A) General Fund: Yes; Governmental
B) General Fund: No; Governmental
C) General Fund: No; Governmental
D) General Fund: Yes; Governmental
(1) General Fund
(2) Capital Projects Fund
(3) Debt Service Fund
A) (1) Yes; (2) No; (3) Yes
B) (1) No; (2) No; (3) Yes
C) (1) Yes; (2) No; (3) No
D) (1) Yes; (2) Yes; (3) Yes
Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis: $300,000
Equipment used for supplying electric power to residents: $1,750,000
Receivables for completed sidewalks to be paid for in installments by affected property owners. Construction was financed by special assessment bonds for which the town has no liability: $1,500,000
Cash received from federal government, dedicated to highway maintenance: $1,800,000
A) The General Fund transfers $200,000 to establish a Central Supplies Fund; this amount will not be repaid.
B) The General Fund transfers $125,000 to the Debt Service Fund for payment of currently due bond interest payments.
C) The General Fund transfers $9,000 to the Central Supplies Fund for supplies it received from Central Supplies.
D) The Capital Projects Fund completes a library building project and transfers the remaining cash to the Debt Service Fund.
A) Revenues are less than expenditures.
B) Revenues are more than expenditures.
C) Revenues are more than expenditures and encumbrances.
D) Revenues are less than expenditures and encumbrances.
A) Excess expenditures in 2019 that will be offset against appropriations for 2020.
B) Goods or services received in 2019 which the government has no record of ordering.
C) Amount of expenditures for goods ordered in 2019 that were received in 2020 and chargeable to appropriations of 2019.
D) The amounts of purchase orders issued in 2019 that were intended to be paid in full from appropriations for 2020.
A) Fund Balance—Nonspendable—Inventory of Supplies.
B) Fund Balance—Restricted—Inventory of Supplies.
D) Inventory of Supplies.
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On December 31, 2014, the stockholders’ equity section of Torez Corporation’s balance sheet appeared as follows.
The following are selected transactions involving stockholders’ equity in 2015. On January 4, the board of directors obtained authorization for 80,000 shares of $40 par value noncumulative preferred stock that carried an indicated dividend rate of$4 per share and was callable at $42 per share. On January 14, the company sold 48,000 shares of the preferred stock at$40 per share and issued another 8,000 in exchange for a building valued at $320,000. On March 8, the board of directors declared a 2-for-1 stock split on the common stock. On April 20, after the stock split, the company purchased 12,000 shares of common stock for the treasury at a price of$12 per share; 4,000 of these shares subsequently were sold on May 4 at an average price of $16 per share. On July 15, the board of directors declared a cash dividend of$4 per share on the preferred stock and $0.40 per share on the common stock. The date of record was July 25. The dividends were paid on August 15. The board of directors declared a 15 percent stock dividend on November 28, when the common stock was selling for$20. The date of record for the stock dividend was December 15, and the dividend was to be distributed on January 5.
Prepare journal entries to record these transactions.
Prepare the stockholders’ equity section of Torez’s balance sheet as of December 31, 2015. Net loss for 2015 was $872,000. (Hint: Use T accounts to keep track of transactions.)
Compute the book value per share for preferred and common stock (including common stock distributable) on December 31, 2014 and 2015, using end-of-year shares outstanding. (Round to the nearest cent.) What effect would you expect the change in book value to have on the market price per share of the company’s stock?