E10-38. (Reporting reconciliation between fund and government-wide fi.pdf
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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..
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Recommended
Problem 202 Algo Change in principle change in inventory.pdf
Problem 20-2 (Algo) Change in principle; change in inventory costing methods [LO20-2] The
Coclin Company has used the LIFO method of accounting for inventory during its first two years of
operation, 2022 and 2023 . At the beginning of 2024, Coclin decided to change to the average
cost method for both tax and financial reporting purposes. The following table presents information
concerning the change for 2022-2024. The income tax rate for all years is 25%. Coclin issued 52,
000$1 par, common shares for $235,000 when the business began, and there have been no
changes in paid-in capital since then. Dividends were not paid the first year, but $11,000 cash
dividends were paid in both 2023 and 2024. Required: 1. Prepare the journal entry at January 1,
2024, to record the change in accounting principle. 2. Prepare the 2024-2023 comparative income
statements beginning with income before income taxes. 3. Prepare the 2024-2023 comparative
statements of shareholders' equity. [Hint: The 2022 statements reported retained earnings of $45,
300. This is $60,400($60,40025%)]..
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.
Skysong Co. has the following defined benefit pension plan balances .docx
Skysong Co. has the following defined benefit pension plan balances on January 1, 2020.
Projected benefit obligation$4,619,000Fair value of plan assets4,619,000
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $595,000 are created. Other data related to the pension plan are:
20202021
Service cost$151,000$169,000Prior service cost amortization089,000Contributions (funding) to the plan201,000186,000Benefits paid220,000283,000Actual return on plan assets253,000347,000Expected rate of return on assets6%8%Prepare a pension worksheet for the pension plan in 2020.
(Enter all amounts as positive.)
SKYSONG
COMPANY
Pension Worksheet—2020
General Journal Entries
Memo Record
Items
Annual Pension
ExpenseCashOCI—Prior
Service CostOCI— Gain/
LossPension Asset/
Liability
Projected Benefit
ObligationPlan
Assets
Balance, Jan. 1, 2020$ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. Service cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Interest cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Actual return Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Unexpected loss Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Contributions Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Benefits Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Journal entry for 2020$ Dr.Cr. $ Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Accumulated OCI Dec. 31, 2019 Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Balance, Dec. 31, 2020$ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr.
eTextbook and Media
List of Accounts
Prepare any journal entries related to the pension plan that would be needed at December 31, 2020.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
DateAccount Titles and ExplanationDebitCredit
Dec. 31, 2020
eTextbook and Media
List of Accounts
Prepare a pension worksheet for 2021.
(Enter all amounts as positive.)
SKYSONG
COMPANY
Pension Worksheet—2020 and 2021General Journal EntriesMemo RecordItemsAnnual Pension
ExpenseCashOCI—Prior
Service CostOCI— Gain/
LossPension Asset/
LiabilityProjected Benefit
ObligationPlan
Assets
Balance, Jan. 1, 2020$4,619,000Cr.$4,619,000Dr.Service cost$151,000Dr.151,000Cr.Interest cost461,900Dr.461,900Cr.Actual return253,000Cr.253,000Dr.Unexpected loss24,140Dr.$24,140Dr.Contributions$201,000Cr.201,000Dr.Benefits220,000Dr.220,000Cr.Journal entry for 2020$335,760Dr.$201,000Cr.24,140Dr.$158,900Cr.Accumulated OCI Dec. 31, 20190Balance, Dec. 31, 2020$24,140Dr.$158,900Cr.5,011,900Cr.4,853,000Dr.Additional PSC, 1/1/2021 Dr.Cr. Dr.Cr.$ Dr.Cr. Dr.Cr. .
Conversion worksheetGreen shaded cells are from Chapter 5 financia.docx
Conversion worksheetGreen shaded cells are from Chapter 5 financial StatementsEnter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equityRefr. Account TitlesDebitsCreditsGov'tal Fund Balances Adjustments & EliminationsGovern-mental Funds AdjustedInternal Service FundsBalances for Gov't-wide StmtsDebitsCreditsDebitsCreditsACapital asset64,200,000DEBITS:Accumulated Depreciation28,700,000Cash657,720657,72035,000692,720Net Position35,500,000Cash with Fiscal Agent928,000928,000928,000Investments259,000259,000259,000BCapital asset5,823,100Taxes Receivable, net262,000262,000262,000Capital Outlay Expenditures5,823,100Interest Receivable, net16,85016,85016,850Inventories-37,54037,540CDepreciation Expense4,900,000Due from State Govt.559,000559,000559,000Accumulated Depreciation4,900,000Due from Other Funds-11,200(3,200)14,400Capital Assets64,200,00070,023,10078,40070,101,500DProceeds of bonds4,000,000 both rows5,823,100Other Financing sources- premium on bonds200,000--Bonds payable4,000,000Expenditures (expenses) Current-Premium on bonds200,000 General Govt.1,646,9001,646,900(1,240)1,648,140 Public Safety3,026,9003,026,9003,026,900ENet position12,000,000 Highway and Streets2,481,9002,481,9002,481,900Bonds payable12,000,000 Sanitation591,400591,400591,400 Health724,100724,100724,100FBonds payable800,000 Welfare374,300374,300374,300Bonds Principal800,000 Culture and Recreation917,300917,300917,300Compensated Absences Exp42,00042,00042,000GInterest Expense328,000Other Expenditures (expenses)--Accrued Interest Payable328,000 - Debt Service Principal800,000(800,000)1,600,0001,600,000 - Interest (expenditure/expense)514,000328,000(180,000)1,032,0001,032,000HNet position180,000 both rows(10,000)Interest Expense180,000 - Capital Outlay5,823,100(5,823,100)11,646,20011,646,200 - Depreciation4,900,0004,900,0004,900,000IBonds Payable10,000Other Fin. Uses - Transfers Out1,871,7001,871,700(1,871,700)3,743,400Interest Expense10,000-Total Debits21,454,170105,598,650JDeferred Revenues10,500CREDITS:Revenues- Property Taxes10,500Accounts Payable326,800326,800(19,400)307,400Due to Other Funds40,20040,2003,20037,000KRevenues- Property Taxes21,000Accrued Interest Payable(328,000)(328,000)(328,000)Net Position21,000Bonds Payalbe(12,000,000) both rows800,000(4,000,000)(16,800,000)(16,800,000)LCompensated Absenese Expense42,000Premium on Bonds10,000(200,000)(210,000)(210,000)Compensated Absences Payable42,000Compensated Absence Payable(42,000)(42,000)(42,000)Advance from Water Utility Fund-(15,000)(15,000)MCash35,000Deferred Inflows: Property Taxes10,50010,500-(15,000)Due from Other Funds11,200Accumulated Depreciation(28,700,000)Inventories37,540 both rows(4,900,000)(33,600,000)(33,600,000)Capital assets78,400Revenues-Accounts Payable19,400Property Taxes6,657,50021,000(10,500)6,626,0006,626,000Advance from Water Utility Fund15,000Sales .
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Recommended
Problem 202 Algo Change in principle change in inventory.pdf
Problem 20-2 (Algo) Change in principle; change in inventory costing methods [LO20-2] The
Coclin Company has used the LIFO method of accounting for inventory during its first two years of
operation, 2022 and 2023 . At the beginning of 2024, Coclin decided to change to the average
cost method for both tax and financial reporting purposes. The following table presents information
concerning the change for 2022-2024. The income tax rate for all years is 25%. Coclin issued 52,
000$1 par, common shares for $235,000 when the business began, and there have been no
changes in paid-in capital since then. Dividends were not paid the first year, but $11,000 cash
dividends were paid in both 2023 and 2024. Required: 1. Prepare the journal entry at January 1,
2024, to record the change in accounting principle. 2. Prepare the 2024-2023 comparative income
statements beginning with income before income taxes. 3. Prepare the 2024-2023 comparative
statements of shareholders' equity. [Hint: The 2022 statements reported retained earnings of $45,
300. This is $60,400($60,40025%)]..
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.
Skysong Co. has the following defined benefit pension plan balances .docx
Skysong Co. has the following defined benefit pension plan balances on January 1, 2020.
Projected benefit obligation$4,619,000Fair value of plan assets4,619,000
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $595,000 are created. Other data related to the pension plan are:
20202021
Service cost$151,000$169,000Prior service cost amortization089,000Contributions (funding) to the plan201,000186,000Benefits paid220,000283,000Actual return on plan assets253,000347,000Expected rate of return on assets6%8%Prepare a pension worksheet for the pension plan in 2020.
(Enter all amounts as positive.)
SKYSONG
COMPANY
Pension Worksheet—2020
General Journal Entries
Memo Record
Items
Annual Pension
ExpenseCashOCI—Prior
Service CostOCI— Gain/
LossPension Asset/
Liability
Projected Benefit
ObligationPlan
Assets
Balance, Jan. 1, 2020$ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. Service cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Interest cost Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Actual return Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Unexpected loss Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Contributions Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Benefits Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Journal entry for 2020$ Dr.Cr. $ Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Accumulated OCI Dec. 31, 2019 Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Dr.Cr. Balance, Dec. 31, 2020$ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr. $ Dr.Cr.
eTextbook and Media
List of Accounts
Prepare any journal entries related to the pension plan that would be needed at December 31, 2020.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
DateAccount Titles and ExplanationDebitCredit
Dec. 31, 2020
eTextbook and Media
List of Accounts
Prepare a pension worksheet for 2021.
(Enter all amounts as positive.)
SKYSONG
COMPANY
Pension Worksheet—2020 and 2021General Journal EntriesMemo RecordItemsAnnual Pension
ExpenseCashOCI—Prior
Service CostOCI— Gain/
LossPension Asset/
LiabilityProjected Benefit
ObligationPlan
Assets
Balance, Jan. 1, 2020$4,619,000Cr.$4,619,000Dr.Service cost$151,000Dr.151,000Cr.Interest cost461,900Dr.461,900Cr.Actual return253,000Cr.253,000Dr.Unexpected loss24,140Dr.$24,140Dr.Contributions$201,000Cr.201,000Dr.Benefits220,000Dr.220,000Cr.Journal entry for 2020$335,760Dr.$201,000Cr.24,140Dr.$158,900Cr.Accumulated OCI Dec. 31, 20190Balance, Dec. 31, 2020$24,140Dr.$158,900Cr.5,011,900Cr.4,853,000Dr.Additional PSC, 1/1/2021 Dr.Cr. Dr.Cr.$ Dr.Cr. Dr.Cr. .
Conversion worksheetGreen shaded cells are from Chapter 5 financia.docx
Conversion worksheetGreen shaded cells are from Chapter 5 financial StatementsEnter all amounts as positive numbers. The worksheet is formatted to add debits to assets & expenses and add credits to revenues, liabilities & equityRefr. Account TitlesDebitsCreditsGov'tal Fund Balances Adjustments & EliminationsGovern-mental Funds AdjustedInternal Service FundsBalances for Gov't-wide StmtsDebitsCreditsDebitsCreditsACapital asset64,200,000DEBITS:Accumulated Depreciation28,700,000Cash657,720657,72035,000692,720Net Position35,500,000Cash with Fiscal Agent928,000928,000928,000Investments259,000259,000259,000BCapital asset5,823,100Taxes Receivable, net262,000262,000262,000Capital Outlay Expenditures5,823,100Interest Receivable, net16,85016,85016,850Inventories-37,54037,540CDepreciation Expense4,900,000Due from State Govt.559,000559,000559,000Accumulated Depreciation4,900,000Due from Other Funds-11,200(3,200)14,400Capital Assets64,200,00070,023,10078,40070,101,500DProceeds of bonds4,000,000 both rows5,823,100Other Financing sources- premium on bonds200,000--Bonds payable4,000,000Expenditures (expenses) Current-Premium on bonds200,000 General Govt.1,646,9001,646,900(1,240)1,648,140 Public Safety3,026,9003,026,9003,026,900ENet position12,000,000 Highway and Streets2,481,9002,481,9002,481,900Bonds payable12,000,000 Sanitation591,400591,400591,400 Health724,100724,100724,100FBonds payable800,000 Welfare374,300374,300374,300Bonds Principal800,000 Culture and Recreation917,300917,300917,300Compensated Absences Exp42,00042,00042,000GInterest Expense328,000Other Expenditures (expenses)--Accrued Interest Payable328,000 - Debt Service Principal800,000(800,000)1,600,0001,600,000 - Interest (expenditure/expense)514,000328,000(180,000)1,032,0001,032,000HNet position180,000 both rows(10,000)Interest Expense180,000 - Capital Outlay5,823,100(5,823,100)11,646,20011,646,200 - Depreciation4,900,0004,900,0004,900,000IBonds Payable10,000Other Fin. Uses - Transfers Out1,871,7001,871,700(1,871,700)3,743,400Interest Expense10,000-Total Debits21,454,170105,598,650JDeferred Revenues10,500CREDITS:Revenues- Property Taxes10,500Accounts Payable326,800326,800(19,400)307,400Due to Other Funds40,20040,2003,20037,000KRevenues- Property Taxes21,000Accrued Interest Payable(328,000)(328,000)(328,000)Net Position21,000Bonds Payalbe(12,000,000) both rows800,000(4,000,000)(16,800,000)(16,800,000)LCompensated Absenese Expense42,000Premium on Bonds10,000(200,000)(210,000)(210,000)Compensated Absences Payable42,000Compensated Absence Payable(42,000)(42,000)(42,000)Advance from Water Utility Fund-(15,000)(15,000)MCash35,000Deferred Inflows: Property Taxes10,50010,500-(15,000)Due from Other Funds11,200Accumulated Depreciation(28,700,000)Inventories37,540 both rows(4,900,000)(33,600,000)(33,600,000)Capital assets78,400Revenues-Accounts Payable19,400Property Taxes6,657,50021,000(10,500)6,626,0006,626,000Advance from Water Utility Fund15,000Sales .
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
Assume that the City of Coyote has produced its financial statements f.pdf
Assume that the City of Coyote has produced its financial statements for December 31, 2020,
and the year then ended. The city's general fund was only used to monitor education and parks.
Its capital projects funds worked in connection with each of these functions at times during the
currentyear. The city also maintained an enterprise fund to account for its art museum. The
government-wide financlal statements provide the following figures: - Education reports net
expenses of $740 , 000 . - Parks reports net expenses of $130 , 000 . - Art museum reports net
revenues of $58 , 000 . - General government revenues for the year were $1 , 015 , 000 with an
overall increase in the city's net position of $203 , 000 . The fund financial statements provide
the following for the entire year. - The general fund reports a $33 , 250 increase in its fund
belance. - The capital projects fund reports a $63 , 250 increase in its fund balance. - The
enterprise fund reports a $75 , 750 increase in its net position. The city asks the CPA firm of
Abernethy and Chapman to examine several transactions that occurred during 2020 and indicate
how to correct any erroneous reporting. Officials also want to know the effect of each error.
View each of the following situations as independent. In 2020, the City of Coyote received a
$375 , 000 cash grant from the state to reduce air pollution. Assume that although a special
revenue fund could have been set up, the money remained in the general fund. Cash was recelved
immediately but had to be returned if the city had not lowered air pollution by 25 percent by
2020 . On December 31, 2020, Coyote spent $256 , 000 of this money for a large machine to
help begin the process of reducing alr pollution. The machine is expected to last for five years
and was recorded as an expenditure in the general fund and as an asset on the government wide
financial statements where it was depreciated based on the straight-line method and the half-year
convention. Becouse the money had been received, all $375 , 000 was recorded as a revenue on
both the fund and the government-wide financial statements. a. What was the correct change for
2020 in the total fund balance reported by the general fund? b. What was the correct overall
change in the net position reported on the government-wide financial statements?.
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.
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:.
Ekiti State Auditor General's Report for Year 2016
Ekiti State Auditor General's Report for Year 2016
Chapter 2Problems Set BP2-1B Suppose the following items are .docx
Chapter 2
Problems: Set B
P2-1B Suppose the following items are taken from the 2014 balance sheet of Starbucks Corporation. (All dollars are in millions.)
Goodwill
$ 477
Common stock
40
Equipment
3,036
Accounts payable
391
Stock investments (long-term)
280
Accounts receivable
288
Prepaid rent
278
Debt investments (current)
157
Retained earnings
2,244
Cash
281
Notes payable (noncurrent)
550
Notes payable (current)
1,468
Unearned sales revenue (current)
297
Bonds payable
354
Inventory
692
Accumulated depreciation—equipment
145
Instructions
Prepare a classified balance sheet for Starbucks Corporation as of September 30, 2014.
P2-2B These items are taken from the financial statements of Mueller, Inc.
Prepaid insurance
$ 2,400
Equipment
30,000
Salaries and wages expense
34,000
Utilities expense
2,100
Accumulated depreciation—equipment
7,600
Accounts payable
7,200
Cash
6,100
Accounts receivable
2,900
Salaries and wages payable
3,000
Common stock
6,000
Depreciation expense
4,300
Retained earnings (beginning)
14,000
Dividends
2,600
Service revenue
51,000
Maintenance and repairs expense
2,600
Insurance expense
1,800
Instructions
Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2014.
P2-3B You are provided with the following information for Vern Corporation, effective as of its April 30, 2014, year-end.
Accounts payable
$ 3,100
Accounts receivable
10,150
Accumulated depreciation—equipment
6,600
Depreciation expense
3,200
Cash
20,955
Common stock
20,000
Dividends
2,800
Equipment
24,250
Sales revenue
20,450
Income tax expense
700
Income taxes payable
300
Interest expense
350
Interest payable
175
Notes payable (due in 2018)
4,700
Prepaid rent
380
Rent expense
660
Retained earnings, beginning
13,960
Salaries and wages expense
5,840
Instructions
(a)
Prepare an income statement and a retained earnings statement for Vern Corporation for the year ended April 30, 2014.
(b)
Prepare a classified balance sheet for Vern as of April 30, 2014.
P2-4B Comparative statement data for Omaz Company and Wise Company, two competitors, are presented below. All balance sheet data are as of December 31, 2014.
Omaz Company
Wise Company
2014
2014
Net sales
$450,000
$900,000
Cost of goods sold
225,000
450,000
Operating expenses
130,000
150,000
Interest expense
6,000
10,000
Income tax expense
15,000
75,000
Current assets
180,000
700,000
Plant assets (net)
600,000
800,000
Current liabilities
75,000
230,000
Long-term liabilities
190,000
200,000
Net cash provided by operating activities
46,000
180,000
Capital expenditures
20,000
50,000
Dividends paid
-0-
5,000
Average number of shares outstanding
200,000
500,000
Instructions
(a)
Compute the net income and earnings per share for each company for 2014.
(b)
Comment on the relative liquidity of the companies by computing working capital and the current ratio for each company for 2014.
(c)
Comment on the relative solvency of the.
LegFin Fiscal Outlook Update (4-22-20)
An update from Legislative Finance Division Director Pat Pitney on the fiscal outlook for the State of Alaska for FY20, 21 and 22.
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?.
Horizontal analysis refers to changes in financial statement numbers a.docx
Horizontal analysis refers to changes in financial statement numbers across two or more years. Vertical analysis refers to financial amounts for each year expressed as proportions of a base such as sales for the income statement accounts and assets for the balance sheet accounts. These analyses and other facts can assist auditors to discern relationships that raise questions about misleading financial statements. Attached is an Excel sheet with select financial statement for Inter-Galactic Services, Inc. for fiscal years 2021 and 2022. Consider the following: a. The company is a cloud service provider that offers one and two year contracts. The majority of clients pay the full contract price in advance. b. The fiscal year end is December. c. The 2021 financial statements is audited. Assume these statements contained no material error or misstatements and relationships represent historic norms. d. Prior years' performance has been flat. e. A new CEO was appointed in December 2021. f. Debt and equity capital was obtained early January 2022 and the proceeds immediately deployed to partially fund the acquisition of property plant \& equipment. No principal payment on any of the company's borrowing is due until 2024. Required 1. Prepare horizontal and vertical analyses schedule in Excel. Use the provided Excel sheet. 2. Identify and explain apparent errors or misstatements in the unaudited 2022 financial statements and describe your estimate of the amount of the error or misstatement. 3. Prepare a schedule to adjust the unaudited net income for 2022. Begin with the unaudited net income and end with the revised net income. 4. Submit a properly formatted Excel document for requirement 1 and 3 and a Word document for requirement 2 to the Folio dropbox. You must use formulae for all cells in Excel that are computed and the formulae are not to be hidden.
.
E-F15-11 Accounting for debt investments Peyton Investments complete.pdf
E-F:15-11 Accounting for debt investments Peyton Investments completed the following
investment transactions during 2024:
Requirements 1. Journalize Peyton's investment transactions. Explanations are not required. 2.
Preparc a partial balance sheet for Peyton's Vedder investment as of December 31 , 2024. 3.
Prepare a comprehensive income statement for Peyton Investments for year ended December 31,
2024. Assume net income was $200,000.
E-F:15-11 Accounting for debt investments Learning Objectives 2,4 Peyton Investments
completed the following investment transactions during 2024:
Requirements 1. Journalize Peyton's investment trnsactions. Explanations are not required. 2.
Prepare a partial balance sheet for Peyton's Vedder investment as of December 31, 2024. 3.
Prepare a comprehensive income statement for Peyton Investments for year ended December
31,2024 . Assume net income was $200,000..
E Wiorn out � In. the Keynesian cross model, asume that the consump.pdf
E Wiorn out In. the Keynesian cross model, asume that the consumpon function is given by
f=12+(1.8(Y1) Planned insestment is 200 , governamerit purrhaces and taxes are both fin. a.
Graph planned expenditure as a finnetion of income: b. What is cquilibrium incone?.
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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.
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:.
Ekiti State Auditor General's Report for Year 2016
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Chapter 2Problems Set BP2-1B Suppose the following items are .docx
Chapter 2
Problems: Set B
P2-1B Suppose the following items are taken from the 2014 balance sheet of Starbucks Corporation. (All dollars are in millions.)
Goodwill
$ 477
Common stock
40
Equipment
3,036
Accounts payable
391
Stock investments (long-term)
280
Accounts receivable
288
Prepaid rent
278
Debt investments (current)
157
Retained earnings
2,244
Cash
281
Notes payable (noncurrent)
550
Notes payable (current)
1,468
Unearned sales revenue (current)
297
Bonds payable
354
Inventory
692
Accumulated depreciation—equipment
145
Instructions
Prepare a classified balance sheet for Starbucks Corporation as of September 30, 2014.
P2-2B These items are taken from the financial statements of Mueller, Inc.
Prepaid insurance
$ 2,400
Equipment
30,000
Salaries and wages expense
34,000
Utilities expense
2,100
Accumulated depreciation—equipment
7,600
Accounts payable
7,200
Cash
6,100
Accounts receivable
2,900
Salaries and wages payable
3,000
Common stock
6,000
Depreciation expense
4,300
Retained earnings (beginning)
14,000
Dividends
2,600
Service revenue
51,000
Maintenance and repairs expense
2,600
Insurance expense
1,800
Instructions
Prepare an income statement, a retained earnings statement, and a classified balance sheet as of December 31, 2014.
P2-3B You are provided with the following information for Vern Corporation, effective as of its April 30, 2014, year-end.
Accounts payable
$ 3,100
Accounts receivable
10,150
Accumulated depreciation—equipment
6,600
Depreciation expense
3,200
Cash
20,955
Common stock
20,000
Dividends
2,800
Equipment
24,250
Sales revenue
20,450
Income tax expense
700
Income taxes payable
300
Interest expense
350
Interest payable
175
Notes payable (due in 2018)
4,700
Prepaid rent
380
Rent expense
660
Retained earnings, beginning
13,960
Salaries and wages expense
5,840
Instructions
(a)
Prepare an income statement and a retained earnings statement for Vern Corporation for the year ended April 30, 2014.
(b)
Prepare a classified balance sheet for Vern as of April 30, 2014.
P2-4B Comparative statement data for Omaz Company and Wise Company, two competitors, are presented below. All balance sheet data are as of December 31, 2014.
Omaz Company
Wise Company
2014
2014
Net sales
$450,000
$900,000
Cost of goods sold
225,000
450,000
Operating expenses
130,000
150,000
Interest expense
6,000
10,000
Income tax expense
15,000
75,000
Current assets
180,000
700,000
Plant assets (net)
600,000
800,000
Current liabilities
75,000
230,000
Long-term liabilities
190,000
200,000
Net cash provided by operating activities
46,000
180,000
Capital expenditures
20,000
50,000
Dividends paid
-0-
5,000
Average number of shares outstanding
200,000
500,000
Instructions
(a)
Compute the net income and earnings per share for each company for 2014.
(b)
Comment on the relative liquidity of the companies by computing working capital and the current ratio for each company for 2014.
(c)
Comment on the relative solvency of the.
LegFin Fiscal Outlook Update (4-22-20)
An update from Legislative Finance Division Director Pat Pitney on the fiscal outlook for the State of Alaska for FY20, 21 and 22.
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?.
Horizontal analysis refers to changes in financial statement numbers a.docx
Horizontal analysis refers to changes in financial statement numbers across two or more years. Vertical analysis refers to financial amounts for each year expressed as proportions of a base such as sales for the income statement accounts and assets for the balance sheet accounts. These analyses and other facts can assist auditors to discern relationships that raise questions about misleading financial statements. Attached is an Excel sheet with select financial statement for Inter-Galactic Services, Inc. for fiscal years 2021 and 2022. Consider the following: a. The company is a cloud service provider that offers one and two year contracts. The majority of clients pay the full contract price in advance. b. The fiscal year end is December. c. The 2021 financial statements is audited. Assume these statements contained no material error or misstatements and relationships represent historic norms. d. Prior years' performance has been flat. e. A new CEO was appointed in December 2021. f. Debt and equity capital was obtained early January 2022 and the proceeds immediately deployed to partially fund the acquisition of property plant \& equipment. No principal payment on any of the company's borrowing is due until 2024. Required 1. Prepare horizontal and vertical analyses schedule in Excel. Use the provided Excel sheet. 2. Identify and explain apparent errors or misstatements in the unaudited 2022 financial statements and describe your estimate of the amount of the error or misstatement. 3. Prepare a schedule to adjust the unaudited net income for 2022. Begin with the unaudited net income and end with the revised net income. 4. Submit a properly formatted Excel document for requirement 1 and 3 and a Word document for requirement 2 to the Folio dropbox. You must use formulae for all cells in Excel that are computed and the formulae are not to be hidden.
.
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Chapter 2Problems Set BP2-1B Suppose the following items are .docx
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Condensed data taken from the records of the three divisions for the year ended June 30,20yg,
are as follows: The management of E.F. Lynch Company is evaluating ebch division as a basis
for planning a future exponsion of operations. Required 1. Prepare condensed divisional income
statements for the three divisions, assuming that there were no support department allocations. 2.
Using the Dupont formula for retum on investment, compute the profit margin, investment
turnover, and return on investrment for each division. Round your answers to one decimal place.
3 more Check My Work was remaining
The management of E. F. tynch Company is evaluating each division as a basis for plonning a
future expanision of operations: Required: 1. Prepare condensed divisional income statements for
the three divisions, assuming that there were no support department allocations. 2. Using the
DuPont formula for return on investment, compute the profit margin, investment turnover, and
return on Investment for each divisian. Round your answers to one decimal place. 3. When faced
with fimited funds for expansion, management should consider an expansion of the 3 more
Check My Work uses remaining.
During the postproduction phase of producing a radio commercial, the .pdf
During the postproduction phase of producing a radio commercial, the commercial is put
together by the film editor, sound mixer, and director." True False Question 27 (1 point) Joey is
thrilled to watch the season opener for his favorite show. This year, the show is being shown
commercial-free because it is underwritten by Coca-Cola. Joey notices that actors are shown
drinking Coca-Cola in several scenes. What is this an example of? narrowcasting barter
syndication classified advertising sponsorship a lead-in.
During an action potential Na+influx causes repolarization K+influx .pdf
During an action potential: Na+influx causes repolarization K+influx causes depolarization
Na+efflux causes depolarization K+efflux causes repolarization.
During 2014, Paul Company discovered that the ending inventories repo.pdf
During 2014, Paul Company discovered that the ending inventories reported on its financial
statements were incorrect by the following amounts: Paul uses the periodic inventory system.
Prior to any adjustments for these errors and ignoring income taxes, Paul's retained earnings at
January 1, 2014, would be: Select one: a. Correct b. $15,000 understated c. $75,000 overstated d.
$135,000 understated e. $75,000 understated.
Due to financial trouble at BofA and other large financial institutio.pdf
Due to financial trouble at BofA and other large financial institutions an increased risk in the
financial markets is seen. graphically show the expected impact on the quantity of money as well
as interest rates also how would the Fed try to stabilize the economy? Show this graphically.
Using both IS/LM/FE and the AD/AS models, and the Keynesian assumptions, Suppose the
increased risk from the previous question is occurring. graphically show the expected changes in
both the Short Run and the Long Run for the interest rate, GDP, and Prices.
Drawing is obligatory! Please Draw me UmL Diagram, classes should inc.pdf
Drawing is obligatory! Please Draw me UmL Diagram, classes should include only attributes
not types. Classes: - Animal - Employee - Food - Visitor - one additional Add numeration like
Animal Emp. and also try to add relationships as much as possible such as: bidirectional
inheritance
[8: Seficred obinets.
Due Friday by 1159pm Points 5 Submitting a file upload Available Feb.pdf
Due Friday by 11:59pm Points 5 Submitting a file upload Available Feb 27 at 12am - Mar 24 at
11:59pm Draw the inner and outer layers of bone labeling all cells and layers. Use color pencils
to identify the different components. See Figure 7.7 of your textbook. Label the following
structures. Each correctly labeled structure is worth 0.5 points. 1. External Circumferential
Lamellae 2. Concentric Lamellae 3. Interstitial Lamellae 4. Canaliculi 5. Osteon 6. Perforating
Canal (Volkmann canals) 7. Perforating Fibers 8. Periosteum 9. Endosteum 10. Trabeculae
(Spongy Bone).
During 2024, several events and transactions affected the retained ea.pdf
During 2024, several events and transactions affected the retained earnings of Consolidated
Paper Required: 1. Prepare the appropriate entries for these events a. On March 3, the board of
directors declared a property dividend of 205,000 shares of Leasco internationat common stock
that Consolidated Poper had purchased in January as an investment (book value $604,000 ) The
investment shares had a fair value of $3 per share and were distributed March 31 to shareholders
of record March is. b. On Moy 3, a 5 for-4 stock split was declared and distributed. The stock
split was effected in the form of a 25% stock dividend. The market value of the $1 par common
stock was $11 per share. c. On July 5, a 286 common stock dividend was declared and
distributed. The market value of the common stock was $11 per share. a On December 1, the
board of directors dectared the 9.0% cosh dividend on the 81000 preferred shares, payable on
December 28 to shareholders of record December 20 . e. On December 1, the board of directors
dectared a cosh dividend of 50.50 per share on its common shares, payable on December 28 to
shareholders of record December 20 2. Prepare the shareholders' equity section of the balance
sheet for Consolidated Papec, incorporated ot Decenber 31, 2024. Net income for the yeor was
$710,000..
Drug C binds to FeS2 and changes its redox potential from +120mV to 0.pdf
Drug C binds to FeS2 and changes its redox potential from +120mV to 0mV. Indicate whether
the following will happen as a consequence of Drug C treatment. 13. Electrons will NOT be
transferred from Cytb to FeS2. True// False (Circle one) 14. FeS2 will accumulate in its reduced
form. True/False (Circle one) 15. Cyt b will accumulate in its reduced form. True / False (Circle
one) 16. The ratio of NADH/NAD+in the cell will A. Increase B. Decrease C. Not change Drug
D inserts itself in the mitochondrial inner membrane and allows protons to pass freely across the
membrane. Indicare whether the following will happen as a consequence of Drug D treatment.
17. The electron transport chain wiil back up and NADH will accumulate in the reduced state.
True / False (Circle one) 18. If someone accidentally consumes Drug D, this person will show
symptoms of hypoxia (i.e. lack of oxygen), because electrons won't be transferred to oxygen.
True / False (Circle one).
Due to financial trouble at BofA and other large financial instit.pdf
Due to financial trouble at BofA and other large financial institutions an increased risk in the
financial markets is seen. graphically show the expected impact on the quantity of money as well
as interest rates also how would the Fed try to stabilize the economy? Show this graphically.
Using both IS/LM/FE and the AD/AS models, and the Keynesian assumptions, Suppose the
increased risk from the previous question is occurring. graphically show the expected changes in
both the Short Run and the Long Run for the interest rate, GDP, and Prices.
During January, its first month of operations, Monty Company accumula.pdf
During January, its first month of operations, Monty Company accumulated the following
manufacturing costs: raw materials purchased $4,500 on account, factory labor $8,100, and
utilities payable $2,700. Record the company's manufacturing costs in its job order costing
system..
El presidente de una empresa se ha pagado a s� mismo un gran sala.pdf
El presidente de una empresa se ha pagado a s mismo un gran salario, una buena bonificacin, ha
recibido una gran cantidad de lucrativas opciones sobre acciones y ha contratado a los miembros
de su familia con salarios elevados. El presidente es probablemente culpable de
Seleccione uno:
a. trfico de informacin privilegiada
b. cheque kite
C. mala gestin financiera
d. colusin
mi. tergiversacin de las finanzas
El presidente de una empresa se ha pagado a s mismo un gran salario, una buena bonificacin, ha
recibido una gran cantidad de lucrativas opciones sobre acciones y ha contratado a los miembros
de su familia con salarios elevados. El presidente es probablemente culpable de
Seleccione uno:
a. trfico de informacin privilegiada
b. cheque kite
C. mala gestin financiera
d. colusin
mi. tergiversacin de las finanzas.
el caso Spree Cruise Lines a las 900 am del lunes, Tara Hoopes, .pdf
/ el caso: Spree Cruise Lines a las 9:00 am del lunes, Tara Hoopes, gerente de comunicaciones
corporativas... Pregunta: El caso: Spree Cruise Lines A las 9:00 am del lunes, Tara Hoopes,
gerente de comunicaciones corporativas... El caso: Spree Cruise Lines A las 9:00 am del lunes,
Tara Hoopes, gerente de comunicaciones corporativas de Spree Cruise Lines, lleg a su oficina en
la sede corporativa de Spree y encontr varios mensajes en su bandeja de entrada. El abogado de
la ciudad de Nueva Orleans, Mike Litke, se haba puesto en contacto con varias personas en la
sede corporativa, sugiriendo que la empresa podra ser responsable de los daos a dos edificios
cerca de donde haba zarpado su ltimo crucero, y la gente de la empresa quera saber cmo
acercarse. discutiendo la situacin con l y otros. El Sensation de 750 pies haba zarpado de Nueva
Orleans el domingo por la tarde, con destino a un crucero de cinco noches a Cozumel y Cancn.
Tara comprob las estadsticas del barco y su itinerario: construido en 1994, velocidad de crucero
de 20 nudos, arqueo bruto de 50.000, programado para reparaciones en dique seco en varios
meses. Con 1.200 pasajeros a bordo, en su mayora estadounidenses, alrededor del 35 por ciento
menores de 35 aos, el 40 por ciento entre 35 y 55 aos, y el resto ciudadanos de la tercera edad.
Integrado por el capitn Hernan Galati, el ingeniero jefe Scotty Ferguson y el veterano director de
cruceros Ned Carnahan. Personal adicional a bordo: 650 tripulantes en representacin de 20 pases.
Navegando a Cozumel con salida el domingo, seguido de un da en el mar el lunes y llegada a
Cozumel el martes por la maana. El martes por la noche estaba programado partir hacia Cancn,
atracando all todo el da mircoles antes de regresar a Nueva Orleans el viernes. Tara cogi el
telfono justo cuando sonaba. Ned Carnahan y el Capitn Galati estaban al telfono. Antes de que
pudiera contarles sobre la situacin completa en Nueva Orleans, le presentaron algunos problemas
propios. Domingo por la noche a bordo del Sensation Ron y Marilyn Nelson estaban en la
cubierta de popa, disfrutando de la vista. Haba sido un da emocionante, viendo cmo el enorme
barco empequeeca los edificios en la costa cuando partieron de Nueva Orleans. Ya haban
explorado el barco, encantados de encontrar un cibercaf, un bar de sushi, dos piscinas y el
rocdromo. Haban escuchado atentamente los anuncios a travs del sistema de megafona del barco
y haban hojeado el Spree Fun, el boletn del barco, que enumeraba una amplia gama de
excursiones para reservar antes de su llegada a tierra. Mientras esperaban en la fila para reservar
sus excursiones, Marilyn not los mapas meteorolgicos colgados en la pared del vestbulo de la
cubierta principal. Parece una tormenta tropical en la Baha de Campeche, seal. No te preocupes,
dijo Ron. "Este es un barco enorme, y sus motores son lo suficientemente potentes como para
dejar atrs cualquier tormenta! Ron era ingeniero ocenico de oficio y era una autoridad en todo lo
que .
el balance es una instant�nea de la entidad. �Cu�les de las siguien.pdf
el balance es una instantnea de la entidad. Cules de las siguientes partidas se incluyen en el
balance general?
A.activos
B.Ingresos
C.gastos
D.retiros
A.activos
B.Ingresos
C.gastos
D.retiros.
Drop, Inc., a calendar year S corporation, distributes $16,000 cash t.pdf
Drop, Inc., a calendar year S corporation, distributes $16,000 cash to its onily shareholder,
Luetta, on December 31 . Luetta's basis in her stock is $20,000. Drop's AAA balance is $9,000,
and Drop holds $3,000 of AEP and $1,000 of OAA before the distribution. Complete the
following chart shown below..
Droplet and airborne precautions both require the use of a procedural.pdf
Droplet and airborne precautions both require the use of a procedural mask. both require use of
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