Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Pinta Manufacturing Company

P16-32B Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Pinta Manufacturing Company.

Requirement

1. Fill in the missing words (___) and amounts (X).

Click here for the solution: Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Pinta Manufacturing Company

The following totals were drawn from Independence City’s “Schedule of Changes in Capital Assets by Function and Activity”

P. 7-4 Governments sometimes add to, but do not delete, their capital assets.

The following totals were drawn from Independence City’s “Schedule of Changes in Capital Assets by Function and Activity,” included in the city’s financial statements for the year ending June 30, 2012:

General capital assets, July, 1, 2011 $33,276,151
Additions/transfers-in 459,430
Deletions/transfers-out (265,795)
General capital assets, June 30, 2012 $33,469,786

The complete schedule disaggregates the data by function (e.g., general government, public safety, public works, health and welfare, culture, and recreation) and subfunction (e.g., park maintenance, recreation, tourism). Another schedule, “Schedule of General Capital Assets by Source,” shows the beginning and ending balances of the specific types of assets:

Type of Asset 2012 2011
Land $ 8,209,380 $ 8,209,380
Buildings $ 9,293,847 $ 9,292,611
Improvements other $ 1,088,307 $ 1,088,307
than buildings
Office furniture and $ 4,863,535 $ 4,536,506
equipment
Mobile equipment $ 7,834,277 $ 8,073,945
Other equipment $ 2,180,440 $ 2,075,402
Total $ 33,469,786 $ 33,276,151

1. Assume that the assets, excluding land, had an average useful life of 20 years. What percentage of the total assets, excluding land, would you expect to have been retired each year?

2. What percentage of the assets (beginning of year values). Excluding land, were actually retired during 2012 (assuming that all deletions/transfers out represent retirements?

3. What was the average useful life of the assets as implied by this percentage?

4. Assume that the entire $265,795 of the deletions and transfers-out applied to the mobile equipment. What would have been the useful life of the equipment as suggested by the percentage of the equipment retired?


Click here for the solution: The following totals were drawn from Independence City’s “Schedule of Changes in Capital Assets by Function and Activity”

You are the in-charge on the audit of Vandervoort Company and are to review the preceding audit schedule

Auditing P 7-38 You are the in-charge on the audit of Vandervoort Company and are to review the preceding audit schedule.

AND SO ON

Required:
a. List the deficiencies in the audit schedule.
b. For each deficiency, state how the audit schedule could be improved.
c. Prepare an improved audit schedule, using an electronic spreadsheet software program. Include an indication of the audit work done as well as the analysis of the client data.


Click here for the solution: You are the in-charge on the audit of Vandervoort Company and are to review the preceding audit schedule

Which of the following is true regarding the Budgetary Comparison Schedule?

1. Which of the following is true regarding the Budgetary Comparison Schedule?

2. Assume encumbrances do not expire at year-end. $15,000 was encumbered during the prior year for a computer and the actual cost of the computer in the current year is $12,000. How does this affect unreserved fund balance?

3. Which of the following items would typically not need an encumbrance?

4. Which of the following is not considered Required Supplementary Information (RSI)?

5. Fiduciary funds are to use the:

6. Level "A" GAAP for The University of Virginia, a public institution, would be established by the:

7. Which of the following is true regarding the composition of the Comprehensive Annual Financial Report (CAFR)?

8. Under the modified accrual basis of accounting, revenues should be recognized when they are:

9. The Governmental Accounting Standards Board has been given authority to establish accounting and financial reporting standards for:

10. Which of the following is true regarding the government-wide Statement of Activities?


Click here for the solution: Which of the following is true regarding the Budgetary Comparison Schedule?

Prepare a debt amortization schedule for a bond issued at discount

Prepare a debt amortization schedule for a bond issued at discount. Assume that the bond matures in 12 years with market interest rate at time of issue—10% annually and 5% semiannually. The stated interest rate is 8%. The interest is paid semiannually.

Click here for the solution: Prepare a debt amortization schedule for a bond issued at discount