Problems Topic:Journal Entries to Yield Government-Wide Financial Statements from Fund Financial Statements LO:2 1.The City of Mirrenis preparing its Government-Wide financial statements for the year. Its accountant must prepare a number of journal entries to recognize assets and liabilities previously omitted from the Fund financial statements and to recognize revenues and expenses for the year under accrual accounting that were not recognized under the current financial resources measurement focus and the modified accrual basis of accounting used to prepare the Statement of Revenues, Expenditures, and Changes in Fund Balances for its Funds.The accountant identifies the following journal entries that must […]

14.7   Questions 1) SSS Company produces calendars in a one-department process.  The following data is available for the past month: Work-in-process inventory, beginning0 Units started15,000 Units completed and transferred12,000 Units in ending inventory3,000 Direct materials added$30,000 Direct labor$20,700 Factory overhead costs$10,350 The units in process at the end of the month are 100 percent complete with respect to materials and 60 percent complete with respect to conversion costs.  What are the total costs to account for? A) $20,700 B) $30,000 C) $50,700 D) $61,050 2) Happy Company manufactures tape dispensers.  The Assembly Department reported the follow data for the past […]

15.4   Questions 1) On May 1, San Diego Company paid $36,000 for rent.  The rent covers the period May 1 through August 31.  San Diego Company recorded Prepaid Rent of $36,000.  What is the balance in the Prepaid Rent account on July 1? A) $0 B) $9,000 C) $18,000 D) $27,000 2) On May 1, San Jose Company paid $36,000 for rent.  The rent covers the period May 1 through August 31.  San Jose Company recorded Prepaid Rent of $36,000.  What is the Rent Expense for the month of May? A) $0 B) $9,000 C) $18,000 D) $27,000 3) On […]

168) The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current yearEnd of prior year Net sales revenue (all credit) $800,000 Cost of goods sold $504,000 Gross profit $296,000 Selling/general expenses$184,000 Interest expense$   32,000 Net income$   80,000 Current assets $   71,000$20,000 Long-term assets$329,000$280,000 Total assets$400,000$300,000 Current liabilities$  56,000$16,000 Long-term liabilities$  84,000$164,000 Common stockholders' equity$260,000$120,000 Total liabilities and stockholders' equity$400,000$300,000 Inventory and prepaid expenses account for $28,000 of the current year's current assets. Average inventory for the current year is $12,000. Average net accounts receivable for […]

132) Smithson Corporation had the following selected balance sheet changes for the past year: Assets and contra-assetsIncrease/(Decrease) Cash$47,000 Accounts receivable$10,000 Inventory$15,000 Prepaid expenses$ (7,000) Accumulated depreciation$11,000 Liabilities    Increase/(Decrease) Accounts payable$20,000 Wages payable$ (12,000) Taxes payable$9,000 The company's operating income during the year was $35,000. What is the net cash provided by operating activities during last year on the statement of cash flows for Smithson Corporation (using the indirect method)? A) $25,000 B) $45,000 C) $92,000 D) $10,000 133) The following information is available for three companies. The information relates to the companies' plant assets. For each of the companies, determine the […]