Reference no: EM133094940
Question - The County of Middlesex, N.J. has a fiscal year end of December 31st.
The financial statements have been maintained on a fund basis, using modified accrual accounting.
You are now preparing the Government Wide Financial Statements that will be prepared on an accrual basis.
The five governmental funds, in total, have the following balances at fiscal year-end December 31, 2021:
Assets of $80,000,000 (debit)
Liabilities of $65,000,000 (credit)
Fund Balance $15,000,000 (credit)
There are two reconciling items:
1. The above Liabilities include $500,000 in excess of revenue earned over revenue available and measurable [in an account called "Deferred Revenue."
2. The Assets above do NOT include the county fire truck purchased this year (and expenditured) for $250,000
Required - Prepare the two reconciling journal entries needed to put the County of Middlesex's financial statement on a full accrual basis.
|
Calculate the amortization expense to be recognized
: Calculate the amortization expense to be recognized for the year ending December 31 using the double declining balance AND units of activity methods
|
|
Compute sales revenue and credit card discounts
: Compute sales revenue, credit card discounts, sales discounts, sales return and allowances, and net sales respectively for the two months ended July 31
|
|
Calculate the weighted cost of each source of capital
: The common stock has a price of $54 and an expected dividend (D1) of $2.70 per share. Calculate the weighted cost of each source of capital
|
|
Software implementation deliverables
: There are deliverables associated with coding, testing, and installation. Discuss the deliverables for coding, testing, and installation
|
|
Prepare the two reconciling journal entries
: Prepare the two reconciling journal entries needed to put the County of Middlesex's financial statement on a full accrual basis
|
|
Calculate the net income for the period
: Assuming that other operating expenses were $600 and the income tax rate is 20 percent, calculate the net income for the period using your selected method
|
|
How many units are budgeted to be sold
: If each pound of raw material costs $2.00 from the supplier, how many units are budgeted to be sold during the first quarter of 2011
|
|
What is the effect of property dividends
: If there are 180,000 shares of Harmen outstanding, What is the effect of property dividends on Harmen's retained earnings
|
|
Determine the interest expense
: The proceeds from the bonds are $19,604,144. Using straight-line amortization, determine the interest expense for 2020
|