Julius Otegbade Government and Non- Profit Accounting

Julius Otegbade Government and Non- Profit Accounting Assignments 1. Explain to report the following transaction/balances in the financial statements of an enterprise Fund. If assumptions are necessary, state them clearly. Amount Description $500,000 Capital grant received in cash, but not yet earned (b) $1,200,000 Capital grant earned, but not collected until 90 days after year end © $75,000 Estimated uncollectible accounts related to current year sales (d) $300,000 Deferred interest expenses adjustment credit balance at year end (e) $50,000 Amortization of deferred interest View complete question » Julius Otegbade Government and Non- Profit Accounting Assignments 1. Explain to report the following transaction/balances in the financial statements of an enterprise Fund. If assumptions are necessary, state them clearly. Amount Description $500,000 Capital grant received in cash, but not yet earned (b) $1,200,000 Capital grant earned, but not collected until 90 days after year end © $75,000 Estimated uncollectible accounts related to current year sales (d) $300,000 Deferred interest expenses adjustment credit balance at year end (e) $50,000 Amortization of deferred interest expense adjustment credit balance (f) $1,000,000 cost Reassignment at year end of a general capital asset as an $350,000 Acc.Depr Enterprise Fund Capital asset. (g) $89,000 Operating grant earned and collected during the year (h) $100,000 Accrual interest on Enterprise Fund long term bonds payable (i) $65,000 free services provided to General Fund departments (j) $$20,000 Charges for services provided to other Enterprise Funds 2. Below is a list of transactions related to taxes for the state and County 1. The County Tax Agency Fund has been established to account for the county’s duties Of collecting the county and state property taxes. The levies for the year 2015 were $600,000 for the County General Fund and $480,000 for the state. It is expected that un- Collectible taxes will be 10,000 for the state and $15,000 for the county. 2. Collections were $300,000 for the county and $240,000 for the state. 3. The county is entitled to a fee of 1% of taxes collected for other governments. The amount Due to the state and to the County General Fund are paid except for the collection fee due to the County General Fund. 4. The fee is transmitted from the Tax Agency Fund to the County General Fund 5. Uncollectible taxes in the amount of $5,000 for the state and $6,000 for the county are written off. a. Prepare the general journal entries required to record the above transactions in the County Tax Agency Fund. b. Prepare the general journal entries required to record the above transactions in the General Fund of the state and County as applicable c. Prepare the GAAP based Statement of Net Profit for the Tax Agency Fund. Assume That the beginning balances of taxes receivable were county, $120,000, and state $96,000 3.The City of Pearland was recently incorporated and had the following transactions for the fiscal year ended December 31, 2016. a. The City council adopted a General Fund budget for the fiscal year. Revenues were estimated at $2,000,000 and appropriations were $1,990,000 b. Property taxes in the amount of $1,940,000were levied. It is estimated that $9,000 of the taxes levied will be uncollectible c. A General Fund transfer of $25, in cash and $300,000 in equipment (with accumulated depreciation of $65,000) was made to establish a central duplicating internal service fund d. A citizen of Pearland donated marketable securities with a fair value of $800,000. The donated resources are to be maintained in perpetuity with the city using the revenue generated by the donation to finance an after school program for children, which is sponsored by the parks and recreation function. Revenue earned and received as Dec…

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Ratio analysis for inter-firm and intra-firm comparison

Discuss the importance of ratio analysis for inter-firm and intra-firm comparisonsincluding… 1 answer below » (a) Discuss the importance of ratio analysis for inter-firm and intra-firm comparisonsincluding circumstances responsible for its limitations .If any (b) Why do you understand by the term ‘pay-out ratio’? What factors are taken into consideration while determining pay-out ratio? Should a company follow a fixed pay-out ratio policy? Discuss full

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Percentage of the variation in overhead costs is explained by the independent variable?

Maya Company is making plans for the introduction of a new hair product that it will sell for $6 per unit. The following estimates have been made for manufacturing costs on 100,000 units to be produced the first year: Direct materials……………………….. $50,000 Direct labor…………………………….. $80,000 (the labor rate is $8 an hour ×10,000 hours) Manufacturing overhead costs have not yet been estimated for the new product, but monthly data on total production and overhead costs for the past 24 months have been analyzed using regression. The following results were derived View complete question » Maya Company is making plans for the introduction of a new hair product that it will sell for $6 per unit. The following estimates have been made for manufacturing costs on 100,000 units to be produced the first year: Direct materials……………………….. $50,000 Direct labor…………………………….. $80,000 (the labor rate is $8 an hour ×10,000 hours) Manufacturing overhead costs have not yet been estimated for the new product, but monthly data on total production and overhead costs for the past 24 months have been analyzed using regression. The following results were derived from the regression and will provide the basis for overhead cost estimates for the new product. REGRESSION ANALYSIS RESULTS Dependent variable—Factory overhead costs Independent variable—Direct labor hours Computed values: Intercept………………………………………………………… $55,000 Coefficient of independent variable………………….. $ 3.20 Coefficient of correlation…………………………………. 0.953 R2………………………………………………………………….. 0.908 a. The total overhead cost for an estimated activity level of 20,000 direct labor hours would be (1) $55,000 (2) $64,000 (3) $82,000 (4) $119,000 (5) Some other amount b. What is the expected contribution margin per unit to be earned during the first year on 100,000 units of the new product? (Assume all marketing and administrative costs are fixed.) (1) $4.38 (2) $4.89 (3) $3.83 (4) $5.10 (5) Some other amount c. How much is the variable manufacturing cost per unit, using the variable overhead estimated by the regression (and assuming direct materials and direct labor are variable costs)? (1) $1.30 (2) $1.11 (3) $1.62 (4) $3.00 (5) Some other amount d. What is the manufacturing cost equation implied by these results, where x refers to units produced? (1) TC = $80,000 + $1.11x (2) TC = $55,000 + $1.62x (3) TC = $185,000 + $3.20x (4) Some other equation e. (Answer if Appendix 5.2 was assigned reading.) What percentage of the variation in overhead costs is explained by the independent variable? (1) 90.8 percent (2) 42 percent (3) 48.8 percent (4) 95.3 percent (5) Some other amount

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 Eric Chan financial transactions academic essay

Eric Chan operates cleaning and gardening business. Mr. Eric contributed $500,000 on 1 June 2015 into his business. The following transactions occurred in the month of June. Ignore GST. June 1 Eric purchased a car for the business for a total cost of $60,000. The useful life was expected to be 12 years with a residual value of $3,000. Insurance for the car was also purchased for $12,000 p.a. 1 Eric signed a lease agreement to lease a suitable storage shed for a monthly rental of $12,000. Rent for 4 months was paid in advance. He also hired an assistant to help him with cleaning and lawn View complete question » Eric Chan operates cleaning and gardening business. Mr. Eric contributed $500,000 on 1 June 2015 into his business. The following transactions occurred in the month of June. Ignore GST. June 1 Eric purchased a car for the business for a total cost of $60,000. The useful life was expected to be 12 years with a residual value of $3,000. Insurance for the car was also purchased for $12,000 p.a. 1 Eric signed a lease agreement to lease a suitable storage shed for a monthly rental of $12,000. Rent for 4 months was paid in advance. He also hired an assistant to help him with cleaning and lawn mowing tasks. 2 The business purchased equipment for a total cost of $180,250. A deposit of $40,000 was paid immediately and the balance was to be paid in 30 days. The equipment was expected to have a useful life of 7 years. 3 Purchased washing supplies for $4,800 cash. Purchased fuel and oil supplies for cash $7,900. 4 Signed a contract with Gulshan Advertiser Newspaper for 12 weeks of advertisements in its weekly newspaper. The business paid $9,600 in advance for these advertisements. 6 Received cash of $800 and $13,500 from clients for cleaning and law mowing services respectively. 8 Signed a contract with a new client to provide cleaning services for a monthly fee of $20,000. The client paid for 3 months’ service in advance. 13 Received cash of $14,000 for lawn mowing services provided to clients during the past week. Attachments: 1.docx V

Question Jacksonville Financial Services Co.

QuestionJacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.?s accounting clerk prepared the unadjusted trial balance at December 31, 2010, shown below. Jacksonville Financial Services Co. Unadjusted Trial Balance December 31, 2010 Debit Credit Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,200 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,750 Prepaid Insurance . . . . . . . . . . View complete question » QuestionJacksonville Financial Services Co., which specializes in appliance repair services, is owned and operated by Cindy Latty. Jacksonville Financial Services Co.?s accounting clerk prepared the unadjusted trial balance at December 31, 2010, shown below. Jacksonville Financial Services Co. Unadjusted Trial Balance December 31, 2010 Debit Credit Balances Balances Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,200 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,750 Prepaid Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,725 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,000 Building . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,750 Accumulated Depreciation?Building . . . . . . . . . . . . . . . . . . . . . . . . 37,850 Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000 Accumulated Depreciation?Equipment . . . . . . . . . . . . . . . . . . . . . . 17,650 Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,750 Unearned Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 Cindy Latty, Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,550 Cindy Latty, Drawing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 Fees Earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158,600 Salaries and Wages Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,850 Utilities Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,100 Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,500 Repairs Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,100 Miscellaneous Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,025 325,000 325,000 . The Adjusting Process The data needed to determine year-end adjustments are as follows: a. Depreciation of building for the year, $2,100. b. Depreciation of equipment for the year, $3,000. c. Accrued salaries and wages at December 31, $800. d. Unexpired insurance at December 31, $1,500. e. Fees earned but unbilled on December 31, $2,150. f. Supplies on hand at December 31, $600. g. Rent unearned at December 31, $1,500. Instructions 1. Journalize the adjusting entries. Add additional accounts as needed. 2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance. 1) a. Depreciation Expense – Building Accumulated Depreciation – Building b. Depreciation Expense – Equipment Accumulated Depreciation – Equipment c. Salaries and Wages Expense Salaries and Wages Payable d. Insurance Expense Prepaid Insurance e. Accounts Receivable Fees Earned f. Supplies Expense Supplies g. Unearned Rent Rent Revenue 2) JACKSONVILL

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Calculation of payroll data academic essay

In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 View complete question » Required: A. Calculate the amounts In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ? 2. At overtime rate $80,000 3. Total earnings ? Deductions: 4. Social security tax 32,400 5. Medicare tax 8,100 6. Income tax withheld 135,000 7. Medical insurance 18,900 8. Union dues ? 9. Total deductions 201,150 10. Net amount paid 338,850 Accounts debited: 11. Factory Wages 285,000 12. Sales Salaries ? 13. Office Salaries 120,000 Required: A. Calculate the amounts omitted in lines (1), (3), (8), and (12

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Definition of costs academic essay

Cost definition 1 answer below » I. Cost behavior defined The left column lists several cost classifications. The right column presents short definitions of those costs. In the blank space beside each of the numbers in the right column, write the letter of the cost best described by the definition. A. Curvilinear cost B. Step-wise cost C. Fixed cost D. Mixed cost E. Variable cost F. Total Cost ____1. This cost increases in direct proportion to increases in volume; its amount is constant for each unit produced. ____2. This cost remains constant over a limited range of volume; when it reaches the end of its limited range, it View complete question » I. Cost behavior defined The left column lists several cost classifications. The right column presents short definitions of those costs. In the blank space beside each of the numbers in the right column, write the letter of the cost best described by the definition. A. Curvilinear cost B. Step-wise cost C. Fixed cost D. Mixed cost E. Variable cost F. Total Cost ____

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Cash deficiencies and Repayments academic essay

A cash budget, by quarters, is given below for a retail company (000 omitted). The company… 1 answer below » A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $5,000 to start each quarter. Fill in the missing amounts. (Enter your answers in thousands of dollars. Cash deficiencies and Repayments should be indicated by a minus sign.)

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