A county uses the consumption method to account for General Fund materials and supplies. The beginning inventory of materials and supplies was $122,000. The ending inventory was $150,000. The beginning balance of reserve for encumbrances (for supplies ordered but not received at the beginning of the year) was $50,000; the ending balance was $20,000. Supplies purchased during the year totaled $750,000. The county General Fund should report expenditures for materials and supplies for the year of
a.
$722,000
b.
$750,000
c.
$752,000
d.
$780,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A county uses the consumption method to account for General Fund materials and supplies. The beginning inventory of materials and supplies ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Hiring managers and college admissions officers are some of the people who use social media and other Internet resources to research candidates for employment. True False
Answers (2)
Mitchell, a calendar year taxpayer, is the sole proprietor of a fast-food restaurant. His adjusted basis for the building and the related land is $450,000.
Answers (1)
3. List the possible fees associated with a checking account and describe where you can find out about these fees.
Answers (1)
Pharoah Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,400 with terms 3/15, n/45. On June 12, 2017, Pharoah received full payment for the June 1 sale.
Answers (1)
Omar is Precise Service Company's chief executive officer. On Precise's behalf, Omar solicits business, hires and fires workers, and handles the finances. Precise pays Omar varying amounts, depending on his "needs." Omar is most likely A.
Answers (1)
New Questions in Business
Under the mudarabah banking system, when an Islamic bank lends money to a business Multiple Choice it charges that business interest on the loan. the business needs to pay back the loan with an additional markup.
Answers (1)
A company's bonds have a 10-year maturity, a 6% coupon paid semi-annually, and a par value of $1,000. The yield to maturity is quoted as 8% in the financial press. What is the bond's price?
Answers (1)
Buckman Company uses the weighted average method for process costing. The cost per equivalent unit for direct materials is $5.00. The cost per equivalent unit for conversion costs is $3.00. The company completed and transferred out is 40,000 units.
Answers (1)
Which of the following transactions would be recorded if using the accrual basis of accounting but not if using the cash basis of accounting? A. Paying off loans B. Purchasing inventory on account C. Collecting customer payments D. Borrowing money
Answers (2)
Under ASC 606, the transaction price generally should be adjusted for the effect of the time value of money when A. A royalty contract with a distribution in which the consideration to be received depends on sales to end customers. B.
Answers (1)