Indicate the generally accepted accounting principles

Assignment Help Accounting Basics

Reference no: EM1310403

The Motor Vehicle Repair Fund of Laramee County provides centralized repair for county-owned vehicles. For the following summarized transactions and events for the year ended June 30, provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate. 1) The Motor Vehicle Repair Fund ordered supplies at an estimated cost of $92,000. 2) The supplies ordered in (1) above were received at invoice costs of $91,400; these invoices were approved for payment. 3) Supplies costing $800 were used to repair a police car, and the Motor Vehicle Repair Fund billed to the General Fund at a mark-up of 20 percent on cost. 4) Expenses paid in cash during the year were: purchasing, $5,700; warehousing, $7,100; and general and administrative, $6,200.

Reference no: EM1310403

Questions Cloud

Compute the average coefficient of linear expansion of rod : A uniform plank of length 4.50 m and weight 275 N rests horizontally on two supports, with 1.1 m of the plank hanging over the right support. To what distance x can a person who weighs 456 N walk on the overhanging part of the plank before it just be..

Completing the social psychology concept matrix : Completing the Social Psychology Concept Matrix or template given, a paper in which you:

Computation of value of call option and put option : Computation of value of call option and put option and What is the value of following options

Government create monopoly power via its patent system : Elucidate why does the government create monopoly power via its patent system, when elsewhere it spends millions trying to prevent the emergence of or regulate monopoly power.

Indicate the generally accepted accounting principles : Provide the fund level entries in general journal form needed to conform to basically accepted accounting principles. If no entry is needed, so indicate.

Computing amount of the loan repayments : XYZ Ltd paid= $200,000 for feasibility study on project about a year ago. You are needed to compute: The amount of the loan repayments. The accounting rate of return (gross and net).

Find the speed of object : A mass of 1.60 kg stretches a vertical spring 0.335 m. If the spring is stretched an additional 0.164 m and released, how long does it take to reach the (new) equilibrium position again.

Include indifference curves that is consistent : A also the new allocation B. Include indifference curves that is consistent with this trade being optimal for both Michael also Tony.

Determine the mass of the rod : Consider the 642 N weights held by two cables shown. The left-hand cable had tension T2 and makes an angle of thelta2 with ceiling. The right-hand cable had tension 460 N and makes an angle of 47 degrees with the ceiling.

User Account

All Pages