User Account

All Pages

Accounting for the acquisition and use of equipment

Assignment Help Accounting Basics
Reference no: EM131704189

Question: (Accounting for the acquisition and use of equipment) Prepare budgetary and proprietary journal entries to record the following transactions of the Bureau of Shipping Security (BOSS), a unit of the Department of National Security.

1. BOSS received an appropriation of $3,000,000 for fiscal year 2013.

2. OMB apportioned the entire amount of the appropriation.

3. The secretary of the department allotted $750,000 to provide for BOSS operations during the first quarter of the year.

4. The BOSS planning unit asked the purchasing department to buy a new piece of equipment (estimated cost-$190,000) capable of scanning shipping containers.

5. The BOSS purchasing department awarded a contract for $210,000 for the scanning equipment. The purchasing department said the additional cost over the estimate was caused by the need for research to meet the specifications.

6. BOSS received the equipment ordered in the previous transaction, with an invoice for $200,000. The supplier said it was passing along the savings resulting from a breakthrough on the research.

7. BOSS sent a disbursement schedule to the Treasury, requesting payment of the $200,000 invoice.

8. The Treasury notified BOSS that the invoice for $200,000 had been paid.

9. BOSS recorded 6 months' depreciation ($10,000) on the equipment.

Reference no: EM131704189

Questions Cloud

Private organisations in south africa : Make recommendations for both public and private organisations in South Africa on how to create conducive environment for social innovation to take place.
Analyze what special problems arise regarding property right : Analyze what special problems arise regarding property rights when your business decides to do business outside the United States.
Conducive environment for social innovation : Determine whether South African organisations both public and private creates a conducive environment for social innovation to take place to assist.
Feasibility and viability in the design thinking process : Why is it important to balance the competing considerations of desirability, feasibility and viability in the design thinking process?
Accounting for the acquisition and use of equipment : (Accounting for the acquisition and use of equipment) Prepare budgetary and proprietary journal entries to record the following transactions of the Bureau.
Discuss the green team to critique their program : the Green Team to critique their program, pointing out strengths and weaknesses as well as the addition of new initiative
Investigate the relationship between food expenditure : In order to investigate the relationship between food expenditure and take home pay in Australia, a researcher plans to survey a sample of individuals across.
Accounting for acquisition and use of materials and supplies : On November 1, 2013, a federal agency had the following balances in two of its accounts: The budgetary account Allotments-realized resources had a credit.
Dscuss in depth the concept of birth tourism : Please respond to the following discussion topic and submit it to the discussion forum as a single post. Your initial post should be 75-150 words in length.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain why the return-on-equity ratio is so much less

. front beam lighting company has the following ratios compared to its industry for 2010. front beam lighting industry

  Identify the decision variables

Formulate a model for this problem. Specifically, do the following: Identify the decision variables (make sure that you specify the units for these variables). Specify the objective function and the relevant constraints.

  Received 9900 cash from students-of which 3600 is for

jims gymnastics trainings operations for the month of october are summarized as followsbull provided 7000 of training

  Cheaper materials-gaining efficiencies in mass production

Mesa believes that it can charge $20 for the Slim Slicer. Prototypes of the Slim Slicer, however, are costing $22. By using cheaper materials and gaining efficiencies in mass production, Mesa believes it can reduce Slim Slicer's cost substantially..

  Companies must report or disclose

You were involved in an auto accident in which you were at fault. There is the possibility that you may have to pay as much as $50,000 as part of a settlement. The issue will not be resolved before the bank processes your mortgage request.

  Determine the number of days in the discount period

Stoner Co., a building construction company, holds a 120-day, 9% note for $60,000, dated August 7, which was received from a customer on account. On October 6, the note is discounted at the bank at the rate of 12%.

  By what percentage will profits increase in sales volume

Compute the degree of operating leverage for Carlyle. Now assume that the actual revenues will be 40 percent higher than the projected revenues.

  Explain what impact the change in the currency exchange rate

International Electronic Inc. invested $1,000,000 to build a plant in a foreign country. The labor and materials used in production are purchased locally.

  Prepare a direct manufacturing labor budget

Sleds, Inc. manufactures and sells snow- boards. Sleds manufactures a single model, the Pipex. Prepare a direct manufacturing labor budget for 2013

  Perform an internet search using the term break-even

prompt 1perform an internet search using the term break-even analysis. select and read a case study or article from

  Prepare the general journal entry to record the payment

Alpha Company prepares quarterly adjusting entries. Additionally, prepare the general journal entry to record the payment of the note when due in 2018

  Report both the debt and the golf course in same category

Should the city, in its government-wide statement of net position, report the debt as a governmental activity and the golf course as a business-type activity? Alternatively, should it report both the debt and the golf course in the same category o..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd