make journal entries for the following information. separate J E should be made for entries made: (1) Government Fund and (2) Government-Wide Statements. City acquired a computer system for $40,000 Completed construction of a new library incurring $500,000 in new costs. In the prior years, City had incurred $600,000 in construction costs. The project was accounted for in a capital project fund. City sold land for $17,000 that it had acquired four years ago with a sales price of $50,000. City acquired a new fire truck and traded in the old fire truck. The previous fire truck had an ending basis of $50,000 and that amount was what the City received in the value of the trade- City paid an additional $90,000 for the acquisition of the new fire truck
In: Accounting
New schemes announced by the budget statement include ten new hawker centers by 2027, a third desalination plant, SkillsFuture initiative to support lifelong learning for adults, and a second edition of Construction Productivity Roadmap to boost the industry’s capabilities.
Source: The Straits Times, March 13, 2015
1- Explain the supply-side effects of building ten new hawker centers and a third desalination plant. ?
2- a ) Explain the potential supply-side and demand-side effects of Skills Future initiative.?
b ) Explain the potential supply-side and demand-side effects of adopting new technologies to boost productivity in the construction industry.?
c )Draw a graph to illustrate the combined demand-side and supply-side effect of the fiscal policy measures in part (a).?
In: Economics
Explain whether or not each of the following transactions would be included in GDP for 2019. If yes.
state which expenditure category it would be included in, if no, explain why not.
(a) (2 points) In 2019, the Smith family purchases a new house that was built in 2019.
(b) (2 points) In 2019, the Jones family purchases a house that was built in 2001.
(c) (2 points) In 2019, a construction company purchases windows to put in the Smith family home
that was built in 2019.
(d) (2 points) In 2019. Mr. Jones paints all of the rooms of the Jones family house purchased in 2009, using paint and supplies purchased in 2019.
(e) (2 points) In 2019, Mr. Smith uses an online brokerage service to purchases shares of stock in a construction company.
In: Economics
Riverbed Company is constructing a building. Construction began
on February 1 and was completed on December 31. Expenditures were
$5,040,000 on March 1, $3,360,000 on June 1, and $8,400,000 on
December 31.
Riverbed Company borrowed $2,800,000 on March 1 on a 5-year, 12%
note to help finance construction of the building. In addition, the
company had outstanding all year a 8%, 5-year, $5,600,000 note
payable and an 11%, 4-year, $9,800,000 note payable. Compute
avoidable interest for Riverbed Company. Use the weighted-average
interest rate for interest capitalization purposes.
(Round "Weighted-average interest rate" to 4 decimal
places, e.g. 0.2152 and final answer to 0 decimal places, e.g.
5,275.)
| Avoidable interest |
In: Accounting
When revenues, costs and gross profit are recognized at the completion of the contract rather than periodically throughout the contract:
a) Costs are higher and gross profit is lower
b) Either method results in the same revenues, costs and gross profits being recognized by the end of the project.
c) Revenues are higher and gross profit is lower
d) Revenues and gross profit are higher
What is the relationship between Construction-in-progress (CIP) and the Billings on Construction Contract account?
a) Billings is contra to CIP and reduces the balance of the CIP account.
b) CIP is contra to accounts receivable and reduces the balance of the accounts receivable account.
c) CIP is an equity account and Billings is a liability.
d) Billings is an inventory account and CIP is a financial asset, like Accounts Receivable.
In: Accounting
As part of the Project Scope Statement of a house construction
project, prepare the detailed
Milestone Schedule (Baseline Milestone – Date) by arranging the
following activity
items/milestones in a proper sequence from No. 1 to 15, assuming
the first milestone date as 05-
01-2020 and the last as 30-09-2020. Assume the dates in between
corresponding to the various
milestones which are given in no particular order: Foundation
complete, Excavation complete,
Permits approved & construction begins, Contract signed, Design
complete, Framing complete,
Roofing complete, Architectural design started, Final inspection
and acceptance by Owners,
Interior finish, Exterior finish, Landscaping complete, HVAC
system installed, Plumbing-
electrical-mechanical passed, Plumbing-electrical-mechanical
installed.
In: Mechanical Engineering
There are two ways for a concrete truck to go from a ready-mixed concrete plant to the construction site. The first way is direct, for which the mean and standard deviation of travel time are 30 min and 5 min, respectively. The second way is through Town A. The mean and standard deviation of travel time between the plant and Town A are 14 min and 5 min, respectively. The mean and standard deviation of travel time between Town A and the construction site are 14 min and 6 min, respectively. If the total travel time is above 45 min, the concrete in the truck will go bad. Calculate the probability that the concrete goes bad for both cases of choosing the direct and indirect ways. Assume travel time has a normal distribution.
In: Statistics and Probability
There are two ways for a concrete truck to go from a ready-mixed concrete plant to the construction site. The first way is direct, for which the mean and standard deviation of travel time are 30 min and 5 min, respectively. The second way is through Town A. The mean and standard deviation of travel time between the plant and Town A are 14 min and 5 min, respectively. The mean and standard deviation of travel time between Town A and the construction site are 14 min and 6 min, respectively. If the total travel time is above 45 min, the concrete in the truck will go bad. Calculate the probability that the concrete goes bad for both cases of choosing the direct and indirect ways. Assume travel time has a normal distribution.
In: Statistics and Probability
There are two ways for a concrete truck to go from a ready-mixed concrete plant to the construction site. The first way is direct, for which the mean and standard deviation of travel time are 30 min and 5 min, respectively. The second way is through Town A. The mean and standard deviation of travel time between the plant and Town A are 14 min and 5 min, respectively. The mean and standard deviation of travel time between Town A and the construction site are 14 min and 6 min, respectively. If the total travel time is above 45 min, the concrete in the truck will go bad. Calculate the probability that the concrete goes bad for both cases of choosing direct and indirect ways. Assume travel time has a normal distribution.
In: Statistics and Probability
Wangy & Company are a construction and real estate company
incorporated and operating in Zambia. They have been in this
business for 15 years and are considering venturing into the
Mauritian market. They have approached you for advice.
Required:
Advise Wangy and Company on the particular risks they may be faced
with if they decided to start doing business overseas.
(b) Suggest why a private company might go public.
(Wangy & Company are a construction and real estate company
incorporated and operating in Zambia. They have been in this
business for 15 years and are considering venturing into the
Mauritian market. They have approached you for advice.
Required:
Advise Wangy and Company on the particular risks they may be faced
with if they decided to start doing business overseas.
(b) Suggest why a private company might go public.
(
In: Finance