Question
In: Accounting
General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal...
General City's general fund reported a supplies inventory costing $200,000 at the beginning of the fiscal year. During the year, General City purchased materials and supplies on account for $15,000,000; $900,000 remains unpaid at year-end. Materials and supplies costing $125,000 are on hand at the end of the fiscal year. Prepare the journal entries made this year using the consumption method and purchases method
Solutions
ekkarill92 answered 7 months agoRelated Solutions
General City’s general fund reported a supplies inventory costing $410 at the beginning of the fiscal...
General City’s general fund reported a supplies inventory
costing $410 at the beginning of the fiscal year. During the year,
General City purchased and received supplies $71,300. Supplies
costing $590 are on hand at the end of the fiscal year.
Prepare the journal entries made this
year using the (a) consumption and (b) purchases methods. For the
purchase method, the general fund reports supplies inventory on its
balance sheet.
The General Fund of a small municipality began the current fiscal year with $200,000 cash. During...
The General Fund of a small
municipality began the current fiscal year with $200,000 cash.
During the fiscal year, the General Fund made cash disbursements
for the following:
- Salaries and other personnel costs, $90,000
- Office rent and utilities, $12,000
- Retirement of debt principal, $20,000; payment of interest,
$2,000
- Purchased equipment at the
beginning of the fiscal year for $60,000; the equipment is expected
to last 5 years and have a salvage value of $6,000
- Photocopier...
Deshaun uses a periodic inventory system. During the current year DWE reported beginning inventory of $200,000;...
Deshaun uses a periodic inventory system. During the current
year DWE reported beginning inventory of $200,000; purchases of
$2,500,000; cash sales of $1,000,000; credit sales (on account) of
$3,500,000; and ending inventory of $150,000. The journal entries
DWE would make during the year would include
The Town of Bedford Falls approved a General Fund operating budget for the fiscal year beginning...
The Town of Bedford Falls approved a General Fund operating
budget for the fiscal year beginning on July 1. The budget provides
for estimated revenues of $2,493,000 as follows: property taxes,
$1,828,000; licenses and permits, $305,000; fines and forfeits,
$205,000; and intergovernmental (state grants), $155,000. The
budget approved appropriations of $2,452,000 as follows: G
eneral Government, $455,000;
Public Safety, $1,510,000;
Public Works, $305,000;
Culture and Recreation, $141,000;
and Miscellaneous, $41,000.
Required a. & b. Prepare the journal entry (or entries),...
Sigfusson Supplies reported beginning inventory of 115 units, for a total cost of $4,025. The company...
Sigfusson Supplies reported beginning inventory of 115 units,
for a total cost of $4,025. The company had the following
transactions during the month:
Jan.
6
Sold 45 shovels on account at a
selling price of $45 per unit.
9
Bought 35 shovels on account at
a selling price of $35 per unit.
11
Sold 35 shovels on account at a
cost of $50 per unit.
19
Sold 45 shovels on account at a
selling price of $55 per unit.
27...
he Town of Willingdon adopted the following General Fund budget for the fiscal year beginning July...
he Town of Willingdon adopted the following General Fund budget
for the fiscal year beginning July 1:
Estimated revenues:
Taxes
$
14,700,000
Intergovernmental revenues
1,075,000
Licenses and permits
420,000
Fines and forfeits
165,000
Miscellaneous revenues
115,000
Total estimated revenues
$
16,475,000
Appropriations:
General government
$
7,925,000
Public safety
5,970,000
Public works
1,520,000
Health and welfare
920,000
Miscellaneous
85,000
Total appropriations
$
16,420,000
Required
a-1. Prepare the general journal entries to record the
adopted budget at the beginning of the fiscal...
Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a...
Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50
4,027,500...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:
Date
Transaction
Numberof Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31 are as
follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50...
LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for...
LIFO Perpetual Inventory
The beginning inventory at Midnight Supplies and data on
purchases and sales for a three-month period ending March 31, are
as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
7,500
$75.00
$562,500
10
Purchase
22,500
85.00
1,912,500
28
Sale
11,250
150.00
1,687,500
30
Sale
3,750
150.00
562,500
Feb. 5
Sale
1,500
150.00
225,000
10
Purchase
54,000
87.50
4,725,000
16
Sale
27,000
160.00
4,320,000
28
Sale
25,500
160.00
4,080,000
Mar. 5
Purchase
45,000
89.50...
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