The Estimated Revenues account of a government is debited when:
A. The account is closed to fund balance-unassigned at the end of the year.
B. Property taxes are collected.
C. Property taxes are recorded.
D. The budget is recorded at the beginning of the year.
Answer: D
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Indicate whether the statement is true or false
Many small businesses fail because they are selling products or services that are new and untried. This sounds like the definition of innovation. Yet, why does this often lead to failure of an enterprise?
What will be an ideal response?
Marks Corporation has two operating departments, Drilling and Grinding, and an office. The three categories of office expenses are allocated to the two departments using different allocation bases. The following information is available for the current period: Office ExpensesTotal Allocation BasisSalaries$30,000 Number of employeesDepreciation 20,000 Cost of goods soldAdvertising 40,000 Net sales ItemDrilling Grinding TotalNumber of employees 1,000 1,500 2,500 Net sales$325,000 $475,000 $800,000 Cost of goods sold$75,000 $125,000 $200,000 The amount of depreciation that should be allocated to Drilling for the current period is:
A. $7,500. B. $25,000. C. $40,000. D. $20,000. E. $12,500.
Flannigan Company manufactures and sells a single product that sells for $450 per unit; variable costs are $270. Annual fixed costs are $800,000. Current sales volume is $4,200,000. Flannigan Company management targets an annual pre-tax income of $1,125,000. Compute the unit sales to earn the target pre-tax net income.
A) 4,444. B) 7,500. C) 6,650. D) 10,694. E) 11,750.