User Account

All Pages

Discuss the city of monroe stores and service fund

Assignment Help Accounting Basics
Reference no: EM131784099

Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2015:

Debits Credits

Cash $31,000

Due from other funds 27,000

Inventory of supplies 27,500

Land 18,000

Buildings 84,000

Accumulated depreciation-buildings $33,000

Equipment 46,000 Accumulated depreciation-equipment 25,000

Accounts payable 19,000

Advance from water utility fund 30,000

Net assets 126,500

Totals $233,500 $233,500

Required: a. Open a general journal for the City of Monroe Stores and Service Fund and record the following transactions.

(1) A budget was prepared for FY 2015. It was estimated that the price charged other departments for supplies should be 1.25% of cost to achieve the desired breakeven for the year.

Reference no: EM131784099

Questions Cloud

Prepare appropriate journal entries to record disposition : Prepare the appropriate journal entries to record the disposition of PP&E
Prepare a contribution income statement for the month : Prepare a contribution income statement for the month based on the actual sales. Present the income statement as the format shown above
Calculate the depreciation charges for each fiscal year : Calculate the depreciation charges for each fiscal year under each of the following depreciation methods
Discuss about the first-order matrix equation : When shear and rotary inertia are included, show that the differential equation of the beam can be expressed by the first-order matrix equation.
Discuss the city of monroe stores and service fund : Open a general journal for the City of Monroe Stores and Service Fund and record the following transactions
Determine the minimum ph for quantitative separation : Assume the initial condition for each ion is 0.050 M. The pKsp for Fe(OH)3 is 37.39 and the pKsp for Mn(OH)2 is 12.72.
What observed rotation is expected : The specific rotation of (R)-2-butanol is -13.9 degrees mL g-1 dm-1.
How much interest expense can diana deduct as an itemised : home equity loan on his home. How much interest expense can Diana deduct as an itemised deduction
Prepare a more logical performance report : Prepare a more logical performance report where standard allowed is based on actual output. Also, split each variance into its price/rate/spending.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Heineken n. v. reports the following information

Heineken N. V. reports the following information for its Loans and Borrowings as of December 31, 2010, including proceeds and repayments for the year ended December 31, 2010 (euros in millions).

  Calculate net take-home pay

Calculate his net take-home pay assuming the employer withheld federal income tax (wage-bracket, married, 2 allowances), social security taxes, and state income tax (2%). Round your answers to two decimal places.

  Compute the p/e ratios for both years

After Tiger released its 2010 financial statements, the company's stock was trading at $17. After the release of its 2009 financial statements, the company's stock price was $12 per share.

  The death star business is considering the manufacture of a

the death star business is considering the manufacture of a newtype of tennis ball. each tennis ball would sell for

  Disadvantages and advantages of each investment method

evaluate the performance of capital projects, and suggest some ways to hold managers accountable for spending overruns. Recommend when capital projects should be abandoned due to subsequent cost overruns. Support your position.

  Vaughn company sells fishing poles for 35 each and uses the

vaughn company sells fishing poles for 35 each and uses the perpetual inventory system. the following information is

  Compute zortfyons contribution margin ratio for budget model

Zortfyon, SA sells two models of their product in Russia, the Budget model and the Luxury model. Zortfyons contribution margin ratio for the Budget model is to:

  Difference between deep space''s net operating income

Provide the following (and support ALL of your work)- c) Reconcile and explain the difference between Deep Space's Net Operating Income using variable costing and absorption costing.

  On june 30 2007 semiannual secured bonds having a face

on june 30 2007 semiannual secured bonds having a face valueof 200000 a life of 10 years and a coupon rate of 7

  During the month of february hoffer company had cash

during the month of february hoffer company had cash receipts of 10800 and cash disbursements of 12450. the february 28

  On st patrickrsquos day in 1992 chambers development

on st. patrickrsquos day in 1992 chambers development company one of the largest landfill and waste management firms in

  What is the probability that a student answers the question

How many different arrangements are there of the letters A, B, C, D, E, F for which E is not last in line

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