Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 Aug 2017 My Price 11.00

revenue or expenditure

A city engages in the transactions that follow. For each transaction indicate the amount of revenue or expenditure that it should report in 2014. Assume ?rst that the main objective of the ?nancial statements is to enable users to assess budgetary compliance. Then calculate the amounts, assuming that the main objective is to assess interperiod equity. The city prepares its budget on a ‘‘modi?ed’’ cash basis (that is, it expands the de?nition of cash to include short-term marketable securities), and its ?scal year ends on December 31.

1. Employees earned $256,000 in salaries and wages forthe last ?ve days in December 2014. They were paid onJanuary 8, 2015.

2. A consulting actuary calculated that per an acceptedactuarial cost method, the city should contribute$450,000 to its ?re?ghters’ pension fund for bene?tsearned in 2014. However, the city contributed only$340,000, the amount budgeted at the start of the year.

3. The city acquired three police cars for $70,000 casheach. The vehicles are expected to last for three years.

4. On December 1, 2014, the city invested $198,000 inshort-term commercial paper (promissory notes). Thenotes matured on January 1, 2015. The city received$200,000. The $2,000 difference between the twoamounts represents the city’s return (interest) on theinvestment.

5. On January 2, 2014, the city acquired a new $20 millionof?ce building, ?nancing it with 25-year serial bonds.

The bonds are to be repaid evenly over the period theyare outstanding—that is, $800,000 per year. The usefullife of the building is 25 years.

6. On January 3, 2014, the city acquired another $20million of?ce building, ?nancing this facility with 25year term bonds. These bonds will be repaid entirelywhen they mature on January 1, 2039. The useful life ofthis building is also 25 years.

7. City restaurants are required to pay a $2,400 annuallicense fee, the proceeds of which the city uses to funditsrestaurantinspectionprogram.Thelicensecoverstheperiod July 1 through June 30. In 2014 the city collected$240,000 in fees for the license period beginning July 1,2014.

8. Thecityborrowed$600,000inNovember2014tocovera temporary shortage of cash. It expects to repay theloan in February 2015.

Answers

Maurice Tutor
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Status NEW Posted 06 Aug 2017 12:08 AM My Price 11.00

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