Questions
Prepare a journal entry for governmental funds and government-wide governmental activities for each of the following...

Prepare a journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Transaction Fund General Journal Debit Credit
1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had a fair value of $6,000,000 and was recorded on the donor’s books at a historical cost of $5,300,000.
1 General Fund
Governmental Activities
2. The Public Works Department sold machinery with a historical cost of $36,300 and accumulated depreciation of $30,200 for $5,800. The machinery had originally been purchased with special revenue funds.
2 General Fund
Governmental Activities
3. A car was leased for the mayor’s use. Since the term of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized. The first payment was $1,200 and the present value of the remaining lease payments was $38,000.
3a General Fund
3b Governmental Activities Record the lease of car to the Mayor.
4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,920,000. Financing for the project came from a $9,160,000 bond issue that was sold in the prior year, and from a $760,000 federal capital grant received in the current year. Current year expenditures for the project totaled $1,256,000. The full cost is attributed to the building since it was constructed on city-owned property.
4a Capital Project Fund Record the funds received for the public safety building.
4b Record the current year's expenditure for the public safety building.
4c Governmental Activities Record the funds received for the public safety building.
4d Record the current year's expenditure for the public safety building.
4e Record the transfer of the work in progress to the capital asset.
5. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1,236,000.
5 General Fund
Governmental Activities

In: Accounting

Prepare a journal entry for governmental funds and government-wide governmental activities for each of the following...

Prepare a journal entry for governmental funds and government-wide governmental activities for each of the following transactions entered into by the City of Loveland. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Transaction

Fund

General Journal

Debit

Credit

1. The city received a donation of land that is to be used by Parks and Recreation to develop a public park. At the time of the donation, the land had a fair value of $4,600,000 and was recorded on the donor’s books at a historical cost of $3,900,000.

1

General Fund

Governmental Activities

2. The Public Works Department sold machinery with a historical cost of $34,500 and accumulated depreciation of $28,400 for $5,600. The machinery had originally been purchased with special revenue funds.

2

General Fund

Governmental Activities

3. A car was leased for the mayor’s use. Since the term of the lease exceeded 75 percent of the useful life of the car, the lease was capitalized. The first payment was $1,100 and the present value of the remaining lease payments was $24,000.

3a

General Fund

3b

Governmental Activities

Record the lease of car to the Mayor.

4. During the current year, a capital projects fund completed a new public safety building that was started in the prior year. The total cost of the project was $9,570,000. Financing for the project came from a $8,880,000 bond issue that was sold in the prior year, and from a $690,000 federal capital grant received in the current year. Current year expenditures for the project totaled $1,116,000. The full cost is attributed to the building since it was constructed on city-owned property.

4a

Capital Project Fund

Record the funds received for the public safety building.

4b

Record the current year's expenditure for the public safety building.

4c

Governmental Activities

Record the funds received for the public safety building.

4d

Record the current year's expenditure for the public safety building.

4e

Record the transfer of the work in progress to the capital asset.

5. Due to technological developments, the city determined that the service capacity of some of the technology equipment used by general government had been impaired. The calculated impairment loss due to technology obsolescence was $1,096,000.

5

General Fund

Governmental Activities

In: Accounting

Tanya is playing PokemonGo, and searching for a Snorlax. The game is programmed such that pokemon...

Tanya is playing PokemonGo, and searching for a Snorlax. The game is programmed such that pokemon are generated randomly, and there is a 7% chance that a Snorlax will appear. Tanya will search Mill Creek park until she captures 473 random pokemon. Consider the proportion in her sample that will be Snorlaxes. As we have learned, the sample proportion is a random quantity.

What type of random variable can we use to approximate the sample proportion? Type the name of the distribution using all capital letters.

What is the mean of the sample proportion? Input your answer as a decimal, not a percent.  

What is the standard deviation of the sample proportion? Input your answer as a decimal, not a percent.

What is the approximate probability that more than 6% of her sample will be Snorlaxes? Input your answer as a decimal, not a percent.

In: Statistics and Probability

The Cash account of Guard Dog Security Systems reported a balance of $2,540 at December 31​,...

The Cash account of Guard Dog Security Systems reported a balance of $2,540 at December 31​, 2024. There were outstanding checks totaling $400 and a December 31 deposit in transit o f$100. The bank​ statement, which came from Park Cities​ Bank, listed the December 31 balance of $3,340. Included in the bank balance was a collection of $510 on account from Brendan Ballou​, a Guard Dog customer who pays the bank directly. The bank statement also shows a $30 service charge and $20 of interest revenue that Guard Dog earned on its bank balance. Prepare Guard Dog​'s bank reconciliation at December 31.

Guard Dog Security Systems

Bank Reconciliation

December 31, 2024

In: Accounting

For this week's discussion, the focus will be on examining Porter's Five Forces as a tool...

For this week's discussion, the focus will be on examining Porter's Five Forces as a tool for looking at the pressures on profits. Specifically, you will be looking at defining Porter's Five Forces and applying this tool to the market structures and pressures on profits of a chosen group of firms.

Instructions

In your discussion post, address the following:

  • Chose one of the following groups and use Porter's Five Forces to analyze the pressures on profits for your chosen group's firms.
    • Group 1: the accommodations industry (e.g., Hilton, Marriott Bonvoy, InterContintental Hotel Group).
    • Group 2: the wireless telecommunications industry (e.g., Verizon, AT&T, T-Mobile).
  • If you want to dig deeper into how one of the firms views the challenges it faces, you might want to look at the firm's investor page.

In: Economics

2.(a) Ball A is released from rest. It collides with the stationary ball B with a...

2.(a) Ball A is released from rest. It collides with the stationary ball B with a velocity 3.2 m/s; immediately after the collision ball A travels in the same direction with velocity 2.3 m/s.   

Ball A has mass 0.26 kg; ball B has mass 0.07 kg.

Calculate

(i) the velocity of ball B immediately after the collision..

(ii) the maximum height reached by ball B.

(b) A driver is travelling at a constant speed of 15.4 m/s in a 1800 kg car.

At this speed he then enters a large empty car park, and makes a U-turn, travelling in a complete half-circle of radius r.

The friction force between the tyres and the ground is 12.4 kN.

Calculate r.

In: Physics

In the case Las Vegas Sands v. Nehme, reported on page 380 of your textbook, the...

In the case Las Vegas Sands v. Nehme, reported on page 380 of your textbook, the casino's "marker" was found by the court to be a negotiable instrument. The Venetian (a hotel owned by Las Vegas Sands LLC) was then allowed to sued Nehme for not paying a negotiable instrument. In a 500 word paper discuss the required elements for a negotiable instrument. Is it feasible that the casino marker contained all of these elements? Explain whether or not you think that gambling casinos should be able to advance credit to gamblers. From what you know about how alcohol affects a person's capacity to contract, is the fact that most gamblers are also consuming alcohol a factor in your decision? Do you think people would not gamble as much if casinos did not offer "markers?"

In: Economics

1. Juan Martinez was reviewing his recent bank credit card account statement when he found two...

1. Juan Martinez was reviewing his recent bank credit card account statement when he found two charges involving a hotel room rental and a meal, purchased on the same day in a city than Juan knew he had not been to. Their charges totaled $229.99 out of Juan’s $529.99 balance for the month.

a. What payment should Juan make on the account?

b. How should he notify the credit card issuer about the unauthorized use?

c. Once the matter is resolved, what should Juan do to ensure that his credit history is not negatively affected by this error?

2. Explain the conditions that might make bankruptcy necessary. How might you use the services of a credit counselor?

In: Finance

What is the management fee (1) on a per available room basis and (2) as a...

What is the management fee (1) on a per available room basis and (2) as a percentage of total revenue for a 255-room hotel located in California that had an occupancy level of 62%, ADR of $84.53, a room revenue to total revenue % of 56.4%, and a gross operating profit % of 24.8%? The management fee agreement stipulated that the company would receive 3% of gross revenue, and 10% of gross operating profit.

1. lease use the information from Question 10 to calculate the Total mgmt fee.

               Total mgmt fee (round to whole number) $ ___

2. Please use the information from Question 10 to calculate the Mgmt fee on PAR basis.

            Mgmt fee on PAR basis (round to two decimal places) $ ___ PAR/yea

In: Finance

For this week's discussion, the focus will be on examining Porter's Five Forces as a tool...

For this week's discussion, the focus will be on examining Porter's Five Forces as a tool for looking at the pressures on profits. Specifically, you will be looking at defining Porter's Five Forces and applying this tool to the market structures and pressures on profits of a chosen group of firms.

Instructions

In your discussion post, address the following:

  • Chose one of the following groups and use Porter's Five Forces to analyze the pressures on profits for your chosen group's firms.
    • Group 1: the accommodations industry (e.g., Hilton, Marriott Bonvoy, InterContintental Hotel Group).
    • Group 2: the wireless telecommunications industry (e.g., Verizon, AT&T, T-Mobile).
  • If you want to dig deeper into how one of the firms views the challenges it faces, you might want to look at the firm's investor page.

In: Economics