Chapter 9 Adjusting and Closing Entries for Governmental Activities, Government-wide Level; Preparation of Government-wide and Major Fund Financial Statements

1. Prior to preparing financial statements at the end of FY 2020, it is necessary to record depreciation expense for the year for governmental activities at the government-wide level.

Based on general capital assets assigned to specific functions, depreciation expense related to equipment and infrastructure is allocated to functions as shown below:

                                                        Equipment               Infrastructure

      General Government                  $   53,320

      Public Safety                                 213,408

      Public Works                                 138,715                   $   98,620

      Health and Welfare                         53,320

      Culture and Recreation                   74,357                                 

                      Totals                           $533,120                   $   98,620

In addition, depreciation expense for buildings in the amount of $188,900 is allocated to functions according to the percentage of total floor space of buildings used by each function. The Public Works director has provided the following information for the current year:

                                                Percentage of Building

                                                    Floor Space Used

      General Government                         20%                                   

      Public Safety                                     35

      Public Works                                     22

      Health and Welfare                           10

      Culture and Recreation                    13                                            

                  Total                                     100%

Required: [Para. 9-a] Record depreciation expense for the year 2020 in the governmental activities general journal at the government-wide level. Verify accuracy of the adjusting entries and post to the general ledger by clicking [Post entries].

b.   Closing Entries. Although closing entries were made in each fund in Chapters 4 through 6 of this cumulative problem, they have not yet been recorded at the government-wide level.

Required: Record the journal entries required on December 31, 2020, to close all temporary accounts for governmental activities at the government-wide level. These entries should also recognize changes in the accounts Net Position—Net Investment in Capital Assets, Net Position—Restricted for Public Safety (see General Fund), Net Position—Restricted for Capital Projects (see Capital Projects Fund to calculate net position), and Net Position—Restricted for Debt Service (see Debt Service Fund to calculate net position). (Note: Be sure to deduct accrued interest on long-term debt in calculating the December 31, 2020 balance of Net Position—Restricted for Debt Service. If accrued interest is greater than net position there is no restriction on net position.) For each account to be closed or reclassified, be sure to click on the checkbox for [Closing entry] to select it. The [Closing Entry] checkbox appears next to the [Add credit] field. Post the closing entries to the general ledger by clicking on [Post entries].

3. Use the exportable trial balances used in Chapters 2 through 7 of this problem and export the pre-closing trial balance and post-closing trial balance for governmental activities to prepare required government-wide, governmental fund financial statements, and reconciliations that the City of Smithville must present for its basic financial statements to be in conformity with generally accepted accounting principles. (See Illustrations 9-3 through 9-8 and A2-1 through A2-9 of the Reck, Lowensohn, and Neely textbook for examples of these statements.) We recommend that you use Excel to prepare these financial statements. Since the Solid Waste Disposal Fund is the only fund in the proprietary funds category, you may reprint the statement of net assets; statement of revenues, expenses, and changes in net assets; and the statement of cash flows prepared for the Solid Waste Disposal Fund as the required statements for the proprietary fund basic financial statements, with appropriate changes to the titles of the statements. The information for the Solid Waste Disposal Fund can also be used to complete the Business-type Activities columns of the government-wide financial statements.

[Notes: The City of Smithville is a primary government and has no other organizations for which it is accountable as component units. Also, the FY 2021 financial information for the Street Improvement Debt Service Fund is not included in any of the basic financial statements you are preparing, as the statements you are preparing pertain only to FY 2020.]

PRINCE Company has the following opening account balances in its general and subsidiary ledgers on March 1^st, 2020. The Company uses the periodic inventory system. All accounts have normal debit and credit balances.

                             General Ledger

The following transactions take place in the month of March 2020.

Jan 1           Purchased merchandise from Heaven Trade $3,500, FOB shipping point, 2/15, n/45.

   1           Paid 12-month fire insurance $7,200, covering year 2020.

   3           Received checks for $4,500 from Westly N.R. and paid $350 to Quick Delivery for the freight on merchandised purchased on January 1^st.

   5           Sent a credit memo of $200 to Fortune D.C. for the allowance granted on unsatisfied merchandise.

   8           Sold merchandise of $3,600 to Zooick, terms FOB destination, 1/8, n/15. The relevant delivery charge, $400, was paid.

   9           Sent a check of $4,900, after a 2% discount, to Heaven Trade. Also, paid DeeBeeDee in full.

   9           Received payment in full from Apple Green and Fortune D.C..

  12          Paid rent of $2,500 for January.

13          Sold merchandise on account to Apple Green $1,900 and Westly N. R. $900, terms 1/8, n/20.

15          Paid Heaven Trade for the Jan.1 purchase.

16          Purchased merchandise on account from DeeBeeDee $15,000, terms 5/5, n/30.

17          Paid $600 cash for office supplies.

18          Returned $1,000 of inferior quality merchandise to DeeBeeDee and receive credit.

20          Cash sales totaled $17,500.

22          Received payment from Apple Green and Zooick.

22          Paid Brothers Inc. $15,300, no discount taken. Also paid DeeBeeDee.

25         Paid salaries of $8,300.

26         Sold merchandise to SunWing, $16,800, terms 1/EOM, n/30.

31          Received from Zooick a down payment of $10,000 for merchandise specifically ordered to its request.

Other information available on January 31^st, 2020

1. A count showed supplies on hand was $1,200.
2. Out of the $3,000 prepaid insurance on January 1^st, $300 was expired.
3. Depreciation expense for the month totaled $225.
4. Ending inventory was $29,000, out of which $1,200 was found to be not sellable anymore. The management decided to recognize a loss separately.
5. Utility bill of $1,350 was received but not yet paid. A separate payable account is used.

Required:

1. Journalize the March transactions in the general journal, no need to provide explanations to the entries. Use additional accounts when necessary.

(30.5 marks)

2. Prepare the Income Statement for the month ended March 31^st, 2020, the Statement of Financial Position as of that date.

(19.5 marks)

PRINCE Company has the following opening account balances in its general and subsidiary ledgers on March 1^st, 2020. The Company uses the periodic inventory system. All accounts have normal debit and credit balances.

                             General Ledger

The following transactions take place in the month of March 2020.

Jan 1           Purchased merchandise from Heaven Trade $3,500, FOB shipping point, 2/15, n/45.

   1           Paid 12-month fire insurance $7,200, covering year 2020.

   3           Received checks for $4,500 from Westly N.R. and paid $350 to Quick Delivery for the freight on merchandised purchased on January 1^st.

   5           Sent a credit memo of $200 to Fortune D.C. for the allowance granted on unsatisfied merchandise.

   8           Sold merchandise of $3,600 to Zooick, terms FOB destination, 1/8, n/15. The relevant delivery charge, $400, was paid.

   9           Sent a check of $4,900, after a 2% discount, to Heaven Trade. Also, paid DeeBeeDee in full.

   9           Received payment in full from Apple Green and Fortune D.C..

  12          Paid rent of $2,500 for January.

13          Sold merchandise on account to Apple Green $1,900 and Westly N. R. $900, terms 1/8, n/20.

15          Paid Heaven Trade for the Jan.1 purchase.

16          Purchased merchandise on account from DeeBeeDee $15,000, terms 5/5, n/30.

17          Paid $600 cash for office supplies.

18          Returned $1,000 of inferior quality merchandise to DeeBeeDee and receive credit.

20          Cash sales totaled $17,500.

22          Received payment from Apple Green and Zooick.

22          Paid Brothers Inc. $15,300, no discount taken. Also paid DeeBeeDee.

25         Paid salaries of $8,300.

26         Sold merchandise to SunWing, $16,800, terms 1/EOM, n/30.

31          Received from Zooick a down payment of $10,000 for merchandise specifically ordered to its request.

Other information available on January 31^st, 2020

1. A count showed supplies on hand was $1,200.
2. Out of the $3,000 prepaid insurance on January 1^st, $300 was expired.
3. Depreciation expense for the month totaled $225.
4. Ending inventory was $29,000, out of which $1,200 was found to be not sellable anymore. The management decided to recognize a loss separately.
5. Utility bill of $1,350 was received but not yet paid. A separate payable account is used.

Required:

Prepare the Income Statement for the month ended March 31st, 2020, the Statement of Financial Position as of that date.

There no adjusted trial balance.

1. The decomposition reaction of carbon disulfide, CS2, to carbon monosulfide, CS, and sulfur is first order with k = 2.8x10-7 s -1 at 1000˚C. CS2....> CS + S

a) What is the half life of this reaction at 1000˚C?

b) How many days would pass before a 2.00 g sample of CS2 had decomposed to the extent that 0.75 g of CS2 remains?

c) Refer to part b). How many grams of CS would be present after this length of time?

d) How much of a 2.00 g sample of CS2 would remain after 45.0 days?

2- The decomposition reaction of NOBr(g) to 2 NO(g) and Br2(g) is second order with k = 0.80 M-1 ∙s -1 . 2 NOBr(g)......>2 NO(g) + Br2(g)

a) What is the half-life of this reaction if the initial concentration of NOBr is 0.68 M?

b) How much time would pass before a 2.00 g sample of NOBr held in a 0.255 L flask had decomposed to the extent that 0.65 g of NOBr remains?

c) Refer to part b). How many grams of Br2 would be present after this length of time?

d) How much of a 2.00 g sample of NOBr would remain after thirteen seconds?

3- a) A student performed a calorimetry experiment. He combined 50.0 mL of water at 85˚C and 50.0 mL of water at 22˚C in a coffee cup calorimeter. The final temperature of the water was 45˚C. What was the heat capacity of the calorimeter?

b) The same calorimeter was used to find the specific heat of a metal. He heated 95.22 grams of the metal in a boiling water bath (99˚C). After adding this hot metal to 100.0 mL of 21˚C water in the calorimeter, the final temperature reached 29˚C. What is the metal’s specific heat?

Ivanhoe Corporation’s trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below.

Unrecorded transactions and adjustments:

(Ignore income taxes.)

rounded off to 2 decimal places

1. FInd the ordinary interest on P500,000 at 5.5% invested from April 1, 2017 to December 24, 2017?

2. How long will it take 200,000 to amount half a million pesos if the simple interest rate is 8.25% per annum?

3. Find the simple interest on 20,000 borrowed on May 1 and will be paid after 6months at 6.25% interest using exact time.

4. How much must be paid on the due date of Oct 20, 2020, on a loan of 80,000 made on December 5, 2015 with interest of 44.5% compounded quarterly?

5. Find the amount to be paid of a present value of 15,000 payable every three months for 10years, if the money is worth 5% compounded quarterly

6. If 25,000 is deposited in an account that earns interest compounded monthly becomes 32,000 after 2 years, what is the interest rate?

7. After a strong typhoon, Mang Liloy applied for a calamity loan of 30,000. The current interest rate for the calamity loan is 5.95% per annum. How much interest does Mang Liloy have to pay at the end of 1 year?

8. What is the interest rate compounded quarterly if 2,500,000 is invested and the amount became 3,210,000 after 10years?

9. Find the amount and interest on 50,000 invested for 10years at 5.25% interest compounded semi-annually

10. Find the compound amount and interest if 400,000 is invested at 8% compounded quarterly for 5years and 6months?

Using Java

Summary

Create a Loan class, instantiate and write several Loan objects to a file, read them back in, and format a report.

Project Description

You’ll read and write files containing objects of the Loan class. Here are the details of that class:

Methods:

• getters for all instance variables
• setters for all instance variables except monthly payment and total payment
• calculateMonthlyPayment and calculateTotalPayments

The setters for the annual interest percentage, number of years, and loan amount invoke both “calculate…” methods before they exit

The “calculate…” methods compute the named value, then store that amount in the associated instance variable. They are private (helper) methods.

Constructors:

• a “no-arg” constructor sets the customer name to a default value, the loan date to “no date”, and all numeric variables to zero. This method invokes the “full” constructor
• a “full” constructor takes the customer name, annual interest percentage, number of years, loan amount, and loan date. It invokes the appropriate setters, but doesn’t need to invoke the “calculate” methods (why?)

Calculations:

* Note: Round all dollar amounts to 2 decimal places

Here is what you should do in main

Use this data to create five Loan objects

                Annual Interest           Loan
  Customer Name   Percentage    Years    Amount   Loan Date
  Bob Smith             6.5%       30   318,000   Sep 1, 2015
  Alicia Herman         4.2%       15   248,000   Oct 15, 2013
  Julie Franciosa       8.5%       10    30,000   Apr 14, 2010
  Julio Quiros         15.0%        3    50,000   June 23, 2017  
  Frank Larsen          8.9%        5    23,000   Mar 8, 2016

Use this algorithm:

1. Make the Loan class Serializable (don't forget to import this interface from java.io).
2. Instantiate Loan objects representing the first three loans above using the “full” constructor
3. Create an output stream and store the three objects into a binary file using the writeObject method
4. Instantiate Loan objects representing the last two loans above using the “no-arg” constructor, then use setters to update information about those loans
5. Append those objects to the output stream created above in step 2
6. Close the output stream
7. Create an input stream and read the objects from the binary file above and display in a nicely formatted columnar report

• Write your code to handle any number of loan objects (i.e., do not assume that there are 5 Loan objects in the file -- use a loop).
• Include in your report the monthly loan payment and total loan payment amounts
• Display totals for the amount of the loan amounts, monthly payments, and total loan payments.

8. Close the input stream

Note: After writing the first three Loan objects to a file (in step 2), close the output stream, then re-open the output stream before step 4 appending the last two Loan objects to the existing file

An example of the output from your program

                    Annual                    Monthly       Total 
    Customer Name   Prcnt  Yrs  Loan-Amount   Payment   Loan Payments   Loan-Date
  ----------------  -----  ---  -----------  ---------  ------------  -------------  
  Bob Smith           6.5   30   318,000.00   2,009.98    723,592.80  Sep 1, 2015
  Alicia Herman       4.2   15   248,000.00   1,859.38    334,688.40  Oct 15, 2013
  Julie Franciosa     8.5   10    30,000.00     446.35     53,562.00  Apr 14, 2010
  Julio Quiros       15.0    3    50,000.00   1,660.72     59,785.92  June 23, 2017
  Frank Larsen        8.9    5    23,000.00     476.33     28.579.80  Mar 8, 2016
                                ===========  =========  ============
                                 669,000.00   6,452.76  1,200,208.92  

1. Create a struct MenuItem containing fields for name (a string) and price (a float) of a menu item for a diner. Create a ReadItem() function that takes an istream and a MenuItem (both by reference) and prompts the user for the fields of the MenuItem, loading the values into the struct's fields. Create a PrintItem() function that takes an output stream (by reference) and a MenuItem (by value) and prints the MenuItem fields to the stream in a reasonable one-line format. Create a main() that declares a MenuItem struct, calls ReadItem(), then calls PrintItem(). Test with a few different items.
2. Make another program modified to include an array of 10 MenuItem structs. Modify ReadItem() to not prompt for, but instead just read the data for a struct field-by-field, and call it once for each MenuItem. Then call PrintItem() for each struct to create a menu. Use files, opened and closed in main(), for all input and output. Create a test file with the 10 items and prices, and test with it. Send me the test file and the output file.
3. Make another program modified so that after it reads the MenuItems from the file (as per part 2), it prints a menu (on the screen) for the user, collects an order, and prints a diner check. You should not have to modify PrintItem(). Write a function that takes the array of MenuItems and an array of ints, prints the menu (number the items 1 through 10), and then loops, prompting the user to select items until they have either selected all 10 items on the menu or entered -1 to indicate they are through ordering. Don't allow the user to select an item that isn't on the menu or an item they have already selected. You may assume the user will enter at least one valid selection. Keep the user's selections in the array of integers. Return the number of entries the user made. Then print a diner check with the items the user selected and the total price of the meal. Use another function to print the check, passing the two arrays, the number of items selected, and the output stream to the function. Use the PrintItem() function to print the items, both on the check and on the menu. You may assume no tax. Print all output to the screen.

Hints:

If you use an istream & for an input stream parameter, you may pass either cin or an input file handle to a function. Similarly, if you use an ostream & for an output stream parameter, you may pass in either cout or an output file handle to the function. The only restriction is that you may only use operations that would work on cin or cout in the function. For example, you may not open() or close()inside the function.

You may use either C-strings or C++ string objects for the menu item names. Use multi-word item names like "bacon cheeseburger" not just "cheeseburger". To read a C-string containing white space characters, use

in.getline( data, MAX, '\n' );

where in is either cin or an input file handle (or a parameter of istream & type), data is an array of char at least MAX+1 in length, MAX is the maximum number of characters to read from the input stream, and '\n' is the character at which to stop reading. To read a C++ string object containing white space characters, use

getline( in, data );

where in is either cin or an input file handle (or a parameter of istream & type) and data is a C++ string object. Here, you don't have to worry about the maximum length of the string being read.

On Windows, after extracting a number, you will need to call in.ignore(); to get rid of the newline before you try another getline(). Do this inside the ReadItem() function before it returns. To number the items in the third exercise, print the number before calling PrintItem(). PrintItem() should not end the line itself. You might not need to do this on Mac or Linux systems.

This is for introduction to C++ please don't make code complex. add comments for methods.

Real-World Case 21.1

Kelly was a new coder who had never held an HIM job before. She had just graduated from college and passed her RHIT when she was hired by a local clinic and was so excited to start working. A few weeks later, her manager asked to meet with her. The manager closed the door and told Kelly that she wanted her to code charts for a particular procedure using two codes instead of one so the reimbursement would be higher. The manager then proceeded to divulge information that the clinic was struggling financially so anything extra would help. Kelly got the impression that if she did not comply they would let her go; and she really needed this job. Also, since it was her boss asking, she felt obligated to do as she was told.

Question: Read the Real-World Case 21.1 (at the end of Chapter 21). Summarize the case in a few words. What are the ethical issues associated with this case? Identify a few things the hospital can do to prevent the unethical behavior. Discuss Ms. Brown's potential ethical cultural shock by learning who she was and meeting family and friends who she does not remember. Think in terms of religion and cultural bias or prejudices.

1. Explain the difference between a closed-ended question, an open-ended question, and
a probing question. When would you use each?
2. Explain the difference between a top-down and bottom- up interview approach. When
would you use each approach?
3. Draw a use case diagram for the following dentist office system, but do not bother to
identify the flow of events within each use case. Whenever new patients are seen for
the first time, they complete a patient information form that asks their name,
address, phone number and brief medical history, which are stored in the patient
information file. When a patient calls to schedule a new appointment or change an
existing appointment, the receptionist checks the appointment file for an available
time. Once a good time is found for the patient, the appointment is scheduled. If the
patient is a new patient, an incomplete entry is made in the patient file; the full
information will be collected when they arrive for their appointment. Because
appointments are often made so far in advance, the receptionist usually mails a
reminder postcard to each patient two weeks before their appointment.
4. Create an activity diagram for the dentist office system in previous question.
5. Create one detail use-case description for the dentist office system in previous
question.