The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide re-imbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Re-imbursement was received from the state on December 13.
Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following. (Assume the city has a fiscal year-end of December 31).
1. May 1, 2017, notification of grant approval.
2. May 5, 2017, loan from General Fund.
3. During FY 2017, bridge expenditures and submission of re-imbursement documentation.
4. December 13, 2017, receipt of the grant re-imbursement funds.
5. December 31, 2017, adjusting and closing entries.

Answer and Explanation:

The Journal entries are shown below:-

1. No Journal entry is required as the eligibility should be completed before recognition.

2. Cash Dr, $200,000

       To Inter fund Loans Payable-Current $200,000

(Being cash is recorded)

3. Expenditure Dr, $165,000

      To Voucher Payable $165,000

(Being expenses is recorded)

Due from State Government Dr, $165,000

       To Revenues $165,000

(Being revenues is recorded)

4. Cash Dr, $165,000

        To Due from State Government $165,000

(Being cash  is recorded)

5. Revenues Dr, $165,000

       To Expenditure $165,000

(Being revenue is recorded)

No Other entry will made as the balance of $35,000 eligibility is not fulfilled.

HELP HELP HELP MEEE

if joseph is paid 225$ for the week and he worked 20 hours during the week what is his fixed rate?

3.Griffin Corporation has decided to alter their dividend policy starting next year. They just paid out $1.75 per share in dividends and are planning a major expansion over the next 4 years. They have announced that they will not pay any dividends during this expansion period. Starting in year 5, they will resume their historical dividend payout of $1.75 a share. They plan on increasing this dividend by 3% each year, thereafter. If shareholders require a 12% return on this stock, what should the stock be selling for in the market

2. The buyer's prepaid expense is the seller's
revenue
​

Kevin Hall is saving for an Australian vacation in three years. He estimates that he will need $5,920 to cover his airfare and all other expenses for a week-long holiday in Australia. If he can invest his money in an S&P 500 equity index fund that is expected to earn an average annual return of 10.5 percent over the next three years, how much will he have to save every year if he starts saving at the end of this year? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)

Which of the following descriptions pertains to a "Cognitive" style of decision-making? Review Later Decisions derived from the needs, desires, preferences, and/or values of the individual making the decision. This type of decision-making is centered on the individual deciding. An integrated feedback system between the individual/organization making a decision, and the broader environment’s reactions to those decisions. This type of decision-making process involves iterative cycles and constant assessment of the reactions and impacts of the decision. In many ways, decision making (particularly in groups, such as within an organization) is about communicative rationality. This is to say that decisions are derived based on the ability to communicate and share logic, using the firm’s premises and conclusions to drive behavior. Two answers in this answer set are correct. None of the answers in this answer set are correct.

Depreciation Expense on the Heating and Air Conditioning Equipment for the factory of $50,000 is allocated to five departments. The cost-allocation base for this expense is the number of cubic feet, which equals 100,000 cubic feet. Information for five departments is below: Department Square Feet Cubic Feet Department A 15,000 15,000 Department B 5,000 5,000 Department C 30,000 20,000 Department D 20,000 35,000 Department E 10,000 25,000 How much Depreciation Expense is allocated to Department A

Jim wants to start his own business and needs $10,000 for working capital. He applies for a business loan at FirstBank. The banker tells Jim that the Bank will make the loan if Jim's father will personally guarantee repayment of the loan. Jim assures the banker that his father will do this. The banker calls Jim's father to confirm that he will guarantee Jim's $10,000 loan. Jim's father says: "Sure thing, I'd do anything for that boy." The bank makes the loan to Jim. Jim's new business is not successful and Jim is unable to repay the loan. Jim has no money. Jim's father has buckets of money. The bank sues Jim's father to recover the unpaid amount of the loan plus interest plus attorneys' fees and costs of collecting the debt.
Which of the following is true?
A. Jim's father can make a strong argument that he is not liable to pay his son's debt because the Bank did not have him sign a written guaranty agreement.
B.The oral agreement to guaranty the loan is not enforceable because it is contrary to public policy.
C.Jim’s father is liable to pay his son’s debt because the Bank partially performed under the loan agreement.
D.If it can be proven in a court of law that Jim's father orally agreed to guarantee the loan, Jim's father will be held liable for the repayment of the loanbecause 'a deal is a deal'.

What are the inventory methods used in accounting?

Possible causes for price and efficiency variances. You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a fictitious Belgian chocolatier for the month of June. The choco-latier manufactures truffles in 12-piece boxes. The production is labor intensive, and the delicate nature of the chocolate requires a high degree of skill.ActualBoxes produced 10,000Direct materials used in production 2,150,000 gActual direct material cost 60,200 euroActual direct manufacturing labor-hours 1,100Actual direct manufacturing labor cost 12,650 euroStandardsPurchase price of direct materials 0.03 euro/gMaterials per box 200 gWage rate 12 euro/hourBoxes per hour 10Please respond to the following questions as if you were in an interview situation:1. Calculate the materials efficiency and price variance and the wage and labor efficiency variances for the month of June.2. Discuss some possible causes of the variances you have calculated. Can you make any possible connection between the material and labor variances

Susan’s high school offers classes in which she can take a test and gain college credit.

your able to save $100 from your paycheck . how could you distribute the money between your 3saving goals above ?

Calculating the Predetermined Overhead Rate, Applying Overhead to Production, Reconciling Overhead at the End of the Year, Adjusting Cost of Goods Sold for Under- and Overapplied Overhead At the beginning of the year, Han Company estimated the following: Overhead $582,400 Direct labor hours 80,000 Han uses normal costing and applies overhead on the basis of direct labor hours. For the month of January, direct labor hours were 6,950. By the end of the year, Han showed the following actual amounts: Overhead $613,320 Direct labor hours 84,100 Assume that unadjusted Cost of Goods Sold for Han was $927,000.
Required:
1. Calculate the predetermined overhead rate for Han. Round your answer to the nearest cent. $ per direct labor hour
2. Calculate the overhead applied to production in January. (Note: Round to the nearest dollar.) $
3. Calculate the total applied overhead for the year. $ Was overhead over- or underapplied? By how much? overhead $
4. Calculate adjusted Cost of Goods Sold after adjusting for the overhead variance.

2.
Is marketing always appropriate for political candidates? Why or why not?
​

Allocation is the distribution of a good or service.


True

False

Which best describes the Hospitality and Tourism career cluster?
O A group of careers that focus on going from one place to another for business, pleasure, or other reasons.
O A group of careers that focus on the act of traveling, sightseeing, and enjoying activities that are specific to a
location
O A group of careers that focus on being welcoming to guests, such as guests who stay for a meal or who stay
overnight
O A group of careers that focus on providing people with food, a place to stay assistance to travelers, and fun
activities

If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Multiple Choice Debit Cash and credit Legal Fees Earned. Debit Cash and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Legal Fees Earned. Debit Legal Fees Earned and credit Unearned Legal Fees. Debit Unearned Legal Fees and credit Accounts Receivable.

Managers in nonprofit organizations must prioritize the needs of

Your annual sales are $217,000. The sales are spread evenly over four quarters except that sales in the first quarter are double any other quarter. What are your sales in the first quarter of the year?

Garvey's Fine Furnishings manufactures upscale custom furniture. currently uses a plantwide overhead rate based on direct labor hours to allocate its of manufacturing overhead to individual jobs.​ However, ​, owner and​ CEO, is considering refining the​ company's costing system by using departmental overhead rates.​ Currently, the Machining Department incurs of manufacturing overhead while the Finishing Department incurs of manufacturing overhead. has identified machine hours​ (MH) as the primary manufacturing overhead cost driver in the Machining Department and direct labor​ (DL) hours as the primary cost driver in the Finishing Department.
Requirement 1. Compute the plantwide overhead rate assuming that Garvey's expects to incur 30,000 total DL hours during the year First identify the formula, then compute the rate.
Total manufacturing overhead / Cost allocation base = Plantwide overhead
(estimated) rate
$1,290,000 / 30,000 = 43
Requirement 2. Compute departmental overhead rates assuming that Garvey's expects to incur 14,500 MH in the Machining Department and 17,500 DL hours in the Finishing Department during the year. First identify the formula, then compute the rate for each department.
Total department / Cost allocation base = Departmental
overhead (estimated) overhead rate
Machining 870,000 / 14,500 = 60 per mach hour
Finishing 420,000 / 17,500 = 24 per DL hour
Requirement 3. If Garvey's continues to use the plantwide overhead rate, how much manufacturing overhead would be allocated to Job 450 and Job 455? Identify th formula, then calculate the amount of manufacturing overhead that would be allocated to the jobs if the plantwide overhead rate is used.
Actual use of Manufacturing overhead
Plantwide overhead rate x allocation base = allocated
Job 450 43 x 5 = 215
Job 455 43 x 5 = 215
Requirement 4. Based on your answers to Requirements 2 and 3, does the plantwide overhead rate overcost or undercost either job? Explain. If Garvey's sells its furniture at 125% of cost, will its choice of allocation systems affect product pricing? Explain.
The single plantwide rate undercosts Job 450 by $1 and undercosts Job 455 by $216.

Southwest Airlines is able to keep fares low, in part because of relatively low maintenance costs on its airplanes. One of the main reasons for the low maintenance costs is that Southwest flies only one type of aircraft: the Boeing 737. However, Southwest flies three different versions of the 737. Suppose Southwest decides to conduct a study to determine whether there is a significant difference in the average annual maintenance costs for the three types of 737s used. a. State a measurable dependent variable for such a study. b. State a factor that might affect the independent variable, and list at least three levels.

Which investment has the least liquidity?
property
stocks
a savings account
a 401k

Today you are feeling bullish on UPP stock. You decide the best way to play that opinion is to purchase 5 call options that expire in 4 months with a strike price of 70.00. To lower your risk and your cost basis you simultaneously sell 3 call options that also expire in 4 months with a strike price of 77.50. The current stock price is 70.80. The price of the 70-strike call is 5.50 and the price of the 77.50 strike call is 2.40. The current continuously compounded risk free rate is 3% (annual). 3.
a. Calculate your profit/loss if the ending price of one share of UPP stock is 80.00.
b. Calculate your profit/loss if the ending price of one share of UPP stock is 65.00.

How can social media endanger the safety of military service members and journalists?


Hackers may install spyware on government computers.


GPS technology may accidentally leak confidential information about location.


Communicating with friends and family while overseas leads to danger.


Terrorist groups may use social media to recruit new members.

Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,500 units at $44 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,000 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column.

What is number one player in chess

If Rina's boss is interested in a graphical representation of the relationship between the price and quantity of televisions demanded, you would advise your coworker to construct _________ using the data provided. However, if Rina's boss is more interested in the detailed numbers used to construct this visual representation, you would instead advise your coworker that ________ would be more appropriate.

which adjective best describes you at work? a.unique b.orderly

An apartment building in your neighborhood is for sale for $140,000. The building has four units, which are rented at $500 per month per unit. The tenants have long-term leases that expire in 5 years. Maintenance and other expenses for upkeep are $8000 annually. A new university is being built in the vicinity and it is expected that the building could be sold for $160,000 after 5 years. Part 1: What is the IRR for this investment? Part 2: Should the investment be accepted if you have a MARR of 12%?

Assume the November transactions for Camindo Co. are as follows:
Received cash of $60,000 from investors in exchange for capital stock.
Provided services of $16,300 on account.
Purchased supplies on account $750.
Received cash of $11,800 from clients for services previously billed.
Received $6,250 for services provided from clients who paid cash.
Paid $600 on account for supplies that had been purchased.
Paid $3,380 for a one-year insurance policy.
Paid the following expenses: wages, $7,800; utilities, $1,000; rent, $3,750.
Paid dividends of $2,300 to stockholders.
Record the transactions, using the integrated financial statement framework that follows:

Assets = Liabilities + Stockholders' Equity
Cash Accounts Receivable Supplies Prepaid Insurance Accounts Payable Capital Stock Retained Earnings
a. $ $
b. $ $
c. $ $
d. $ $
e. $ $
f. $ $
g. $ $
h. $ $
i. $ $
Bal $ $ $ $ $ $ $
Calculate the November 30 cash balance and the amount of net income for November for Hoover Co.
Ending cash balance $
Net income
$
Prepare a multiple-step income statement for Surry Co. from the following data for the year ended December 31, 2016.
Sales $915,000
cost of merchandise sold $670,000
administrative expenses $30,000
interest expense $12,000
rent revenue $19,000
sales returns and allowances $55,000
selling expenses $120,000
Hide
Multiple-step income statement
Surry Co.
Income Statement
For the Year Ended December 31, 2016
Revenue from sales:
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Sales
Selling expenses
Correct 5
$
Correct 6
Gross profit
Income from operations
Interest expense
Less: Sales returns and allowances
Rent revenue
Selling expenses
Correct 7
Correct 8
Net sales
$
Correct 10
Administrative expenses
Cost of merchandise sold
Income from operations
Interest expense
Less: Sales returns and allowances
Rent revenue
Correct 11
Correct 12
Administrative expenses
Gross profit
Income from operations
Rent revenue
Sales
Selling expenses
Correct 13
$
Correct 14
Operating expenses:
Cost of merchandise sold
Gross profit
Less: Sales returns and allowances
Rent revenue
Sales
Selling expenses
Correct 16
$
Correct 17
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Rent revenue
Sales
Correct 18
Correct 19
Total operating expenses
Correct 21
Administrative expenses
Cost of merchandise sold
Gross profit
Income from operations
Interest expense
Rent revenue
Correct 22
$
Correct 23
Other income:
Administrative expenses
Cost of merchandise sold
Gross profit
Rent revenue
Sales
Selling expenses
Correct 25
$
Correct 26
Other expense:
Administrative expenses
Interest expense
Less: Sales returns and allowances
Rent revenue
Sales
Selling expenses
Correct 28
Correct 29
Correct 30
Net income
$
Given the following list of accounts, calculate Total Assets:
Accounts Receivable $ 10,000
Capital Stock 20,000
Cash 25,300
Equipment 16,800
Fees Earned 44,400
Miscellaneous Expense 17,800
Rent Expense 3,250
Retained Earnings 7,850
Salaries Expense 15,400
Wages Expense 15,000
a. $54,600
b. $40,050
c. $52,100
d. $55,300
Use the following information to determine Total Stockholders' Equity:
Total Assets $ 45,000
Total Liabilities 18,000
Total Stockholders' Equity x
Total Retained Earnings 5,000
a. $27,000
b. $58,000
c. $40,000
d. $32,000
summary of the cash receipts and cash payments for a specific period of time is a(n):
a. income statement.
b. balance sheet.
c. statement of cash flows.
d. retained earnings statement.
During 2015, Trinder Corporation had an increase in total assets of $80,000 and an increase in total liabilities of $60,000. Assuming that capital stock increased by $8,000 and no dividends were paid, calculate Trinder's net income or net loss for 2015.
a. Net income of $72,000
b. Net income of $12,000
c. Net loss of $20,000
d. Net income of $28,000
Which of the following is true about the cost principle?
a. It reports the revenues earned by a company for a period with the expenses incurred in generating the revenues.
b. It assumes that a company will continue in business indefinitely.
c. It initially records assets in the accounting records at their purchase price.
d. It limits the economic data recorded in an accounting system to data related to the activities of that company.
The payment of $20,000 for expenses was incorrectly recorded by Elite Co. as an increase in cash of $20,000 and a decrease in retained earnings of $20,000. What is the effect of this error on the accounting equation?
a. Total assets will exceed total liabilities and stockholders' equity by $40,000. {C}
b. Total assets will exceed total liabilities and stockholders' equity by $20,000.
c. The error will not affect the accounting equation.
d. Total assets will be less than total liabilities and stockholders' equity by $40,000.

Innovative Consulting has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense.
Transactions
Mar. 1 Paid rent for the month, $4,000.
3 Paid advertising expense, $1,350.
5 Paid cash for supplies, $1,800.
6 Purchased office equipment on account, $11,500.
10 Received cash from customers on account, $8,600.
15 Paid creditor on account, $3,180.
27 Paid cash for miscellaneous expenses, $700.
30 Paid telephone bill for the month, $550.
31 Fees earned and billed to customers for the month, $37,200.
31 Paid electricity bill for the month, $830.
31 Paid dividends, $2,000.
Journalize the preceding selected transactions for March 2018 in a two-column journal. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTS
Zenith Consulting Co.
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Office Equipment
LIABILITIES
21 Accounts Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Rent Expense
52 Advertising Expense
53 Utilities Expense
54 Miscellaneous Expense