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kkurt [141]
2 years ago
14

The City of West Hutchison is constructing a new road, which it estimates will cost $7.2 million. The city will finance the road

with an expenditure-driven state construction grant of $1.2 million and a bond issuance of $6 million. Prepare journal entries to record the following transactions and events for the city’s Capital Projects Fund during calendar year 2019. No budgetary entries other than encumbrances
Business
1 answer:
Mice21 [21]2 years ago
6 0

Answer:

1.

Budgetary fund balance reserved for encumbrances (DR)  $7,200,000

Encumbrances-Capital Project (CR)  $7,200,000

2.

Cash (DR)  $1,200,000

Government Grant (CR)  $1,200,000

3.

Cash (DR)  $6,000,000

Bonds Payable (CR)  $6,000,000

Explanation:

1. The Budgetary entry for encumbrance is given as follows :  

Budgetary fund balance reserved for encumbrances (DR)  $7,200,000

Encumbrances-Capital Project (CR)  $7,200,000

2. The government grant received will be recorded as :

Cash (DR)  $1,200,000

Government Grant (CR)  $1,200,000

3. The Issuance of Bonds needs to be recorded in the journal ledger as :

Cash (DR)  $6,000,000

Bonds Payable (CR)  $6,000,000

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Judi Pendergrass is an account representative at Ever Pharmaceuticals. She has a company car for customer visits, which she uses
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Answer: None

Explanation: The IRS commuting rule allows for business travel expenses to be deducted as business expenses but this does not apply to commuting expenses.

Business travel expenses include Judi driving the company car to customer's locations or using any other form of transportation to meet a client. It even covers travelling by plane to another state for the same purpose.

It however does not apply to travelling between home and work, this is a daily travel expense as you need to get to work anyway.

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2 years ago
Select the correct answer from each drop-down menu. Read the passage. What should Milo do? What customer service skills would he
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Answer:

a. Milo should disclose all the information about the product

b. Milo is showing honesty about what the customers should expect about the product

Explanation:

a.

A customer service agent is someone who offers assistance to it's customers on behalf of the company. The agent covers issues like; answers questions about the product and guides the customers on how to use the product. Customer services has become more necessary in the recent past due to advancement in communication technology and high competition. Good customer service ensures that a company can retain and get more customers to purchase it's products. When more customers purchase a product, the sales also increase significantly. More sales translates to increased profits, which is the goal of most business organizations. Some of the customer service skills that can assist a company to achieve increased sales are;

1. Communication skills: a customer service has to be able to communicate clearly to the customers to ensure effective transfer of product information.

2. Good listening skills: they need to listen attentively and play keen attention to details to ensure that all the customer's needs are met. This enhances trust.

3. Knowledge about the product: a good agent has to have extensive knowledge about the product since customers will be expecting information about the product from the agents. An agent who seems to have little information about the product will definitely lose the customer's trust.

4. Honesty: the agent has to give the customer all the information about their product even if they will lose the customer. One needs to understand that lying to the customer in most cases takes the customers trust away. But being truthful about the product, might make one lose a customer at that moment but at least the customer will have some level of trust since the agent was honest.

In our case, Milo should disclose all the information about the cruise ship including the extra charges for bottled water. The couple might decline the offer on account of it being above their price range, but they will have some trust in Milo. This trust could make the couple interested in the cruise ship at another time when they can afford it. However, if Milo decides to keep the information away from them, the customers will feel cheated and will never trust Milo again. In this way, Milo loses the customers for life as opposed to losing the customers only once.

b.

In this case, Milo is showing honesty. By disclosing all the information about the product, Milo is being honest about what the product is going to offer and it's associated price. Honesty fosters trust in customers. When a customer fully trusts you, they would rather purchase your product at a slightly higher price than settle for a product whose qualities is not guaranteed.

8 0
2 years ago
The manager of the marketing team has thoughtfully selected team members with their strengths in mind to play roles based on the
hodyreva [135]

Answer:

The correct option is advisor.

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In business, advisors can be described as persons who evaluate circumstances and suggest options as what could be done during different circumstances. These options are suggested for the benefit of the company and to lead it towards success. An advisor usually evaluates the business plan for a company.

In the above-mentioned scenario, Andy is entitled to evaluate particular situations and provide better options, hence she is playing the role of an advisor.

3 0
2 years ago
Read 2 more answers
Cassandra saved $85.25 to buy a stereo. the day she bought it, it was on sale. she had $9.73 left over. how much did she spend o
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85.25 - 9.73 = 75.52

She spent $75.52 on the stereo

5 0
1 year ago
Vignana corporation manufactures and sells hand-painted clay figurines of popular sports heroes. shown below are some of the cos
SVETLANKA909090 [29]

Answer:

$175,000

Explanation:

Conversion costs are production costs that must be incurred in order to change raw materials into products.

Therefore, we have:

Total of the conversion costs = Cost of clay used in production + wages paid to the workers who paint the figurines = $76,000 + $99,000 = $175,000

8 0
2 years ago
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