Business, 05.02.2021 22:40, deandrathomas34
The following transactions occurred for the City of Fontaine’s General Fund. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. Encumbrances issued against the appropriations during the year were $931,000. The current year’s tax levy of $2,005,000 was recorded; uncollectibles were estimated as $65,000. Collections of delinquent taxes from prior years’ levies totaled $132,000; collections of the current year’s levy totaled $1,459,000. Invoices were received and approved for payment for items ordered in documents recorded as encumbrances in Transaction (2) of this problem. The estimated liability was $851,200. Actual costs were $850,500. Revenue other than taxes collected during the year consisted of licenses and permits, $373,000; intergovernmental revenue, $400,000; and $66,000 of miscellaneous revenues. Payments on Vouchers Payable totaled $1,505,000. Prepare the journal entry.
Answers: 1
Business, 21.06.2019 19:20, Lindseycline123
The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. accounts receivable $ 435,000 debit allowance for doubtful accounts 1,250 debit net sales 2,100,000 credit all sales are made on credit. based on past experience, the company estimates 1.0% of credit sales to be uncollectible. what adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Answers: 2
Business, 22.06.2019 13:20, Jasten
Suppose your rich uncle gave you $50,000, which you plan to use for graduate school. you will make the investment now, you expect to earn an annual return of 6%, and you will make 4 equal annual withdrawals, beginning 1 year from today. under these conditions, how large would each withdrawal be so there would be no funds remaining in the account after the 4th withdraw?
Answers: 3
Business, 22.06.2019 23:40, valenciafaithtorres
Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.
Answers: 3
Business, 23.06.2019 02:50, winterblanco
Anderson farms, inc. provided the following for 2018: cost of goods sold (cost of sales)$1,300,000beginning merchandise inventory340,000ending merchandise inventory630,000calculate the company's inventory turnover ratio for the year. (round your answer to two decimal places.)
Answers: 2
The following transactions occurred for the City of Fontaine’s General Fund. The budget prepared for...
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