Shown below is an excerpt from a citys subsidiary ledger for the rst two months of its
Question:
1. Prepare the journal entries that were most likely made in the account, adding to each a brief note of explanation. Each line of the account records a single transaction (e.g., the receipt of an invoice); however, the entries on January 1 were made before the city engaged in any actual transactions (i.e., with outside parties).
2. The appropriation for consulting fees was intended to last for the entire year. Apparently, the city is spending or committing funds at a faster pace than planned. Can you propose an additional control mechanism to help ensure that the funds are spent evenly throughout the year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
1 January 1 Fund balance 78000 Appropriations 78000 To record appropriations January 1 Encumbrances ...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
Government and Not for Profit Accounting Concepts and Practices
ISBN: 978-1118155974
6th edition
Authors: Michael H. Granof, Saleha B. Khumawala
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Accounting questions
-
Shown below is an excerpt from a note, headed Budgets, from the City of Raleigh, North Carolina, annual report for the ï¬scal year ended June 30. 1. The note distinguishes between the budget...
-
On January 1, 2021, Turkish Airlines purchased a new Airbus a380 aircraft at $375,000,000. The company estimated useful life of the aircraft as 20 years, and its salvage value will be $5,000,000. It...
-
Below is an excerpt from Bells Management Discussion and Analysis from its 10K for the year ended 12/31/2011: Gross margin as a percentage of net revenue improved slightly to 19.1% during fiscal...
-
Chee, single, age 40, had the following income and expenses during 2017: Calculate Chees taxable income for the year before personal exemptions. If Chee has any options, choose the method that...
-
Toss three fair coins and let x equal the number of heads observed. a. Identify the sample points associated with this experiment and assign a value of x to each sample point. b. Calculate p(x) for...
-
Aors portfolio allocation for Njau is most likely optimized on the basis of: A. a stated maximum level of volatility. B. total portfolio meanvariance efficiency. C. the results of the risk tolerance...
-
A stock has volatility \(\sigma=.30\) and a current value of \(\$ 36\). An American put option on this stock has a strike price of \(\$ 40\), and expiration is in 5 months. The interest rate is \(8...
-
Return to the case of the diagnostic scanner discussed in Problems 1 through 6. Suppose the entire $5,200,000 purchase price of the scanner is borrowed. The rate on the loan is 8 percent, and the...
-
You are invited to a weekend carnival and behind your food truck is a large tree. The tree is down an embankment 100m away. You take measurement and want to know the height of the tree. Use the...
-
Where are the current career opportunities for the IT auditor? Search the Internet and identify at least one job profile/description for each career opportunity identified above. For each job profile...
-
Review the budget note to the City of Raleighs ï¬nancial statements presented in the previous problem. Assume that the city engaged in the following transactions in 2014 and 2015: ¢ In...
-
The following is an excerpt (with dates changed) from Against the Grain, a series of recommendations by the State Comptroller of Texas as to how to save $4.5 billion and thereby balance the states...
-
SCX is a $2 billion chemical company with a plastics plant located in Durango, Colorado. The Durango plastics plant of SCX was started 30 years ago to produce a particular plastic film for snack food...
-
How do commercial banks address the problem of asymmetric information? How do you suppose they get remunerated for their efforts?
-
Contrast the economic function of hedge funds, private equity funds, and venture capital funds. In other words, how does each create economic value added and how does this differ from the others?
-
List and describe three financial instruments that are issued in direct forms of finance. How are each of these placed with investors?
-
What is meant by a fiduciary institution? In this regard, is a sporting goods store comparable to a financial institution? Is Bernard Madoff a good example of a fiduciary?
-
What is the difference between mutual funds and hedge funds? Are the investors in each the same?
-
What in your view are the main advantages and disadvantages of these alternative approaches from a management perspective? Would you be more motivated by the prospect of a pay rise or a one-off bonus...
-
Reduction in sales All of the above 29. Belt of an electric motor is broken, it needs a. Corrective maintenance b. Scheduled maintenance c. Preventive maintenance d. Timely maintenance. 30. The...
-
a. What is a cash budget, and how is it used? b. Should depreciation expense appear on a cash budget? Explain your answer.
-
The ledger of Dan Warrick and Ron Murphy, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 2008: The balance in Murphy's capital...
-
Adrian Knox and Lisa Oaks have operated a successful firm for many years, sharing net income and net losses equally. Todd Aguero is to be admitted to the partnership on June 1 of the current year, in...
-
After the accounts are closed on September 10, 2008, prior to liquidating the partnership, the capital accounts of Mark Nichols, Donna Newby, and Janice Patel are $32,200, $5,400, and $28,400,...
-
Sell of Process Further Rose Hill, a soybean farm in northern Minnesota, has a herd of 50 dairy cows. The cows produce approximately 2,800 gallons of milk per week. The farm currently sells all its...
-
The 3 promotional methods to use will include digital marketing, word to mouth and branding. D g. Part 4: Promotional Strategy i. Identify a promotional mix consisting of at least three promotional...
-
Wu Inc. Statement of Income Year Ended August 31, 2024 Service revenue Operating expenses Income before income tax Income tax expense Net income Wu Inc. $ 325,000 [1] 116,000 23,000 $ [2] Statement...
Study smarter with the SolutionInn App