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Kong City receives a trust donation for the purpose of maintaining flowers in city college essay help free

Kong City receives a trust donation for the purpose of maintaining flowers in city parks, but the donor does not make a specification as to how the principal must be maintained. Which type of fund should be appropriately used to account for this trust?

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What are some typical sources of financing for general governmental capital projects and where would they be reported in the statement of revenues, expenditures, and changes in fund balance for a Capital Projects Fund?

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As the newly elected chief financial official of Fairly New City, you have certain decisions to make regarding the financial reporting of the city. You quickly realize that the city’s financial reporting is subject to Governmental Accounting Standards Board (GASB) Statement 34 but a Comprehensive Annual Financial Report (CAFR) has never been produced during the city’s fifteen years of existence. Draft brief comments that you will make to the city council to explain the benefits of preparing a CAFR for the city especially considering the need for the financing of infrastructure. Also, prepare a brief summary of the types of information that you will want your staff to gather to include in the Statistical section of the report.

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Acc206 Week 3 Assignment (Chapters 4 and 5 Problems)_with explanations college essay help free

Acc206 Principles of Accounting

Week 3 Assignment (Chapter 4 and 5 Problems)

Chapter 4 Exercise 3

3. Cost flows and overhead application

Cleveland Metals uses a job cost system and applies factory overhead to production at a predetermined rate of 180% of direct labor cost. Data pertaining to recent operations follow.

• Job no. 636 was the only job in process on January 1 of the current year. The Work in Process account contained a $24,600 balance on this date.

• Jobs no. 637, 638, and 639 were started during January.

• Total direct material requisitions and direct labor incurred during January amounted to $89,200 and $114,500, respectively.

• The only job that remained in process on January 31 was job no. 638, with costs of $15,000 for direct materials and $20,000 for direct labor.

a. Compute the total cost of the work in process inventory on January 31.

b. Compute the cost of jobs completed during January, and present the proper journal entry to reflect job completion.

Chapter 4 Exercise 7

7. Overhead application: Working backward

The Towson Manufacturing Corporation applies overhead on the basis of machine hours. The following divisional information is presented for your review:

Division A Division B

Actual machine hours 22,500 ?

Estimated machine hours 20,000 ?

Overhead application rate $4.50 $5.00

Actual overhead $110,000 ?

Estimated overhead ? $90,000

Applied overhead ? $86,000

Over- (under-) applied overhead ? $6,500

FIND THE UNKNOWNS FOR EACH OF THE DIVISIONS.

Chapter 4 Problem 2

2. Computations using a job order system

General Corporation employs a job order cost system. On May 1 the following balances were extracted from the general ledger;

Work in process $ 35,200

Finished goods 86,900

Cost of goods sold 128,700

Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500. These figures are subdivided as follows:

Direct Materials Direct Labor

Job No. Amount Job No. Amount

101 5,000 101 7,800

115 19,500 103 20,800

116 36,200 115 42,000

Other 35,800 116 18,000

$96,500 Other 25,900

$114,500

Job no. 115 was the only job in process at the end of the month. Job no. 101 and three “other” jobs were sold during May at a profit of 20% of cost. The “other” jobs contained material and labor charges of $21,000 and $17,400, respectively.

General applies overhead daily at the rate of 150% of direct labor cost as labor summaries are posted to job orders. The firm’s fiscal year ends on May 31.

Instructions:

a. Compute the total overhead applied to production during May.

b. Compute the cost of the ending work in process inventory.

c. Compute the cost of jobs completed during May.

d. Compute the cost of goods sold for the year ended May 31.

Chapter 5 Exercise 1

1. High-low method

The following cost data pertain to 19X6 operations of Heritage Products:

Quarter 1 Quarter 2 Quarter 3 Quarter 4

Shipping costs $58,200 $58,620 $60,125 $59,400

Orders shipped 120 140 175 150

The company uses the high-low method to analyze costs.

a. Determine the variable cost per order shipped.

b. Determine the fixed shipping costs per quarter.

c. If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.

Chapter 5 Exercise 2

The treasurer anticipates the following costs for the event, which will be held at the Regency Hotel:

Room rental $300

Dinner cost (per person) 25

Chartered buses 500

Favors and souvenirs (per person) 5

Band 900

Each person would pay $40 to attend; 200 attendees are expected.

a. Will the event be profitable for the sorority? Show computations.

b. How many people must attend for the sorority to break even?

c. Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per person.

Chapter 5 Exercise 3

3. Break-even and other CVP relationships

CedarsHospitalhas average revenue of $180 per patient day. Variable costs are $45 per patient day; fixed costs total $4,320,000 per year.

a. How many patient days does the hospital need to break even?

b. What level of revenue is needed to earn a target income of $540,000?

c. If variable costs drop to $36 per patient day, what increase in fixed costs can be tolerated without changing the break-even point as determined in part (a)?

Chapter 5 Problem 6

6. Direct and absorption costing

The information that follows pertains to Consumer Products for the year ended December 31, 19X6.

Inventory, 1/1/X6 24,000 units

Units manufactured 80,000

Units sold 82,000

Inventory, 12/31/X6 ? units

Manufacturing costs:

Direct materials $3 per unit

Direct labor $5 per unit

Variable factory overhead $9 per unit

Fixed factory overhead $280,000

Selling & administrative expenses:

Variable $2 per unit

Fixed $136,000

Assume that costs have been stable in recent years.

Instructions:

a. Compute the number of units in the ending inventory.

b. Calculate the cost of a unit assuming use of:

1. Direct costing.

2. Absorption costing.

c. Prepare an income statement for the year ended December 31, 19X6, by using direct costing.

d. Prepare an income statement for the year ended December 31, 19X6, by using absorption costing.

Acc205 P8-29A Relaxing Recliner Chairs completed the following (with explanations) college essay help free

Note: Please always review your questions/requirements to the information posted below to make sure you are buying the tutorial you need.

P8-29A Accounting for uncollectible accounts (aging of accounts method, card sales, notes receivable, and accrued interest revenue [20-30 min]

Relaxing Recliner Chairs completed the following selected transactions:

2011

Jul 1 : Sold inventory to Great-Mart, receiving a $45,000, nine-month 12% note, Ignore cost of goods sold.

Oct 31: Recorded credit-and debit-card sales for the period of 21,000.

Nov 3: Card processor drafted company’s checking account for processing fee of $410.

Dec 31: Made an adjusting entry to accrue interest on Great-Mart note

31: Made an Adjusting entry to record uncollectible account expense based on an aging of accounts receivable. The aging schedule shows that $15,200 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in allowance for uncollectable accounts is $11,600.

2012

Apr 1: Collected the Maturity Value of the Great-Mart note.

June 23: Sold Merchandise to Ambiance, Corp., receiving a 60-day, 9% note for $13,000. Ignore cost of goods sold.

Aug 22: Ambiance, Corp., dishonored its note (failed to pay) at maturity; we converted the maturity value of the note to an account receivable.

Nov 16 : Loaned $21,000 cash to Creed, Inc, receiving a 90-day, 8% note.

Dec 5 : Collected in full on account from Ambiance, Corp.

31: Accrued the interest on the Creek, Inc, note.

Requirement:

1. Record the transactions in the journal of Relaxing Recliner Chairs. Explanations are not required. ( for notes stated in days, used a 360-day year. Round to the nearest dollar).

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