Business, 16.04.2021 19:20 flargenshpargle7423
The state sent the city a check for $1,000,000 to finance a special public safety program, stipulating that the resources could be used at any time during 2019 or 2020. The $6,700,000 in public safety salaries paid in the previous transaction included $800,000 of salaries for this program, so $200,000 remains available for spending in the program in 2020.
Unpaid salaries at year-end (to be paid during the first week of 2020) were as follows:
Public safety $350,000
Public works $250,000
Parks $100,000
At year-end, the umcollected property taxes were declared delinquent. The existing allowance for uncollectible taxes is reclassified to delinquent. Frisco’s director of finance estimated that $500,000 of the uncollected taxes would be collected in January amd February 2020 and $400,000 would be collected during the rest of 2020.
In January 2020, the state advised Frisco that the state held $500,000 in personal income taxes on the city’s behalf and that it would send the taxes to Frisco by February 10. It also told Frisco that it was likely that by April 30, Frisco would receive and additional $200,000 of taxes with final returns, but that tax refunds would probably be $300,000. (Remember that "available" for income taxes is defined as taxes expected to be collected within 120 days after the end of the calendar year)
Police officers who retired at the end of 2019 will be paid $10,000 for unused vacation pay on January 6, 2020.
The Library Special Revenue Fund started calendar year 3019 with a cash balance of $5,000, no liabilities, and a restricted fund balance of $5,000. Post the opening balances to the T-accts.
Required:
Prepare the journal entries to record the following transctions in the Library Special Revenue Fund, and, where appropriate in the General Fund. Post the entries to the appropriate T-accts.
Answers: 1
Business, 20.06.2019 18:04
The text states, “the committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market….” why would the committee raise the federal funds rate as the labor market improves?
Answers: 2
Business, 21.06.2019 20:00
Which financial component is a mandatory deduction from your gross pay? a. sales tax b. social security tax c. health insurance d. disaster relief fund (drf) e. voluntary deduction
Answers: 1
Business, 22.06.2019 05:50
Emily spent her summer vacation in buenos aires, argentina, where she got plastic surgery for a fraction of what it would cost in the united states. this is an example of:
Answers: 2
Business, 22.06.2019 15:30
Calculate the required rate of return for climax inc., assuming that (1) investors expect a 4.0% rate of inflation in the future, (2) the real risk-free rate is 3.0%, (3) the market risk premium is 5.0%, (4) the firm has a beta of 2.30, and (5) its realized rate of return has averaged 15.0% over the last 5 years. do not round your intermediate calculations.
Answers: 3
The state sent the city a check for $1,000,000 to finance a special public safety program, stipulati...
Social Studies, 18.12.2019 20:31
Computers and Technology, 18.12.2019 20:31
Mathematics, 18.12.2019 20:31
Mathematics, 18.12.2019 20:31
History, 18.12.2019 20:31
Social Studies, 18.12.2019 20:31
History, 18.12.2019 20:31
Mathematics, 18.12.2019 20:31
Mathematics, 18.12.2019 20:31
Mathematics, 18.12.2019 20:31
English, 18.12.2019 20:31
Mathematics, 18.12.2019 20:31
Chemistry, 18.12.2019 20:31