siou, 000 e ss.040,000 d ss,000,000 2. Tapior Cly issued the following long-term
obligations: Revenue boedv to be refaid finum admiuken foes collected froen wen of the city
swinning poel $1,000,000 Gencral obligation boedk kwued for the siey water and seaer fund that
will vervise the debe 31,30000 Athough tese bonds are expected to be pad trom enterproe finds
the fa faith and oredt of the ofy has been pledged as further assurance that the obligatons wil be
paid. What anount of these bonds should be accounted for in the proprietary funds? a 80 b
51,000,000 e 51,800,000 d 52,800,000 3. The fodswing proceeds received by Gad Caty in 2015
are legely restictad to eapendture for sgecfied purposes: Dotkation by a heneficker mumated to
provide makls for the neody Sales taxes to finance the maithenance of motu facilities emest by
the sity No0000 What amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c
seove00 di 51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing
cash aceurnulations are available to cover payment of peincipal and interest on. Bonds for
fisancing of water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000
The anount of these cash accumblationt that should be accourtad for in Thurman is dete serice
funds ix: at $9 b sinotade e $1,000000 d $1,400,000 Use the following information in answering
questons 5 and 6 : On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat
cost of a new municigal annex built in 2014 on city-owned land. Financing was provided by a
52,000.000 generat obligation bond issue soid at tace amount on December 31 , 2014, with the
romaining $1,000,000 tranederred trom the general fund. 5. What acoount and amount should be
reported in Cane s 2014 financial stafements for the general fund? a Other financing ases,
$1,000,000 - Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing
sources, 53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial
statements for the capital projects fund? a Other financing sources, 52,000,000; generat long-
term debt $2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing
spurces, 52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
Im paying a monthly suscription already. No thanks. What amount of.pdf
I'm paying a monthly suscription already. No thanks. What amount of the forgoing revenues
stovid be accounted for in Aevidas govemmentat funds? as s,140000 as siou, 000 e ss.040,000 d
ss,000,000 2. Tapior Cly issued the following long-term obligations: Revenue boedv to be refaid
finum admiuken foes collected froen wen of the city swinning poel $1,000,000 Gencral
obligation boedk kwued for the siey water and seaer fund that will vervise the debe 31,30000
Athough tese bonds are expected to be pad trom enterproe finds the fa faith and oredt of the ofy
has been pledged as further assurance that the obligatons wil be paid. What anount of these
bonds should be accounted for in the proprietary funds? a 80 b 51,000,000 e 51,800,000 d
52,800,000 3. The fodswing proceeds received by Gad Caty in 2015 are legely restictad to
eapendture for sgecfied purposes: Dotkation by a heneficker mumated to provide makls for the
neody Sales taxes to finance the maithenance of motu facilities emest by the sity No0000 What
amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c seove00 di
51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing cash
aceurnulations are available to cover payment of peincipal and interest on. Bonds for fisancing of
water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000 The anount of
these cash accumblationt that should be accourtad for in Thurman is dete serice funds ix: at $9 b
sinotade e $1,000000 d $1,400,000 Use the following information in answering questons 5 and 6
: On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat cost of a new
municigal annex built in 2014 on city-owned land. Financing was provided by a 52,000.000
generat obligation bond issue soid at tace amount on December 31 , 2014, with the romaining
$1,000,000 tranederred trom the general fund. 5. What acoount and amount should be reported in
Cane s 2014 financial stafements for the general fund? a Other financing ases, $1,000,000 -
Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing sources,
53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial statements
for the capital projects fund? a Other financing sources, 52,000,000; generat long-term debt
$2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing spurces,
52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
General
Special revenue—Street and Highway Fund
Capital projects—City Hall Annex Construction Fund
Debt service—City Jail Annex Debt Service Fund
Debt service—City Hall Debt Service Fund
Proprietary Funds
Internal service—Stores and Services Fund
Enterprise—Water and Sewer Fund
Fiduciary Funds
Private-purpose—Student Scholarship Fund
Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Bridgeport Compary has decided to expand its operations- The bookkeepe.docx
Bridgeport Compary has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for exparision. Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $171 , 000 and for the equipment. $116 , 000 . The allowance for doubtful accounts has a balance of $28 , 000 . The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property. Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Balance Sheet December 31,2020 Assets Current Assets Cash Equity lnvestments Accounts Recelvable 5 5 Less v : Allowance for Doubtful Accounts Inventory Prepaid Expenses Total Current Assets: Long-term investments Long-term Investments Liabilities and Stockholders' Equity 5 Total Liabinities Stockholders' Cquity
.
The Balance Sheets of the General Fund and the Street and Highway Fu.pdf
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe
as of December 31, 2014, follow. These (beginning) balances have been entered in the proper
general ledger accounts, as of 1/1/2015.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
3–C - This portion of the continuous problem continues the General Fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical
effort required for the solution use control accounts for the budgetary accounts, revenues,
expenditures and encumbrances. Subsidiary accounts are not required. Budget information for
the City includes:
a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for
$11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures,
and $1,700,000 to be transferred to two debt service funds for the payment of principal and
interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the
Street and Highway Fund that provided for estimated revenues from the state government in the
amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the
ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2015. Make any computations to
the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues,
expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-
established.
(2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of
the 2014 levy that was expected to be collected more than 60 days after December 31. This
amount should be recognized as 2015 revenues..
H F M A’s I n t r o d u c t i o n t o H o s p i t a l A c .docx
H F M A’s I n t r o d u c t i o n t o H o s p i t a l A c c o u n t i n g162
604 Insurance expense 2,300
605 Repairs expense 4,100
606 Rent expense 2,800
607 Depreciation expense 9,400
608 Interest expense 1,400
609 Bad debt expense 11,600
610 Other expenses 7,200
Required: (1) Prepare, in general journal form, the necessary closing
entries for the year ended December 31, 20X1. (2) Prepare, in good
form, the 20X1 statement of operations for Gatorberg Hospital.
P8.3. The following is the preadjusted trial balance of Grandtown Hospital
at December 31, 20X1, the end of the hospital’s current fiscal year:
Acct.
No. Dr. Cr.
101 Cash $ 37,500
102 Temporary investments 30,000
103 Accrued interest receivable -0-
104 Accounts receivable 120,000
105 Allowance for uncollectible accounts $ -0-
106 Inventory 14,000
107 Prepaid insurance 3,600
120 Land 25,000
130 Buildings 250,000
131 Accumulated depreciation—buildings -0-
140 Equipment 140,000
141 Accumulated depreciation—equipment -0-
201 Accounts payable 37,400
203 Accrued interest payable -0-
204 Accrued salaries and wages payable -0-
205 Deferred rental income 2,700
250 Bonds payable 150,000
301 Hospital net assets 395,700
302 Revenue and expense summary -0-
401 Routine services revenue 171,200
402 Ancillary services revenue 110,300
403 Interest income -0-
404 Rental income -0-
406 Other operating revenues 23,500
501 Contractual adjustments 22,700
502 Charity care adjustments 31,100
601 Salaries and wages expense 155,600
C h a p t e r E i g h t : A c c o u n t i n g Cy c l e S u m m a r y 163
602 Supplies expense 33,100
603 Utilities expense 14,900
604 Insurance expense -0-
605 Repairs expense 6,400
607 Depreciation expense -0-
608 Interest expense 4,500
609 Bad debt expense -0-
610 Other expenses 2,400
Totals $890,800 $890,800
The following additional information is available:
1. The temporary investment consists of $30,000 (face value) of 8
percent bonds acquired by the hospital on November 1, 20X1.
These bonds pay interest annually on November 1, commencing
on November 1, 20X2.
2. Of the December 31, 20X1, accounts receivable, it is estimated
that 14 percent will eventually prove uncollectible by reason of
(1) charity care, 7 percent; (2) contractual adjustments, 4 per-
cent; and (3) bad debts, 3 percent.
3. A two-year insurance premium of $3,600 was paid in advance by
the hospital on January 1, 20X1.
4. The hospital building, which was acquired on January 1, 20X1, has
an estimated useful life of 50 years and a 20 percent salvage value.
5. The equipment, which was acquired on January 1, 20X1, has an
estimated useful life of 12 years and a $20,000 salvage value.
6. On January 1, 20X1, the hospital issued $150,000 of 20-year, 6
percent bonds at face value. These bonds pay interest semiannu-
ally on January 1 and July 1, commencing July 1, 20X1.
7. Unpaid salaries and wages at December 31, 20X1, amounted to
$12,300.
8. The hospital received one year’s rent of $2,700 ...
Cash flow statement
The financial statements provide balance sheet, income statement, and statement of recognized income and expense information for Jackson Ltd for 2007 and 2006. Key information includes an increase in ordinary shares and share premium in 2007, property revaluation in 2007, plant and equipment depreciation of £3.97 million, and repayment of £11 million in long-term loans in 2007. The question requires preparing a cash flow statement for 2007 and describing risks banks face lending to companies and relevant financial information.
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What amount of the forgoing revenues stovid be accounted for in Aevid.pdf
What amount of the forgoing revenues stovid be accounted for in Aevidas govemmentat funds?
as s,140000 as siou, 000 e ss.040,000 d ss,000,000 2. Tapior Cly issued the following long-term
obligations: Revenue boedv to be refaid finum admiuken foes collected froen wen of the city
swinning poel $1,000,000 Gencral obligation boedk kwued for the siey water and seaer fund that
will vervise the debe 31,30000 Athough tese bonds are expected to be pad trom enterproe finds
the fa faith and oredt of the ofy has been pledged as further assurance that the obligatons wil be
paid. What anount of these bonds should be accounted for in the proprietary funds? a 80 b
51,000,000 e 51,800,000 d 52,800,000 3. The fodswing proceeds received by Gad Caty in 2015
are legely restictad to eapendture for sgecfied purposes: Dotkation by a heneficker mumated to
provide makls for the neody Sales taxes to finance the maithenance of motu facilities emest by
the sity No0000 What amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c
seove00 di 51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing
cash aceurnulations are available to cover payment of peincipal and interest on. Bonds for
fisancing of water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000
The anount of these cash accumblationt that should be accourtad for in Thurman is dete serice
funds ix: at $9 b sinotade e $1,000000 d $1,400,000 Use the following information in answering
questons 5 and 6 : On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat
cost of a new municigal annex built in 2014 on city-owned land. Financing was provided by a
52,000.000 generat obligation bond issue soid at tace amount on December 31 , 2014, with the
romaining $1,000,000 tranederred trom the general fund. 5. What acoount and amount should be
reported in Cane s 2014 financial stafements for the general fund? a Other financing ases,
$1,000,000 - Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing
sources, 53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial
statements for the capital projects fund? a Other financing sources, 52,000,000; generat long-
term debt $2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing
spurces, 52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
Im paying a monthly suscription already. No thanks. What amount of.pdf
I'm paying a monthly suscription already. No thanks. What amount of the forgoing revenues
stovid be accounted for in Aevidas govemmentat funds? as s,140000 as siou, 000 e ss.040,000 d
ss,000,000 2. Tapior Cly issued the following long-term obligations: Revenue boedv to be refaid
finum admiuken foes collected froen wen of the city swinning poel $1,000,000 Gencral
obligation boedk kwued for the siey water and seaer fund that will vervise the debe 31,30000
Athough tese bonds are expected to be pad trom enterproe finds the fa faith and oredt of the ofy
has been pledged as further assurance that the obligatons wil be paid. What anount of these
bonds should be accounted for in the proprietary funds? a 80 b 51,000,000 e 51,800,000 d
52,800,000 3. The fodswing proceeds received by Gad Caty in 2015 are legely restictad to
eapendture for sgecfied purposes: Dotkation by a heneficker mumated to provide makls for the
neody Sales taxes to finance the maithenance of motu facilities emest by the sity No0000 What
amount should be accounted for in Clads fouciay find?? at $0 - 5220,000 c seove00 di
51,000,000 4. In connoction with Thurman Townshipls long-term dett, the folcuing cash
aceurnulations are available to cover payment of peincipal and interest on. Bonds for fisancing of
water treinimen plant coestructionGonerallongtotimobligationst.000.000sopo.000 The anount of
these cash accumblationt that should be accourtad for in Thurman is dete serice funds ix: at $9 b
sinotade e $1,000000 d $1,400,000 Use the following information in answering questons 5 and 6
: On December 31, 2014, Cane City paid a contractor 51 , 000.000 for the totat cost of a new
municigal annex built in 2014 on city-owned land. Financing was provided by a 52,000.000
generat obligation bond issue soid at tace amount on December 31 , 2014, with the romaining
$1,000,000 tranederred trom the general fund. 5. What acoount and amount should be reported in
Cane s 2014 financial stafements for the general fund? a Other financing ases, $1,000,000 -
Other financing sourees, $2,000,000 6 Expenditures, $3,000,000 a Other finaneing sources,
53,000,000 6. What accounts and amounts should be reported in Cane s 2014 fnancial statements
for the capital projects fund? a Other financing sources, 52,000,000; generat long-term debt
$2000,000 - Revenues, $2,000,000; expenditures, $2,000,000 c Other financing spurces,
52,000,000, expenditures, st ava a00 df Revenue, 53,000,000; expenditures, $3,000,000.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
¾ General
¾ Special revenue—Street and Highway Fund
¾ Capital projects—City Hall Annex Construction Fund
¾ Debt service—City Jail Annex Debt Service Fund
¾ Debt service—City Hall Debt Service Fund
Proprietary Funds
¾ Internal service—Stores and Services Fund
¾ Enterprise—Water and Sewer Fund
Fiduciary Funds
¾ Private-purpose—Student Scholarship Fund
¾ Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Continuous Problem – City of Monroe 1Continuous Probl.docx
Continuous Problem – City of Monroe
1
Continuous Problem – City of Monroe
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL
AND NOT-FOR-PROFIT ORGANIZATIONS:
TWELFTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local
governments. A continuous problem is presented to provide an overview of the reporting
process, including preparation of fund basis and government-wide statements. The problem
assumes the government is using fund accounting for its internal record-keeping and then at
year-end makes necessary adjustments to prepare the government-wide statements. The
problem that follows is presented in the same order as the textbook (beginning with Chapters
3, and 4).
Each chapter requires the preparation of journal entries to record the events and transactions
of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts
for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds,
use separate accounts for each type of revenue and expenditure/expense. At appropriate
stages, preparation of the fund and government-wide statements are required. The following
funds are included in this series of problems:
Governmental Funds
General
Special revenue—Street and Highway Fund
Capital projects—City Hall Annex Construction Fund
Debt service—City Jail Annex Debt Service Fund
Debt service—City Hall Debt Service Fund
Proprietary Funds
Internal service—Stores and Services Fund
Enterprise—Water and Sewer Fund
Fiduciary Funds
Private-purpose—Student Scholarship Fund
Pension trust—Fire and Police Retirement Fund
Chapters 3 & 4
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of
Monroe as of December 31, 2014, follow. These (beginning) balances have been entered in
the proper general ledger accounts, as of 1/1/2015.
Continuous Problem – City of Monroe
2
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred Inflows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred inflows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund.
Bridgeport Compary has decided to expand its operations- The bookkeepe.docx
Bridgeport Compary has decided to expand its operations. The bookkeeper recently completed the following balance sheet in order to obtain additional funds for exparision. Prepare a revised balance sheet given the available information. Assume that the accumulated depreciation balance for the buildings is $171 , 000 and for the equipment. $116 , 000 . The allowance for doubtful accounts has a balance of $28 , 000 . The pension obligation is considered a long-term liability. (List Current Assets in order of liquidity. List Property. Plant and Equipment in order of Buildings and Equipment. Enter account name only and do not provide the descriptive information provided in the question.) Balance Sheet December 31,2020 Assets Current Assets Cash Equity lnvestments Accounts Recelvable 5 5 Less v : Allowance for Doubtful Accounts Inventory Prepaid Expenses Total Current Assets: Long-term investments Long-term Investments Liabilities and Stockholders' Equity 5 Total Liabinities Stockholders' Cquity
.
The Balance Sheets of the General Fund and the Street and Highway Fu.pdf
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Monroe
as of December 31, 2014, follow. These (beginning) balances have been entered in the proper
general ledger accounts, as of 1/1/2015.
CITY OF MONROE
General Fund Balance Sheet
As of December 31, 2014
Assets
Cash $502,000
Taxes receivable $210,000
Less: Estimated uncollectible taxes (42,000)
net 168,000
Interest and penalties receivable on taxes 5,200
Less: Estimated uncollectible
interest and penalties (950)
net 4,250
Due from state government 210,000
Total assets $884,250
Liabilities, Deferred In
flows, and Fund Equity
Liabilities:
Accounts payable $ 99,000
Due to other funds 27,000
Total liabilities 126,000
Deferred inflows – Property taxes 21,000
Fund equity:
Fund balance—assigned
(for outstanding encumbrances) $17,000
Fund balance—unassigned 720,250
Total fund balance 737,250
Total liabilities, deferred in
flows and fund equity $884,250
CITY OF MONROE
Street and Highway Fund Balance Sheet
As of December 31, 2014
Assets
Cash $21,000
Investments 59,000
Due from state government 109,000
Total assets $189,000
Liabilities and Fund Equity
Liabilities:
Accounts payable $9,000
Fund equity:
Fund balance—assigned for streets and
highways 180,000
Total liabilities and fund equity $189,000
3–C - This portion of the continuous problem continues the General Fund and special revenue
fund examples by requiring the recording and posting of the budgetary entries. To reduce clerical
effort required for the solution use control accounts for the budgetary accounts, revenues,
expenditures and encumbrances. Subsidiary accounts are not required. Budget information for
the City includes:
a) As of January 1, 2015, the City Council approved and the mayor signed a budget calling for
$11,250,000 in property tax and other revenue, $9,300,000 in appropriations for expenditures,
and $1,700,000 to be transferred to two debt service funds for the payment of principal and
interest. Record the budget for the General Fund and post to the ledger.
b) Also as of January 1, 2015, the City Council approved and the mayor signed a budget for the
Street and Highway Fund that provided for estimated revenues from the state government in the
amount of $1,068,000 and appropriations of $1,047,000. Record the budget and post to the
ledger.
4–C. Part 1. General Fund Transactions
Required:
a. Record journal entries for the following transactions for FY 2015. Make any computations to
the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues,
expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries.
(1) Encumbrances of $ 17,000 for purchase orders outstanding at the end of 2014 were re-
established.
(2) The January 1, 2015, balance in Deferred Inflows – Property Taxes relates to the amount of
the 2014 levy that was expected to be collected more than 60 days after December 31. This
amount should be recognized as 2015 revenues..
H F M A’s I n t r o d u c t i o n t o H o s p i t a l A c .docx
H F M A’s I n t r o d u c t i o n t o H o s p i t a l A c c o u n t i n g162
604 Insurance expense 2,300
605 Repairs expense 4,100
606 Rent expense 2,800
607 Depreciation expense 9,400
608 Interest expense 1,400
609 Bad debt expense 11,600
610 Other expenses 7,200
Required: (1) Prepare, in general journal form, the necessary closing
entries for the year ended December 31, 20X1. (2) Prepare, in good
form, the 20X1 statement of operations for Gatorberg Hospital.
P8.3. The following is the preadjusted trial balance of Grandtown Hospital
at December 31, 20X1, the end of the hospital’s current fiscal year:
Acct.
No. Dr. Cr.
101 Cash $ 37,500
102 Temporary investments 30,000
103 Accrued interest receivable -0-
104 Accounts receivable 120,000
105 Allowance for uncollectible accounts $ -0-
106 Inventory 14,000
107 Prepaid insurance 3,600
120 Land 25,000
130 Buildings 250,000
131 Accumulated depreciation—buildings -0-
140 Equipment 140,000
141 Accumulated depreciation—equipment -0-
201 Accounts payable 37,400
203 Accrued interest payable -0-
204 Accrued salaries and wages payable -0-
205 Deferred rental income 2,700
250 Bonds payable 150,000
301 Hospital net assets 395,700
302 Revenue and expense summary -0-
401 Routine services revenue 171,200
402 Ancillary services revenue 110,300
403 Interest income -0-
404 Rental income -0-
406 Other operating revenues 23,500
501 Contractual adjustments 22,700
502 Charity care adjustments 31,100
601 Salaries and wages expense 155,600
C h a p t e r E i g h t : A c c o u n t i n g Cy c l e S u m m a r y 163
602 Supplies expense 33,100
603 Utilities expense 14,900
604 Insurance expense -0-
605 Repairs expense 6,400
607 Depreciation expense -0-
608 Interest expense 4,500
609 Bad debt expense -0-
610 Other expenses 2,400
Totals $890,800 $890,800
The following additional information is available:
1. The temporary investment consists of $30,000 (face value) of 8
percent bonds acquired by the hospital on November 1, 20X1.
These bonds pay interest annually on November 1, commencing
on November 1, 20X2.
2. Of the December 31, 20X1, accounts receivable, it is estimated
that 14 percent will eventually prove uncollectible by reason of
(1) charity care, 7 percent; (2) contractual adjustments, 4 per-
cent; and (3) bad debts, 3 percent.
3. A two-year insurance premium of $3,600 was paid in advance by
the hospital on January 1, 20X1.
4. The hospital building, which was acquired on January 1, 20X1, has
an estimated useful life of 50 years and a 20 percent salvage value.
5. The equipment, which was acquired on January 1, 20X1, has an
estimated useful life of 12 years and a $20,000 salvage value.
6. On January 1, 20X1, the hospital issued $150,000 of 20-year, 6
percent bonds at face value. These bonds pay interest semiannu-
ally on January 1 and July 1, commencing July 1, 20X1.
7. Unpaid salaries and wages at December 31, 20X1, amounted to
$12,300.
8. The hospital received one year’s rent of $2,700 ...
Cash flow statement
The financial statements provide balance sheet, income statement, and statement of recognized income and expense information for Jackson Ltd for 2007 and 2006. Key information includes an increase in ordinary shares and share premium in 2007, property revaluation in 2007, plant and equipment depreciation of £3.97 million, and repayment of £11 million in long-term loans in 2007. The question requires preparing a cash flow statement for 2007 and describing risks banks face lending to companies and relevant financial information.
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docx
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional $50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $100,000 salvage value.Perkins uses the straight-line depreciation method.`(a)Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X5.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $100,000.
&R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Worksheet 1 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX3X4X5X6X7(b)Property, Plant & Equipment (20X5)EquipmentLess: Accumulated depreciation(c)GENERAL JOURNALDateAccountsDebitCredit1-JanTo record the purchase of press31-Dec20X3To record 20X3 depreciation31-Dec20X4To record 20X4 depreciation31-Dec20X5To record 20X5 depreciation31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7 depreciation31-Dec20X7To record disposal of asset
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Problem 2 (ch 8)On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and has a service life of 10,000 flight hours. Regulations require careful records of usage, and the engines must be replaced or rebuilt at the end of the 10,000 hour service period. Outback simply chooses to sell its used engines and acquire new ones. Used engines are expected to be resold for 1/3 of their original cost.Outback uses the units-of-output depreciation method.`(a)Assuming that the engine was used as follows, prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.
20X6 1,500 hours
20X7 4,000 hours
20X8 3,000 hours
20X9 1,500 hours(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X7.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $250,000.
B-10.07
Worksheet 2 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX6X7X8X9(b)Property, Plant & Equipment (20X7)Aircraft engineLess: Accumulated depreciation(c)GENERAL JOURNAL DateAccountsDebitCredit1-JanTo record the purchase of engine31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7depreciation31-Dec20X8To record 20X8 depreciation31-Dec20X9To record 20X9 depreciation31-Dec20X9To record disposal of asset
B-10.07
Problem 3 (ch 8)On January 1, 20X1, Pagoda.
ACCT 221 Final ExamPart I 20 Multiple choice questions @ 2.5 .docx
ACCT 221 Final Exam
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufacture.
IFRS III- C3- consolidation ABC method.ppt
This document discusses consolidation accounting entries related to the acquisition of a subsidiary. It provides an example to illustrate entries for:
1) Eliminating the parent's investment in the subsidiary and recognizing the subsidiary's identifiable assets and liabilities at fair value on the date of acquisition.
2) Amortizing the fair value adjustments of the subsidiary's assets and liabilities over their remaining useful lives in subsequent periods.
3) Calculating non-controlling interest and goodwill based on the consideration paid and fair values of net assets acquired.
1—Balance sheet computations.(Balance Sheet) Presented below i.docx
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1—Balance sheet computations.(Balance Sheet) Presented b.docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
Cashflow questions
The document provides financial statement information for M/s R Company for 2004 and 2003, including balance sheets, income statements, and additional notes. It asks to prepare a statement of cash flows using the indirect method, noting equipment purchases and sales, bond redemptions, stock issuances, dividend payments, and other transactions during 2004.
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
Tc10 bq 2011
The document provides instructions for the 2011 Accounting Technician Programme Paper TC 10(B): Taxation examination. It outlines that the paper is divided into two sections, with Section A containing two compulsory questions and Section B containing three questions to choose from. It also lists information to be provided to candidates regarding tax rates, capital allowances, and penalty rates. The document specifies the time allowed, number of pages, and instructions not to open the paper until instructed by the invigilator.
Part I 20 Multiple choice questions @ 2.5 points each = 50 points.docx
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufactured?
A) $700,000.
B) $9.
Ifrs iii c3- consolidation method
The document provides an overview of the consolidation process and consolidation adjustments. It discusses eliminating the investment in a subsidiary by substituting it with the subsidiary's identifiable net assets and any residual goodwill. It also covers amortizing fair value differentials of assets acquired in a business combination and annual goodwill impairment tests.
Financial Accounting dec 2011
This document provides instructions and questions for a financial accounting exam. It includes 5 questions covering various topics:
1. The objectives of financial statements, components of a complete set of financial statements, differences between accounting and tax depreciation, factors used to determine functional currency, and qualitative characteristics of financial information.
2. Preparation of an income statement and balance sheet for a sole proprietorship, requiring adjustments to various account balances.
3. Explanation of lease accounting for a machinery lease transaction, including presentation in financial statements.
4. Preparation of an income statement, statement of changes in equity, and balance sheet for a company, requiring numerous adjustments to account balances.
5. Identification
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
E10-38. (Reporting reconciliation between fund and government-wide fi.pdf
E10-38. (Reporting reconciliation between fund and government-wide financial statements)
Return to your solution to Exercise E10-28, regarding Oliver City's capital assets. Using the
journal entries you prepared for that exercise, prepare the wording and the numbers you would
use in describing the reconciliation of the amounts reported in the two funds' financial statements
to the two governmentwide financial statements.
Q10-28. (Capital asset adjustments for government-wide financial statements) Oliver City
reported capital assets of $4,300,000 and accumulated depreciation of $2,000,000 in the
governmental activities column of its government-wide statement of net position for the year
ended December 31, 2021. The total governmental funds column in Oliver's calendar year 2022
statement of revenues, expenditures, and changes in fund balances showed that Oliver's capital
outlay expenditures were $340,000. Oliver City's director of finance estimated that total
depreciation for 2022 was $200,000. Based on this information, prepare journal entries to adjust
Oliver's 2022 fund financial statements so government-wide statements can be prepared..
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
Internal Service Funds - Journal EntriesRequired Book journal en.pdf
Internal Service Funds - Journal Entries
Required: Book journal entries for the following transactions for both the Supplies Fund and the
Government-Wide.
Background: In the fiscal year of 2022 the Town of Susanville, upon the approval of the town
council, created an internal service fund to centralize the purchasing, storing, and issuing
functions.
1. In order to provide cash to be used for acquisition of a building and equipment needed to
handle the Supply Fund efficiently, the towns Water Utility Fund provides a long-term, interest-
free interfund loan of $130,000 to the Supply Fund which will be repaid in 20 equal annual
installments. The entry to record the loan is as follows:
Supplies Fund:
Government-Wide:
2. During 2022, supplies are received and related invoices are approved for payment in the
amount of $192,600:
Supplies Fund:
Government-Wide:
3. The budget for the Town of Susanvilles Supplies Fund indicates a 35% markup on the cost
for all supplies issued. The Supply Fund issues supplies costing $185,000 to the General Fund
which will be considered to be allocated and used to departments as follows: General
Government $9,885; Public Safety $54,889; Public Works $99,448; Culture and Recreation
$17,741; Health and Welfare $3,037:
Supplies Fund:
Government-Wide:
4. Collections of payment from the General Fund totaled $249,750 for 2020. The journal entry
is as follows:
Supplies Fund:
Government-Wide:.
Fiancial Statements. South Sea Baubles has the following (incomplete.pdf
Fiancial Statements. South Sea Baubles has the following (incomplete) balance shet and income
statement. (103-1, 1034)
BALANCE SHEET AT END OF YEAR
(Figures In $ millions)
Assets
2021
2022
Liabilities and Shareholders Equity
2021
2022
Current assets
$ 90
$ 140
Current liabilities
$ 50
$ 60
Net fixed assets
800
900
Long-term debt
600
750
INCOME STATEMENT, 2022
(Figures In $ millions)
Revenue
Cost of goods sold
Depreciation
Interest expense
$1,950
1,030
350
240
a. What is shareholders' equity in 2021?
b. What is shareholders' equity in 2022?
c. What is net working capital in 2021?
d. What is net working capital in 2022?
e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income.
f. What is cash provided by operations during 2022? Pay attention to changes in net working
capital, using 1 Table 3.4
g. Net fixed assets increased from $800 million to $900 million during 2022. What must have
been South Sea's gross investment fixed assets during 2022?
h. If South Sea reduced its outstanding accounts payable by $35 million during the year, what
must have happened to its other liabilities?.
1. question Riverbed Corp. has decided to expand its op.pdf
1. question
Riverbed Corp. has decided to expand its operations. The bookkeeper recently completed the
following statement of financial position in order to obtain additional funds for expansion:
Question 5 of 5 /1 Land held for future use Intangible assets Goodwill Investment in bonds to
collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Notes
payable (due next year) Pension obligation Rent payable Long-term liabilities Bonds payable
205,000 97,000 103,000 13,000 365,000 215,000 89,000 55,000 585,000
Prepare a revised statement of financial position using the available information. Assume that the
bank overdraft relates to a bank account held at a different bank from the account with the cash
balance. Assume that the accumulated depreciation balance for the buildings is $250,000 and
that the accumulated depreciation balance for the equipment is $195,000. The allowance for
expected credit losses has a balance of $30,000. The pension obligation is considered a long-term
liability. (List Current Assets in order of liquidity. List Property, Plant and Equipment in order of
Buildings, and Equipment.).
Consider the following intertemporal social welfare function- W-min(U0.pdf
Consider the following intertemporal social welfare function. W=min(U U ,...,U ), where U
0, 1 T t
is the utility in time period t. Is the following statement true, false, or uncertain: "The optimal
solution of such a social welfare function would be constant consumption across all time periods..
Consider the classes below- Here is the code for the ParentChildRelati.pdf
Consider the classes below:
Here is the code for the ParentChildRelation class:
import java.util.Date;
import java.util.Map;
public class ParentChildRelation {
private int rec_id;
private String name;
private Date startDate;
private Date endDate;
private Map<String, Integer> childData;
public int getRec_id() {
return rec_id;
}
public void setRec_id(int rec_id) {
this.rec_id = rec_id;
}
public String getName() {
return name;
}
public void setName(String name) {
this.name = name;
}
public Date getStartDate() {
return startDate;
}
public void setStartDate(Date startDate) {
this.startDate = startDate;
}
public Date getEndDate() {
return endDate;
}
public void setEndDate(Date endDate) {
this.endDate = endDate;
}
public Map<String, Integer> getChildData() {
return childData;
}
public void setChildData(Map<String, Integer> childData) {
this.childData = childData;
}
}
Here is the code for the Service class:
import java.text.DateFormat;
import java.text.SimpleDateFormat;
import java.util.ArrayList;
import java.util.Date;
import java.util.HashMap;
import java.util.List;
import java.util.Map;
public class ParentChildRelationService {
private List<ParentChildRelation> parentChildRelationList;
public void init() {
parentChildRelationList = new ArrayList<>();
// Adding records for Unit01
ParentChildRelation unit01Record1 = new ParentChildRelation();
unit01Record1.setRec_id(1001);
unit01Record1.setName("Unit01");
DateFormat dateFormat = new SimpleDateFormat("dd-MM-yyyy");
try {
Date startDate = dateFormat.parse("01-01-2023");
Date endDate = dateFormat.parse("31-01-2023");
unit01Record1.setStartDate(startDate);
unit01Record1.setEndDate(endDate);
} catch (Exception e) {
e.printStackTrace();
}
Map<String, Integer> unit01Record1ChildData = new HashMap<>();
unit01Record1ChildData.put("key1", 83);
unit01Record1ChildData.put("key2", 65);
unit01Record1ChildData.put("key3", 96);
unit01Record1ChildData.put("key4", 45);
unit01Record1ChildData.put("key5", 25);
unit01Record1ChildData.put("key6", 98);
unit01Record1ChildData.put("key7", 45);
unit01Record1.setChildData(unit01Record1ChildData);
parentChildRelationList.add(unit01Record1);
ParentChildRelation unit01Record2 = new ParentChildRelation();
unit01Record2.setRec_id(1002);
unit01Record2.setName("Unit01");
try {
Date startDate = dateFormat.parse("01-02-2023");
Date endDate = dateFormat.parse("28-02-2023");
unit01Record2.setStartDate(startDate);
unit01Record2.setEndDate(endDate);
} catch (Exception e) {
e.printStackTrace();
}
Map<String, Integer> unit01Record2ChildData = new HashMap<>();
unit01Record2ChildData.put("key1", 45);
unit01Record2ChildData.put("key2", 98);
unit01Record2ChildData.put("key3", 25);
unit01Record2ChildData.put("key4", 36);
unit01Record2ChildData.put("key5", 95);
unit01Record2ChildData.put("key6", 83);
unit01Record2ChildData.put("key7", 65);
unit01Record2.setChildData(unit01Record2ChildData);
parentChildRelationList.add(unit01Record2);
// Adding records for Unit02
ParentChildRelation unit02Record1 .
Consider poiters who led the Professionat Goifers' Associabon of Amenc.pdf
Consider poiters who led the Professionat Goifers' Associabon of Amenca (PGA) in winnings at
different points in time. Fote that the winnings are nomanal figures (unadjusted for infation).
doflare Uaing thaise flgures, fu in the foliswing rabie, making sure to raund youir responses to
the hearest u, 5 . donar..
Consider an economy with the following values- Autonomous Consumptio.pdf
Consider an economy with the following values:
Autonomous Consumption = 1,200
Autonomous Taxes = 1,750
Planned Investment = 2,800
Government Expenditure = 1,950
Autonomous Net Exports = 350
Marginal Propensity to Consume = 0.7
Marginal tax rate = 0.16
Marginal propensity to import = 0.08
Calculate the equilibrium level of income. Provide answer to 2 decimal points.
More Related Content
Similar to Concord Corp- has decided to expand its operotions- The boolkepeper re.pdf
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation p.docx
Problem 1 (ch 8)On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1,450,000. It cost an additional $50,000 to deliver, install, and calibrate the press. This machine has a service life of 5 years, at which time it is expected that the device will be scrapped for a $100,000 salvage value.Perkins uses the straight-line depreciation method.`(a)Prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X5.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $100,000.
&R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Worksheet 1 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX3X4X5X6X7(b)Property, Plant & Equipment (20X5)EquipmentLess: Accumulated depreciation(c)GENERAL JOURNALDateAccountsDebitCredit1-JanTo record the purchase of press31-Dec20X3To record 20X3 depreciation31-Dec20X4To record 20X4 depreciation31-Dec20X5To record 20X5 depreciation31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7 depreciation31-Dec20X7To record disposal of asset
&L&"Myriad Web Pro,Bold"&12Name:
Date: Section: &R&"Myriad Web Pro,Bold"&20B-10.06
B-10.06
Problem 2 (ch 8)On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and has a service life of 10,000 flight hours. Regulations require careful records of usage, and the engines must be replaced or rebuilt at the end of the 10,000 hour service period. Outback simply chooses to sell its used engines and acquire new ones. Used engines are expected to be resold for 1/3 of their original cost.Outback uses the units-of-output depreciation method.`(a)Assuming that the engine was used as follows, prepare a schedule showing annual depreciation expense, accumulated depreciation, and related calculations for each year.
20X6 1,500 hours
20X7 4,000 hours
20X8 3,000 hours
20X9 1,500 hours(b)Show how the asset and related accumulated depreciation would appear on a balance sheet at December 31, 20X7.(c)Prepare journal entries to record the asset's acquisition, annual depreciation for each year, and the asset's eventual sale for $250,000.
B-10.07
Worksheet 2 (ch 8)(a)YearAnnual ExpenseAccumulated
Depreciation at End of YearAnnual
Expense CalculationX6X7X8X9(b)Property, Plant & Equipment (20X7)Aircraft engineLess: Accumulated depreciation(c)GENERAL JOURNAL DateAccountsDebitCredit1-JanTo record the purchase of engine31-Dec20X6To record 20X6 depreciation31-Dec20X7To record 20X7depreciation31-Dec20X8To record 20X8 depreciation31-Dec20X9To record 20X9 depreciation31-Dec20X9To record disposal of asset
B-10.07
Problem 3 (ch 8)On January 1, 20X1, Pagoda.
ACCT 221 Final ExamPart I 20 Multiple choice questions @ 2.5 .docx
ACCT 221 Final Exam
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufacture.
IFRS III- C3- consolidation ABC method.ppt
This document discusses consolidation accounting entries related to the acquisition of a subsidiary. It provides an example to illustrate entries for:
1) Eliminating the parent's investment in the subsidiary and recognizing the subsidiary's identifiable assets and liabilities at fair value on the date of acquisition.
2) Amortizing the fair value adjustments of the subsidiary's assets and liabilities over their remaining useful lives in subsequent periods.
3) Calculating non-controlling interest and goodwill based on the consideration paid and fair values of net assets acquired.
1—Balance sheet computations.(Balance Sheet) Presented below i.docx
1—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$ 68,100
$ 21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
...
1—Balance sheet computations.(Balance Sheet) Presented b.docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1. Total current assets
2. Total property, plant, and equipment
3. Total assets
4. Total liabilities
5. Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase.
Cashflow questions
The document provides financial statement information for M/s R Company for 2004 and 2003, including balance sheets, income statements, and additional notes. It asks to prepare a statement of cash flows using the indirect method, noting equipment purchases and sales, bond redemptions, stock issuances, dividend payments, and other transactions during 2004.
1—Balance sheet computations.(Balance Sheet) Presented below is .docx
1
—Balance sheet computations.
(Balance Sheet) Presented below is the trial balance of Hightower Corporation at December 31, 2017.
Debit
Credit
Cash
295,000
Sales Revenue
$12,150
Debt Investments (trading) (at cost, $218,000)
230,000
Cost of Goods Sold
7,200
Debt Investments (long-term)
448,000
Equity Investments (long-term)
416,000
Notes Payable (short-term)
135,000
Accounts Payable
682,000
Selling Expenses
3,000,000
Investment Revenue
95,000
Land
390,000
Buildings
1,560,000
Dividends Payable
204,000
Accrued Liabilities
144,000
Accounts Receivable
652,000
Accumulated Depreciation–Buildings
228,000
Allowance for Doubtful Accounts
38,000
Administrative Expenses
1,350,000
Interest Expense
317,000
Inventory
895,000
Gain
120,000
Notes Payable (long-term)
1,350,000
Equipment
900,000
Bonds Payable
1,500,000
Accumulated Depreciation–Equipment
90,000
Franchises
240,000
Common Stock ($5 par)
1,500,000
Treasury Stock
287,000
Patents
293,000
Retained Earnings
117,000
Paid-in Capital in Excess of Par
120,000
Totals
$18,473,000
$18,473,000
Instructions
Compute each of the following:
1.
Total current assets
2.
Total property, plant, and equipment
3.
Total assets
4.
Total liabilities
5.
Total stockholders’ equity
2
—Statement of cash flows.
A comparative balance sheet for Talkington Corporation is presented below.
December 31
Assets
2017
2016
Cash
Accounts receivable
$
68,100
$
21,600
Inventory
82,800
33,000
Land
170,200
83,800
Equipment
71,400
74,000
Accumulated depreciation–equipment
280,500
212,400
Total
(74,000)
(42,000)
$597,000
$545,000
Liabilities and Stockholders’ Equity
Accounts payable
$ 34,000
$ 47,000
Bonds payable
150,000
200,000
Common stock ($1 par)
164,000
164,000
Retained earnings
249,000
134,000
Total
$597,000
$545,000
Additional information:
1.
Net income for 2017 was $155,000; there were no gains or losses.
2.
Cash dividends of $400,000 were declared and paid.
3.
Bonds payable of $50,000 were retired.
Instructions:
Compute each of the following:
1.
Net cash provided by operating activities
2.
Net cash provided (used) by investing activities
3.
Net cash provided (used) by financing activities
3
—Statement of cash flows ratios.
Financial statements for Hilton Company are presented below:
Hilton Company
Balance Sheet
December 31, 2017
Assets
Liabilities & Stockholders’ Equity
Cash
$ 40,000
Accounts payable
$ 20,000
Accounts receivable
35,000
Bonds payable
50,000
Buildings and equipment
150,000
Common stock
65,000
Accumulated depreciation—
Retained earnings
60,000
buildings and equipment
(50,000)
$195,000
Patents
20,000
$195,000
Hilton Company
Statement of Cash Flows
For the Year Ended December 31, 2017
Cash flows from operating activities
Net income
$50,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Increase in accounts receivable
$(16,000)
Increase in account.
Tc10 bq 2011
The document provides instructions for the 2011 Accounting Technician Programme Paper TC 10(B): Taxation examination. It outlines that the paper is divided into two sections, with Section A containing two compulsory questions and Section B containing three questions to choose from. It also lists information to be provided to candidates regarding tax rates, capital allowances, and penalty rates. The document specifies the time allowed, number of pages, and instructions not to open the paper until instructed by the invigilator.
Part I 20 Multiple choice questions @ 2.5 points each = 50 points.docx
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufactured?
A) $700,000.
B) $9.
Ifrs iii c3- consolidation method
The document provides an overview of the consolidation process and consolidation adjustments. It discusses eliminating the investment in a subsidiary by substituting it with the subsidiary's identifiable net assets and any residual goodwill. It also covers amortizing fair value differentials of assets acquired in a business combination and annual goodwill impairment tests.
Financial Accounting dec 2011
This document provides instructions and questions for a financial accounting exam. It includes 5 questions covering various topics:
1. The objectives of financial statements, components of a complete set of financial statements, differences between accounting and tax depreciation, factors used to determine functional currency, and qualitative characteristics of financial information.
2. Preparation of an income statement and balance sheet for a sole proprietorship, requiring adjustments to various account balances.
3. Explanation of lease accounting for a machinery lease transaction, including presentation in financial statements.
4. Preparation of an income statement, statement of changes in equity, and balance sheet for a company, requiring numerous adjustments to account balances.
5. Identification
ProblemIssuance of stock organization costs. Snowbound Corporat.docx
Problem
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $10 par-value common stock. The following transactions occurred during the year:
7/1:
Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued.
7/7:
Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work.
8/11:
Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued.
12/14:
Issued 30,000 shares to the MJB Company for land valued at $900,000.
Instructions
Prepare journal entries to record each transaction.
Student Guidance ReportAshford University ACC205Guidance ReportWeek FourLISTEN TO AUDIO/VIDEO EXPLAINING THE GUIDANCE REPORTYELLOW INDICATES ACCOUNT AMOUNTS CHANGEDChange Account to:Based Upon Course Start DateAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 2Loan$ 225,000$ 250,000$ 260,000$ 270,000$ 280,000$ 290,000$ 450,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATEa. Compute Hall’s accrued interest as of December 31, 20X1.b. Present the appropriate balance sheet disclosure for the accrued interest and the current and long-term portion of the outstanding debt as of December 31, 20X1.c. Repeat parts (a) and (b) using a date of December 31, 20X2, rather than December 31, 20X1. Assume that Hall is in compliance with the terms of the loan agreement.Accrued interest 12/31/X2DisclosureAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Ex 4Salary expense5000051,00052,00053,00054,00055,00056,000QuestionsYOUR ANSWERS BASED UPON COURSE START DATESalary expenseSocial Security PayableMedicare PayableFed Taxes PayableState Taxes PayableInsurance PayableCashPayroll Tax ExpenseSocial Security PayableMedicare PayableState unemploymentFed unemploymentAccount to
be changedOriginal
AmountJan - FebMar-AprMay-JunJul-AugSept-OctNov-DecCh 7 Pb 212/1 Note payable2000025,00026,00028,00030,00031,00033,00012/1 Interest rate015%15%15%15%15%15%Warranty2027202820292030203120322033Purchase on account1600017,00018,00019,00020,00021,00022,000Note payable50006,0007,0008,0009,00010,00011,000Warranty repair162172182192202222232Salary accural14001,5001,6001,7001,8001,9002,000Vacation6%360006%37,0006%38,0006%39,0006%40,0006%41,0006%42,00012/26 interest120$ 120$ 120$ 120$ 120$ 120$ 120a. Prepare journal entries to record the preceding transactions and events.CashNotes PayableWarranty expenseWarranty LiabilityMerchandiseAccounts PayableCashNote PayableWarranty LiabilityCashSalary ExpenseSalary PayablePayroll ExpenseAccrued Vacation Payableb. Determine accrued interest as of December 31, 20XX, and prepare the necessary adjusting entry or entries.12/1 one month accrual12/26 60 day note-accrue 5 daysTotal Interest Acc.
Problem 1 (10 Points)Jackson Browne Corporation is authorized to.docx
Problem 1 (10 Points)
Jackson Browne Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, its first year of operation, the company has the following stock transactions.
Jan. 1 Paid the state $10,000 for incorporation fees.
Jan. 15 Issued 400,000 shares of stock at $5 per share.
July 2 Issued 110,000 shares of stock for land. The land had an asking price of $800,000. The stock is currently selling on a national exchange at $6 per share.
Sept. 5 Purchased 12,000 shares of common stock for the treasury at $7 per share.
Dec. 6 Sold 8,000 shares of the treasury stock at $10 per share.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased in the above transactions for Jackson Browne Corporation.
You must show your computations to receive full credit.
Problem 2 (12 Points)
The following items were shown on the balance sheet of ELO Corporation on December 31, 2021:
Stockholders’ equity
Paid-in capital
Capital stock
Common stock, $6 par value, 800,000 shares
authorized; ______ shares issued and ______ outstanding $3,000,000
Additional paid-in capital
In excess of par
1,500,000
Total paid-in capital 4,500,000
Retained earnings
1,850,000
Total paid-in capital and retained earnings 6,350,000
Less: Treasury stock (10,000 shares)
50,000
Total stockholders’ equity
$6,300,000
Instructions
Complete the following statements and
show your computations.
(a) The number of shares of common stock issued was _______________.
(b) The number of shares of common stock outstanding was ____________.
(c) The total sales price of the common stock when issued was $____________.
(d) The cost per share of the treasury stock was $_______________.
(e) The average issue price of the common stock was $______________.
(f) Assuming that 25% of the treasury stock is sold at $8 per share, the balance in the Treasury Stock account would be $_______________.
Problem 3 (10 Points)
Journey Company had the following transactions involving notes payable.
October 1, 2021 Borrows $300,000 from Washington State Bank by signing a 6-month, 4% note.
Dec. 31, 2021 prepares the adjusting entry.
April 1, 2022 Pays principal and interest to Washington State Bank.
Instructions
Indicate the accounts and their respective balances that are increased and/or decreased for each of the above transactions.
You must show all your calculations to receive full credit.
Problem 4 (18 Points)
Turner Inc. is considering two alternatives to finance its construction of a new $6 million plant.
(a) Issuance of 600,000 shares of common stock at the market price of $10 per share.
(b) Issuance of $6 million, 4% bonds at par.
Instructions
Complete the following table.
You MUST show your work to receive full credit.
Issue StockIssue Bond.
E10-38. (Reporting reconciliation between fund and government-wide fi.pdf
E10-38. (Reporting reconciliation between fund and government-wide financial statements)
Return to your solution to Exercise E10-28, regarding Oliver City's capital assets. Using the
journal entries you prepared for that exercise, prepare the wording and the numbers you would
use in describing the reconciliation of the amounts reported in the two funds' financial statements
to the two governmentwide financial statements.
Q10-28. (Capital asset adjustments for government-wide financial statements) Oliver City
reported capital assets of $4,300,000 and accumulated depreciation of $2,000,000 in the
governmental activities column of its government-wide statement of net position for the year
ended December 31, 2021. The total governmental funds column in Oliver's calendar year 2022
statement of revenues, expenditures, and changes in fund balances showed that Oliver's capital
outlay expenditures were $340,000. Oliver City's director of finance estimated that total
depreciation for 2022 was $200,000. Based on this information, prepare journal entries to adjust
Oliver's 2022 fund financial statements so government-wide statements can be prepared..
The Hills City maintains a Water and Sewer Fund to provide utility s.pdf
The Hills City maintains a Water and Sewer Fund to provide utility services to its citizens. As of
January 1, 2020, the Water and Sewer Fund had the following account balances:
(1) During the year, sales of water to non-government customers amounted to $1,025,000 and
sales of water to the General Fund amounted to $37,000.
(2) Collections from non-government customers amounted to $983,000.
(3) The Stores and Services Fund repaid $15,000 of the long-term advance to the Water and
Sewer Fund.
(4) Materials and supplies in the amount of $261,000 were received. A liability in that amount
was recorded.
(5) Materials and supplies were issued and were charged to the following accounts: cost of sales
and services, $180,000; selling, $15,000; administration, $18,000; construction work in progress,
$50,000.
(6) Payroll costs for the year totaled $416,200 plus $34,200 for the employer's share of payroll
taxes. Of that amount, $351,900 was paid in cash, and the remainder was withheld for taxes. The
$450,400 (416,200 + 34,200) was distributed as follows: cost of sales and services, $265,800;
sales, $43,900; administration, $91,400; construction work in progress, $49,300.
(7) Bond interest (5%) was paid.
(8) In accord with the revenue bond indenture, $25,000 cash was transferred from operating cash
to restricted assets.
(9) Construction projects at the water treatment plant (reflected in the beginning balance of
construction in process) were completed in the amount of $214,000, and the assets were placed
in service. Payments for these amounts were made in the previous year (no effect on 2020
Statement of Cash Flows).
(10) Collection efforts were discontinued on bills totaling $3,500. The unpaid receivables were
written off.
(11) An analysis of customer receivable balances indicated the Estimated Uncollectible Accounts
needed to be increased by $6,500.
(12) Payment of accounts payable amounted to $332,000. Payments of payroll taxes totaled
$95,200.
(13) Supplies transferred from the Stores and Services Fund amounted to $58,000. Cash in the
amount of $50,000 was paid to the Stores and Services Fund for supplies.
(14) Depreciation expense for the year was computed to be $267,000.
Required:
(A) Open a general journal for the Water and Sewer Utility Fund and record the above
transactions.
(B) A Statement of Revenues, Expenses, and Changes in Fund Net position for the Year Ended
December 31, 2020.
(C) A Statement of Net position, as of December 31, 2020.DebitsCreditsCash$102,000Customer
Accounts Receivable80,000Estimated Uncollectible Accounts Receivable$4,500Materials and
Supplies28,000Advance to Stores and Services Fund30,000Restricted Assets117,000Water
Treatment Plant in Service4,200,000Construction Work in Progress203,000Accumulated
Depreciation - Utility Plant1,200,000Accounts Payable96,500Revenue Bonds Payable (5%
interest)2,500,000Net position959,000Totals$4,760,000$4,760,000.
Internal Service Funds - Journal EntriesRequired Book journal en.pdf
Internal Service Funds - Journal Entries
Required: Book journal entries for the following transactions for both the Supplies Fund and the
Government-Wide.
Background: In the fiscal year of 2022 the Town of Susanville, upon the approval of the town
council, created an internal service fund to centralize the purchasing, storing, and issuing
functions.
1. In order to provide cash to be used for acquisition of a building and equipment needed to
handle the Supply Fund efficiently, the towns Water Utility Fund provides a long-term, interest-
free interfund loan of $130,000 to the Supply Fund which will be repaid in 20 equal annual
installments. The entry to record the loan is as follows:
Supplies Fund:
Government-Wide:
2. During 2022, supplies are received and related invoices are approved for payment in the
amount of $192,600:
Supplies Fund:
Government-Wide:
3. The budget for the Town of Susanvilles Supplies Fund indicates a 35% markup on the cost
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$17,741; Health and Welfare $3,037:
Supplies Fund:
Government-Wide:
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Supplies Fund:
Government-Wide:.
Fiancial Statements. South Sea Baubles has the following (incomplete.pdf
Fiancial Statements. South Sea Baubles has the following (incomplete) balance shet and income
statement. (103-1, 1034)
BALANCE SHEET AT END OF YEAR
(Figures In $ millions)
Assets
2021
2022
Liabilities and Shareholders Equity
2021
2022
Current assets
$ 90
$ 140
Current liabilities
$ 50
$ 60
Net fixed assets
800
900
Long-term debt
600
750
INCOME STATEMENT, 2022
(Figures In $ millions)
Revenue
Cost of goods sold
Depreciation
Interest expense
$1,950
1,030
350
240
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b. What is shareholders' equity in 2022?
c. What is net working capital in 2021?
d. What is net working capital in 2022?
e. What are taxes paid in 2022? Assume the firm pays taxes equal to 21% of taxable income.
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g. Net fixed assets increased from $800 million to $900 million during 2022. What must have
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h. If South Sea reduced its outstanding accounts payable by $35 million during the year, what
must have happened to its other liabilities?.
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1. question
Riverbed Corp. has decided to expand its operations. The bookkeeper recently completed the
following statement of financial position in order to obtain additional funds for expansion:
Question 5 of 5 /1 Land held for future use Intangible assets Goodwill Investment in bonds to
collect cash flows, at amortized cost Prepaid expenses Current liabilities Accounts payable Notes
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205,000 97,000 103,000 13,000 365,000 215,000 89,000 55,000 585,000
Prepare a revised statement of financial position using the available information. Assume that the
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Consider the classes below:
Here is the code for the ParentChildRelation class:
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import java.util.Map;
public class ParentChildRelation {
private int rec_id;
private String name;
private Date startDate;
private Date endDate;
private Map<String, Integer> childData;
public int getRec_id() {
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}
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}
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}
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}
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}
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Here is the code for the Service class:
import java.text.DateFormat;
import java.text.SimpleDateFormat;
import java.util.ArrayList;
import java.util.Date;
import java.util.HashMap;
import java.util.List;
import java.util.Map;
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private List<ParentChildRelation> parentChildRelationList;
public void init() {
parentChildRelationList = new ArrayList<>();
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ParentChildRelation unit01Record1 = new ParentChildRelation();
unit01Record1.setRec_id(1001);
unit01Record1.setName("Unit01");
DateFormat dateFormat = new SimpleDateFormat("dd-MM-yyyy");
try {
Date startDate = dateFormat.parse("01-01-2023");
Date endDate = dateFormat.parse("31-01-2023");
unit01Record1.setStartDate(startDate);
unit01Record1.setEndDate(endDate);
} catch (Exception e) {
e.printStackTrace();
}
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unit01Record1ChildData.put("key1", 83);
unit01Record1ChildData.put("key2", 65);
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unit01Record1ChildData.put("key5", 25);
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unit01Record2.setStartDate(startDate);
unit01Record2.setEndDate(endDate);
} catch (Exception e) {
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unit01Record2ChildData.put("key1", 45);
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Access1, and Access2. hostname Distl ! vlan 2 , 3 , 4 interface GigabitEthernet1/0/1 switchport
trunk encapsulation dotlq switchport mode dynamic desirable channel-group 10 mode on !
interface GigabitEthernet1/0/2 switchport access vlan 2 switchport trunk encapsulation dotlq
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SAMPLE OUTPUT
s1
2 1.5 1 0.5
s2
1.3 1.2 1.1 1
end
Stack.h
#ifndef STACK_H
#define STACK_H
#include <iostream>
struct Stack {
struct Link {
void* data;
Link* next;
void initialize(void* dat, Link* nxt) {
data = dat;
next = nxt;
}
}* head;
void initialize() {
head = 0;
}
void push(void* dat) {
Link* newLink = new Link;
newLink->initialize(dat, head);
head = newLink;
}
void* peek() {
if (head == 0) {
std::cout << "Stack is empty";
}
return head->data;
}
void* pop() {
if(head == 0)
return 0;
void* result = head->data;
Link* oldHead = head;
head = head->next;
delete oldHead;
return result;
}
void cleanup() {
if (head == 0){
std::cout << "Stack is empty";
}
else {
std::cout << "Stack is not empty";
}
}
};
#endif
stacks.cpp
#include <iostream>
#include "Stack.h"
using namespace std;
int main(int argc, const char * argv[])
{
cout << "s1\n";
{
Stack s1;
for( int i = 1; i < 5; i++ )
s1.push( double(i)/2.0 );
}
cout << endl;
cout << "s2\n";
{
Stack s2(4);
}
cout << "\nend\n";
return 0;
}.
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Chapter 4 - Islamic Financial Institutions in Malaysia.pptx
Chapter 4 - Islamic Financial Institutions in Malaysia.pptxMohd Adib Abd Muin, Senior Lecturer at Universiti Utara Malaysia
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
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