Full problem is give, but ONLY NEED 9-15 ANSWERED

Prepare all entries that a state or local government should make to record the following transactions and events:

Full problem is give, but ONLY NEED 9-15 ANSWERED

1. A $2,500,000 term bond issue to finance construction of a new brige was issued at a $35,000 premium. $10,000 of bond issue costs were paid from the proceeds.
2. The bond premium, less the bond issue costs, was transferred to the Debt Service Fund for the term bonds.
3. A $400,000 contribution was paid from the General Fund to the Debt Service Fund: $150,000 for interest payments and $250,000 to provide for future principal payments.
4. Bridge construction expendtirues were vouchered, $2,480,000, for improvements.
5. The remaining unused bond proceeds of the Bridge Capital Projects Fund were transferred to the Debt Service Fund for use as needed.
6. Maturing long-term notes payable ($50,000) and interest ($30,000) were paid from a Debt Service Fund.
7. The Police Department entered into a capital lease of equipment with a capitalizable cost of $1,250,000. A $125,000 down payment was made at the inception of the lease.
8. Lease payments of $250,000, including $100,000 interest, were paid.
9. The government pays retiree health care benefits on a pay-as-you-go basis. Payments for the year totaled $400,000. The actuarially required contribution computed in accordance with the parameters required by GAAP was $3,200,000.
10. Inspection services were performed (internal services) by a department financed through the General Fund for a capital project and billed to the project, $3,000.
11. Maintenance services of $1,800 (recorded earlier as CPF expenditures) were rendered by construction workers paid from a Capital Projects Fund for a department financed through the General Fund. (Record the recognition of this correction prior to payment.)
12. a 6-month loan of $400,000 to be repaid during the current year was made from the General Fund to the Debt Service Fund.
13. A 2-year loan of $2,000,000 was made from the General Fund to a Capital Projects Fund.
14. A government sold police vehicles for $65,000. The vehicles originally cost around $480,000 when purchased and are 80% depreciated. The sale proceeds are unrestricted.
15. Cash payments for claims totaled $2,000,000. The fund liability for claims and judgements increased $100,000, to $225,000. The noncurrent portion of the payable decreased by $335,000.

Full problem is give, but ONLY NEED 9-15 ANSWERED

Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows:

The company records sales net of employee discounts. Discounts for 2018 totaled $3,000.

Required:
1. Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application.
2. Estimate Sparrow’s ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application.

(For all requirements, round Cost-to-retail percentage to two decimal places and final answers to whole dollars.)

On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows: 2016 2017 Cost Retail Cost Retail Beginning inventory $ 51,800 $ 74,000 Net purchases 101,150 125,000 $ 107,532 $ 131,700 Freight-in 3,700 4,200 Net markups 18,500 11,400 Net markdowns 3,700 3,900 Net sales to customers 125,250 118,800 Sales to employees (net of 20% discount) 3,000 6,720 Price Index: January 1, 2016 1.00 December 31, 2016 1.06 December 31, 2017 1.10 Required: Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Round your cost-to-retail percentage calculation to 2 decimal places.
estimated ending inventory at retail 2016 2017
estimated ending inventory at cost
estimated cost of goods sold

HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 20 properties with an average of 150 rooms in each property. In year 1, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 75 percent, based on a 365-day year. The average room rate was $220 for a night. The basic unit of operation is the “night,” which is one room occupied for one night.

The operating income for year 1 is as follows:

In year 1, the average fixed labor cost was $407,000 per property. The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights. Utilities and depreciation are fixed for each property. The remaining costs (management, marketing, and other costs) are fixed for the firm.

At the beginning of year 2, HomeSuites will open four new properties with no change in the average number of rooms per property. The occupancy rate is expected to remain at 75 percent. Management has made the following additional assumptions for year 2:

The average room rate will increase by 8 percent.

Food and beverage revenues per night are expected to decline by 15 percent with no change in the cost.

The labor cost (both the fixed per property and variable portion) is not expected to change.

The miscellaneous cost for the room is expected to increase by 20 percent, with no change in the miscellaneous revenues per room.

Utilities and depreciation costs (per property) are forecast to remain unchanged.

Management costs will increase by 6 percent, and marketing costs will increase by 8 percent.

Other costs are not expected to change.

Required:

Prepare a budgeted income statement for year 2. (Round your per unit average cost calculations to 2 decimal places.)

HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 22 properties with an average of 150 rooms in each property. In year 1, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 80 percent, based on a 365-day year. The average room rate was $215 for a night. The basic unit of operation is the “night,” which is one room occupied for one night.

The operating income for year 1 is as follows:

In year 1, the average fixed labor cost was $418,000 per property. The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights. Utilities and depreciation are fixed for each property. The remaining costs (management, marketing, and other costs) are fixed for the firm.

At the beginning of year 2, HomeSuites will open two new properties with no change in the average number of rooms per property. The occupancy rate is expected to remain at 80 percent. Management has made the following additional assumptions for year 2:

The average room rate will increase by 5 percent.

Food and beverage revenues per night are expected to decline by 20 percent with no change in the cost.

The labor cost (both the fixed per property and variable portion) is not expected to change.

The miscellaneous cost for the room is expected to increase by 25 percent, with no change in the miscellaneous revenues per room.

Utilities and depreciation costs (per property) are forecast to remain unchanged.

Management costs will increase by 8 percent, and marketing costs will increase by 10 percent.

Other costs are not expected to change.

Required:

Prepare a budgeted income statement for year 2. (Round your per unit average cost calculations to 2 decimal places.)

HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 12 properties with an average of 200 rooms in each property. In year 1, the occupancy rate (the number of rooms filled divided by the number of rooms available) was 75 percent, based on a 365-day year. The average room rate was $218 for a night. The basic unit of operation is the “night,” which is one room occupied for one night.

The operating income for year 1 is as follows.

In year 1, the average fixed labor cost was $419,000 per property. The remaining labor cost was variable with respect to the number of nights. Food and beverage cost and miscellaneous cost are all variable with respect to the number of nights. Utilities and depreciation are fixed for each property. The remaining costs (management, marketing, and other costs) are fixed for the firm.

At the beginning of year 2, HomeSuites will open three new properties with no change in the average number of rooms per property. The occupancy rate is expected to remain at 75 percent. Management has made the following additional assumptions for year 2.

• The average room rate will increase by 8 percent.
• Food and beverage revenues per night are expected to decline by 15 percent with no change in the cost.
• The labor cost (both the fixed per property and variable portion) is not expected to change.
• The miscellaneous cost for the room is expected to increase by 20 percent, with no change in the miscellaneous revenues per room.
• Utilities and depreciation costs (per property) are forecast to remain unchanged.
• Management costs will increase by 6 percent, and marketing costs will increase by 8 percent.
• Other costs are not expected to change.

Required:

Prepare a budgeted income statement for year 2. (Round your per unit average cost calculations to 2 decimal places.)

2. For each of the independent variables classify each as ratio, ordinal, interval or nominal. Please EXPLAIN EACH ONE.

1.     Total annual expenditures

2.     Size of the board, measured as the number of reported board members

3.     Racial diversity of the board, measured as nonwhite board members as a percentage of total members

4.     Gender diversity of the board, measured as female board members as a percentage of total members

5.     Percentage of expenditures spent on administration and fundraising

6.     Administrative staff as a percentage of total staff

7.     Number of reported volunteers

8.     Total fee-generating income (not including member dues) as a percentage of total revenues

9.     Nonwhite staff as a percentage of total staff

10.  Nonwhite organization members as a percentage of all organization members (includes board, all types of staff, and volunteers)

Bethesda Mining is a mid-sized coal mining company with 20 mines located in Ohio, Pennsylvania, West Virginia, and Kentucky. The company operates deep mines as well as strip minds. Most of the coal mined is sold under contract, with excess production sold on the spot market.The coal mining industry, especially high-sulfur coal operations such as Bethesda, has been hard-hit by environmental regulations. Recently, however, a combination of increased demand for coal and new pollution reduction technologies has led to an improved market demand for high-sulfur coal. Bethesda has been approached by Mid-Ohio Electric Company with a request to supply coal for its electric generators for the next 4 years. Bethesda Mining does not have enough excess capacity at its existing mines to guarantee the contract. The company is considering opening a strip mine in Ohio on 5,000 acres of land purchased 10 years ago for $4 million. Based on a recent appraisal, the company feels it could receive $6.5 million on an after-tax basis if it sold the land today.Strip Mining is a process where the layers of topsoil above a coal vein are removed and the exposed coal is removed. Some time ago, the company would remove the coal and leave the land in an unusable condition. Changes in mining regulations now force a company to reclaim the land; that is, when the mining is completed, the land must be restored to near its original condition. The land can then be used for other purposes. Because it is currently operating at full capacity, Bethesda will need to purchase additional necessary equipment, which will cost $95 million. The equipment will be depreciated on a 7-year MACRS schedule. The contract runs for only 4 years. At that time the coal from the site will be entirely mined. The company feels that the equipment can be sold for 60% of its initial purchase price in four years. The contract calls for the delivery of 500,000 tons of coal per year at a price of $86 per ton. Bethesda Mining feels that coal production will be 620,000 tons, 680,000 tons, 730,000 tons, and 590,000 tons, respectively, over the next four years. The excess production will be sold in the spot market at an average of $77 per ton. Variable costs amount to $31 per ton, and fixed costs are $4,100,000 per year. The mine will require a net working capital investment of 5% of sales. The NWC will be built up in the year prior to the sales. Bethesda will be responsible for reclaiming the land at termination of the mining. This will occur in Year 5. The company uses an outside company for reclamation of all the company’s strip minds. It is estimated the cost of reclamation will be $2.7 million. In order to get the necessary permits for the strip mine, the company agreed to donate the land after reclamation to the state for use as a public park and recreation area. This will occur in Year 6 and result in a charitable expense deduction of $6 million. Bethesda faces a 25% tax rate and has a 12% required return on new strip mine projects. Assume that a loss in any year will result in a tax credit.You have been approached by the president of the company with a request to analyze the project. Calculate the NPV, IRR for the new strip mine. Should Bethesda Mining take the contract and open the mine?

Bethesda Mining is a mid-sized coal mining company with 20 mines located in Ohio, Pennsylvania, West Virginia, and Kentucky. The company operates deep mines as well as strip minds. Most of the coal mined is sold under contract, with excess production sold on the spot market.The coal mining industry, especially high-sulfur coal operations such as Bethesda, has been hard-hit by environmental regulations. Recently, however, a combination of increased demand for coal and new pollution reduction technologies has led to an improved market demand for high-sulfur coal. Bethesda has been approached by Mid-Ohio Electric Company with a request to supply coal for its electric generators for the next 4 years. Bethesda Mining does not have enough excess capacity at its existing mines to guarantee the contract. The company is considering opening a strip mine in Ohio on 5,000 acres of land purchased 10 years ago for $4 million. Based on a recent appraisal, the company feels it could receive $6.5 million on an after-tax basis if it sold the land today.Strip Mining is a process where the layers of topsoil above a coal vein are removed and the exposed coal is removed. Some time ago, the company would remove the coal and leave the land in an unusable condition. Changes in mining regulations now force a company to reclaim the land; that is, when the mining is completed, the land must be restored to near its original condition. The land can then be used for other purposes. Because it is currently operating at full capacity, Bethesda will need to purchase additional necessary equipment, which will cost $95 million. The equipment will be depreciated on a 7-year MACRS schedule. The contract runs for only 4 years. At that time the coal from the site will be entirely mined. The company feels that the equipment can be sold for 60% of its initial purchase price in four years. The contract calls for the delivery of 500,000 tons of coal per year at a price of $86 per ton. Bethesda Mining feels that coal production will be 620,000 tons, 680,000 tons, 730,000 tons, and 590,000 tons, respectively, over the next four years. The excess production will be sold in the spot market at an average of $77 per ton. Variable costs amount to $31 per ton, and fixed costs are $4,100,000 per year. The mine will require a net working capital investment of 5% of sales. The NWC will be built up in the year prior to the sales. Bethesda will be responsible for reclaiming the land at termination of the mining. This will occur in Year 5. The company uses an outside company for reclamation of all the company’s strip minds. It is estimated the cost of reclamation will be $2.7 million. In order to get the necessary permits for the strip mine, the company agreed to donate the land after reclamation to the state for use as a public park and recreation area. This will occur in Year 6 and result in a charitable expense deduction of $6 million. Bethesda faces a 25% tax rate and has a 12% required return on new strip mine projects. Assume that a loss in any year will result in a tax credit.You have been approached by the president of the company with a request to analyze the project. Calculate the NPV, IRR for the new strip mine. Should Bethesda Mining take the contract and open the mine?

1. On April 1, 2018, Sukyoon registered the book store with the local government and the IRS by investing $500. Sukyoon owns 10 shares of the company. Jay also invested $2,000 for 40 shares of the company. Jay agreed that Sukyoon would be running the business.
2. To house the business, the company bought an abandoned building near Snell Park for $150 on April 1. The purchase documents allocated $100 to the land and $50 to the building. The company paid for the building with $30 cash and a $120 (5 year/10%) mortgage from the Community Bank. The company expect the building have the useful life of 4 years with the expected salvage value of $
3. On May 1, the company purchased 40 bookshelves at an average cost of $6 per unit. ($240 total). Sukyoon felt the shelves would only last for two years, at which time they would have no remaining value for sale.
4. On June 15, the book store ordered hundreds of used books from AMAZON for $800 to be delivered on the same day. The book store was able to purchase the inventory “on account”, which meant he had up to 90 days after delivery to pay the supplier.
5. On July 1, the book store signed a contract with a local advertising agency to provide various forms of advertising for a period of one year. The company paid $100 upfront for advertising through June 30, 2019
6. On June 30, the book store also hired two employees, Eugene and Sarah, to run the store. They signed employment contracts promising each salaries of $5 per month
7. On July 1, the book store recorded its first sales of used books totaling $600, most of which were paid in cash immediately. The original cost of these used books was $200. However, Sukyoon allowed a select number of students to pay later. The amount of credit sales out of the total sales was $100.
8. On July 5, Jay called to check in on the business. Upon hearing that Clarkson “The Great” Book Store only had $__________ of cash left in the bank, Jay became concerned about his investment. Thinking fast, Sukyoon stated that he was so confident of Clarkson “The Great” Book Store’s prospects that he declared and paid a $0.10 per share dividend. This dividend seemed to reassure Jay.
9. On July 10, the book store paid Amazon $200 it was owed
10. On July 15, one students who purchased a book on credit on July 1 went bankrupt and the book store decided to write off sales of $2 to him.
11. On July 31, the book store’s two employees were paid wages of $10 total during this one-month period and Sukyoon drew a salary of $10.
12. On July 31, the book store’s made a payment of $8 in principal and interest payment of $4 to the Bank.
13. On July 31, the company booked the depreciation expenses relating to the fixed assets during the 4-month period and booked the expense relating to the service provided by a local advertising agency during July.
14. On July 31, the book store booked 10% of the pretax income as an income taxes expenses.

Create an income statement, balance sheet, and cash flow statement