explain how the BOC uses the channel corridor system to achieve their target for the overnight interest rate. Assume that the BOC would like the real overnight interest rate to increase by 0.5% and is maintaining a 0.5% operating band.
Current Rates:
Bank Rate=0.75%
Policy Rate=0.50%
Rate on Excess Reserves=0.25%
Inflation Rate 5.5%.

Answers

Answer 1

The overnight interest rate target would increase by 0.5% to 1.00%, while the lower and upper bounds of the operating band would be 0.75% and 1.25%, respectively. This will help in decreasing the inflation rate.

BOC uses the channel corridor system to achieve its target for the overnight interest rate. The following are the ways through which BOC can achieve this target:

By adjusting the target overnight rate: The overnight interest rate is the rate at which banks lend money to one another. BOC can increase or decrease the overnight interest rate by adjusting the target overnight rate.

If the BOC increases the target overnight rate, it makes borrowing more expensive for banks, leading to a decrease in the money supply, which could lead to a decrease in inflation rates.

If the BOC decreases the target overnight rate, it makes borrowing less expensive for banks, leading to an increase in the money supply, which could lead to an increase in inflation rates.

By adjusting the interest rate on excess reserves: BOC can increase or decrease the interest rate on excess reserves by changing the policy rate.

By increasing the policy rate, BOC makes it more expensive for banks to borrow from the central bank, which leads to a decrease in the money supply. Conversely, decreasing the policy rate makes borrowing from the central bank cheaper, leading to an increase in the money supply.

By changing the bank rate: BOC can also change the bank rate. The bank rate is the rate at which BOC lends money to commercial banks. By changing the bank rate, BOC can influence the cost of borrowing for commercial banks.

Increasing the bank rate makes borrowing from the central bank more expensive, leading to a decrease in the money supply, and decreasing the bank rate makes borrowing from the central bank cheaper, leading to an increase in the money supply.

In the current scenario, the BOC would like the real overnight interest rate to increase by 0.5% and is maintaining a 0.5% operating band.

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Related Questions

Which statement best summarizes the relationship between investments and
productivity?
A. Companies with high levels of productivity never need to worry
about investment.
B. Companies use investments to reduce their need for high levels of
productivity.
C. Companies with poor productivity use investments to become
more efficient
D. Companies use investments to reduce the opportunity cost of loy
productivity
SUBMIT
PREVIOUS

Answers

Answer:

The answer is D

Explanation:

companies invest to make money without using high levels of productivity

The marketing concept is all about meeting the consumer's_____. Choose the best answer.

A) needs
B) Wants
C) Expectations
D) None of the above

Answers

Well it’s either wants or needs, cause I know it’s both of them but I’m not sure what your teacher wants.

mr. and mrs. king had only one casualty loss this year when a tornado (a federally declared disaster) damaged their home, decreasing its value by $70,000. the couple received a $48,000 reimbursement from their insurance company. compute the kings' itemized deduction for casualty losses if their agi was $98,200.

Answers

The kings' itemized deduction for casualty losses if their agi was $98,200 will be C) $12,080

$22,000 unreimbursed decrease in value − $100 floor − $9,820 (10% × AGI).

Any abrupt, unforeseen, or uncommon event, such as a flood, hurricane, tornado, fire, earthquake, or volcanic eruption, can cause damage to, destruction of, or loss of your property, which is known as a casualty loss. Normal wear and tear or progressive deterioration are not considered casualties.

When claiming a deduction for destroyed property, you must first determine the casualty loss by deducting the salvage value from the asset's adjusted basis before deducting any insurance proceeds from the outcome.

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Which of the following are clichés?

Which of the following are clichs?

Answers

Answer:

2nd scentence

Explanation:

Pass with flying colors
Quick as a flash
Easier said than done
First and foremost

Pls help pls

Why is there a huge demand of professionals in the field of agriculture??

Answers

Agriculture is a important field in countries development.Agriculture contributes 10-50℅ GDP to most of the countries.Agricultural determines the Development rankings.Agriculture helps the country to feed all the citizens .Hence there is a huge demand of professionals

how do basic level occupation help society​

Answers

Answer:

A job, employment, work or occupation, is a person's role in society. More specifically, a job is an activity, often regular and often performed in exchange for payment ("for a living"). Many people have multiple jobs (e.g., parent, homemaker, and employee). A person can begin a job by becoming an employee, volunteering, starting a business, or becoming a parent. The duration of a job may range from temporary (e.g., hourly odd jobs) to a lifetime (e.g., judges).

Basic level occupation can help our society in many ways. One of them is agricultural. A further explanation is provided below.

 

Agriculture would be essential employment across the globe even though it's the foundation or the core of all certain vocations, even though people must live.Otherwise, there'll be no significant population for any other activity, resulting in highly impoverished as well as uneducated people throughout the planet."

There are many jobs that a person can do like employee, homemaker, etc. A person can start his career with such jobs.

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how do basic level occupation help society

What can a boosted post help an advertiser achieve?

Answers

A boosted post helps an adviser to connect with the audience and gain trust.

Boosted post is a kind of post that is used on social media platforms in order to enhance the page of the platform and to attract audience to the page. Boosted post can help better communication with the audience along with the increase in a greater number of messages, calls and texts. Boosted posts help for better advertisements of the product. For example, A Chocolate brand may use Boosted posts to gain audience as well as consumers. Boosted posts helps an adviser to be discovered among people, to establish a benchmark in the market and to gain more and more customers. It's a kind of marketing strategy used for publicity purpose.

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Which expense contributes to a business's cost?
2.
(

Answers

Wages, salary, maintenance, rent, and depreciation are all examples of expenses. To calculate profits, revenue is subtracted from expenses. To lessen the tax burden and increase profits, businesses are permitted to deduct some expenses from taxes.

What are a business's costs of expenses?

An expense is a business's operational cost incurred to produce income. Operational income is the company's profit after running costs like salaries, depreciation, and cost of goods sold have been subtracted.

These consist of payroll taxes, insurance deductibles, commissions, bonuses, and other perks including paid time off, health insurance, and retirement savings schemes. When beginning and registering a business, the majority of states in the U.S. will demand some kind of business license.

You can more easily keep track of your business costs if you keep your personal and business accounts separate. Maintaining a healthy cash flow and being eligible for tax deductions that could lower your taxable income require keeping track of business expenses.

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An item is regularly priced at 70$. It is on sale for 20% off the regular price. What is the sale price?

ITS 7TH GRADE MATH BTW!

Answers

Answer:

it's 56.

Explanation:

70*0.8=56

the answer is $56. 20% would be $14 off.

Analyzing Finance Workers' Qualities, Skills, and Abilities.

According to the video, what qualities, skills, and abilities do workers in this career cluster need? Check ALL that apply.

a. physical strength for working outdoors and traveling
b. communication skills for explaining complex concepts
c. leadership skills for persuading others to take action
d. the ability to inspire others
e. the ability to be unemotional about business
f. the ability to be comfortable in an office setting

Answers

The qualities, skills, and abilities which workers in this career cluster need are:

B. Communication skills for explaining complex conceptsE. The ability to be unemotional about business F. The ability to be comfortable in an office setting

According to the given question, we are meant to show the abilities, skills which workers that were displayed on video needs to have if they are to thrive in their chosen profession.

As a result of this, we can see that the workers in this particular career cluster needs communication skills, emotional intelligence and ability to be comfortable in an office setting.

Therefore, the correct answers are options B, E and F

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Answer:

B.E.F

Explanation:

Use the data from the GDP graph to complete each sentence.

Between 2007 and 2008, market growth ________.
Between 2008 and 2009, the GDP _______.
In 2008, GDP nearly reached_______.

Answers

Answer:

increased

decreased

50,000

Explanation:

Answer:

increased

decreased

50,000

Explanation:

Following are the different health signs in an animal. Which of these are the signs of good health in an animal?
I. bright eyes
II. membranes of the eyes are pink
III. rapid respiration

Answers

Answer:

I & II

Explanation:

plato:)

1. Your friend asks to borrow $50 and offers to pay you back with interest. What factors
would you consider in your decision to accept or decline their request?

Answers

The factors that you have to think about would before giving out the loan would be the following:

The loan periodThe ability to pay back the loanThe interest that is on the loanHow the money is to be returned.

What is a loan?

This is the term that is used to refer to an amount of money that would be given to a person that is the borrower by the lender for a period pf time and for them to pay back with interest.

To be able to determine if you are to give out a loan, you have to take the ability of the person to pay you back the amount as a fator.

Also you have to check the character of the person that you are to loan the money to.

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Please help I will mark you as brainliest!!

The marketing manager at a company producing laundry products sees great
long-term profits from selling to many consumers worldwide who care about
low prices. Which of the following tactics would best support this manager's
low-price strategy?

A. Develop products with more features than the competition offers
B. Design simple, inexpensive packaging
C. Offer a customer help line for advice in using the products
D. Work with retailers that specialize in speedy checkout and fast
delivery

Answers

The tactics that would best support this manager's low-price strategy is Designing simple, inexpensive packaging. Thus option B is correct.

What is the manager?

A manager refers to a person who is responsible head of any project and helps in arranging the resources, checking the progress, and timely completion of it in order to achieve the vision and goal of the organization.

In order to cater to a large number of potential consumers the low pricing strategy is used where the manager focuses on simple and inexpensive designs which help in the affordability of consumers.

Therefore, option B is appropriate.

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Is every alternative choice making can be counted upon as decision making?

Answers

.

The answer of this question is No...

influences of Business environment,​

Answers

Factors that Influence the business environment are :

Economic environmentSocial environmentTechnological environmentPolitical environmentLegal environment

The business environment means the total of all the individuals, and institutions that could affect the working of the business firm.

Importance of business environment:

Business environments help the firm to prepare itself for every possible obstruction or hindrance that can affect the functioning of the firm.It also helps the firm to adjust to frequent changes.

The economic environment is all the things that create an economic impact on the firm.

The social environment is all the traditions and customs of the society that creates an impact on the firm.

The technological environment is all the impact on the firm caused due to new technology and upgradations.

The political environment is the conditions and behavior that the elected representatives hold toward the business

The legal environment is entirely based on the rules and legislation of the authorities.

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Yong teaches students with learning disabilities and physical disabilities.
Barb teaches computer programming to high school students.
Maya works in a private school teaching math to seventh-grade students.
Destiny works in a college teaching English to adult students.
Tanner helps an elementary school teacher and works under the guidance of that teacher.
ANSWERS: 1.Special Education 2. Career and technical education 3. Middle school 4. Post secondary teacher 5.teacher assistant

Yong teaches students with learning disabilities and physical disabilities.Barb teaches computer programming

Answers

Answer: Special education teacher

Career and technical education teacher

Middle school teacher

Post secondary teacher

Teacher assistant

Explanation:

Answer:

1.Special education teacher

2.Career and technical education teacher

2.Middle school teacher

3.Post secondary teacher

4.Teacher assistant

Explanation:

A company reported net income of $201,400 during 2022. The company reported depreciation expense of $42,000, patent amortization of $13,500 and a $6,400 loss on the sale of equipment. Using the indirect method, how much is the company's net cash flow from operating activities?

Answers

The company's net cash flow from operating activities using the indirect method is $244,100.

To calculate the net cash flow from operating activities using the indirect method, we start with the company's net income and adjust for non-cash expenses and gains/losses. In this case, we have the following adjustments:

1. Depreciation Expense: Since depreciation is a non-cash expense, we add it back to net income. The depreciation expense of $42,000 is added back.

2. Patent Amortization: Similar to depreciation, patent amortization is a non-cash expense. We add the patent amortization of $13,500 back to net income.

3. Loss on Sale of Equipment: Losses on the sale of equipment are subtracted as they are not included in net income. Here, the loss on the sale of equipment is $6,400, which is subtracted.

To calculate the net cash flow from operating activities, we take the net income and adjust it for the above items:

Net Income + Depreciation Expense + Patent Amortization - Loss on Sale of Equipment

= $201,400 + $42,000 + $13,500 - $6,400

= $250,500 - $6,400

= $244,100

Therefore, the company's net cash flow from operating activities, using the indirect method, is $244,100.

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Which ofthe following accounts are usually transferred to the Income Statement? *
1 point
a. Rent, premises, drawings
b. Drawings, rent, purchases
c. Commission received, rent, purchases
d.Purchases, furniture, commission received​

Answers

Answer:C

Explanation:It is C because to get your commission they need to transferred to your Income Statement and for rent they need to know that you can afford to live there.To purchase big stuff they gotta look at your income to buy it.

How can I unclog the toilet the potatoes got stuck in there? (I hope this not a inapropriate question)

Answers

Answer:

Just get something like a brush and it will get off

Explanation:

Just do it

take it out using ur hands..

1. What is the annual percentage rate (APR) for this credit card?

2. For cash advances what is the APR?

3. What three things would move the APR for the balance on this credit card to 28.99%?

4. What is the annual fee that customers are charged for holding this credit card?

5. If you decided to transfer the balance from another credit card to this credit card, what would be the fee charged?

a. What would be the APR charged for the transferred balance?

6. What is the fee for a cash advance?

7. If you use this credit card in a foreign country, what would be the fee on each transaction you made in the foreign country?

8. If you are late on making a payment, what would be the fee charged?

9. What would be the fee charged if you went over your credit limit?

1. What is the annual percentage rate (APR) for this credit card?2. For cash advances what is the APR?3.

Answers

Answer:

1.  For purchases, the APR during an introductory period is either 8.99% or 10.99% or 12.99% depending on creditworthiness. After the introductory period the APR is 14.99%

2. Cash advance monthly rate changes based on what the Prime Rate is that month + 14.99% so if the prime rate is 3, add 14.99 to that so 17.99% of the amount received in cash. So if you take $200 cash advance,  the amount charged at 17.99% would be 0.1799 x 200 =$35.98.

3. If the card holder does any of the following: makes a late payment, goes over their stated credit limit, make an account payment that is returned, or commit the afore mentioned acts on another account held by this same creditor the APR is then increased to 28.99%.

4. The annual fee charged for the credit card is $20.

5. The fee for a balance transfer is Either $5 or 3% of the amount that is transferred or $100 (whichever is greater) to this card from another account.

  a.  The APR charged for a balance transfer is 15.99%, but would vary based on the market Prime Rate.

6. Fee for cash advance is $5 or 3% of the amount of cash advance taken - whichever amount is largest.

7. 2% of the amount charged (in US dollars) in a transaction.

8.  A late fee of $25 will be charged on an account with a balance of $999 or less. If the account balance if over $1000 the late fee of $35 will be charged and the APR will increase to 28.99%.

9. A fee of $29 is charged for accounts that exceed the credit limit in addition to an APR increase to 28.99%

Explanation: explanations are with the answers listed above.

find the molar concentration of the gas in the solvent if the partial pressure of the gas over the solvent is 5 mmH

Answers

The molar concentration of the gas in the solvent is 0.166 M.

What is the concentration of the gas in the solvent?

In order to find the molar concentration of the gas in the solvent, we can utilize the ideal gas law and the concept of partial pressure. The ideal gas law states that the pressure of a gas is proportional to its molar concentration, temperature, and the gas constant. By rearranging the equation, we can solve for the molar concentration.

Given that the partial pressure of the gas over the solvent is 5 mmHg, we can assume that the gas behaves ideally. Now, we need to convert the pressure from mmHg to atm, as the ideal gas law requires pressure to be in atm units. Since 1 atm is equal to 760 mmHg, we divide the given partial pressure by 760:

5 mmHg ÷ 760 mmHg/atm = 0.006579 atm.

Next, we need to determine the molar concentration (M) of the gas in the solvent. The ideal gas law equation can be rearranged as follows:

P = (n/V)RT,

where P is the pressure, n is the number of moles, V is the volume, R is the gas constant, and T is the temperature in Kelvin. By rearranging the equation, we can solve for n/V, which represents the molar concentration:

n/V = P/RT.

Since we are interested in the molar concentration, we need to solve for n/V. By substituting the given values into the equation, we have:

n/V = (0.006579 atm) / (R)T.

The value of R is the ideal gas constant, which is approximately 0.0821 L·atm/(mol·K). The temperature (T) should be given in Kelvin.

Let's assume the temperature is 298 K. Substituting these values into the equation, we get:

n/V = (0.006579 atm) / (0.0821 L·atm/(mol·K) * 298 K) = 0.00282 mol/L.

Hence, the molar concentration of the gas in the solvent is approximately 0.166 M.

The ideal gas law is a fundamental equation in thermodynamics that relates the properties of gases to each other. It describes the behavior of an ideal gas, which is a hypothetical gas that follows specific rules. The ideal gas law is commonly written as PV = nRT, where P is the pressure, V is the volume, n is the number of moles of gas, R is the gas constant, and T is the temperature in Kelvin. This equation allows us to calculate various properties of gases, such as molar concentration, when certain conditions are known.

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Education Career Video Assignment
In order to complete this assignment, you must first watch at least 3 of the 5 videos that are in the course under MODULE 3.01. After you have watched them, answer the following questions about 3 of the 5 jobs you learned about. Once you are finished save your file. Then upload it to the Education Careers Video Assignment dropbox.

Name:
Video #1
1. What is the job title?

2. Where do people with this career go to work?

3. What education do you need for this career?

4. Why did you choose this career?

Video #2

1. What is the job title?

2. Where do people with this career go to work?


3. What education do you need for this career?


4. Why did you choose this career?


Video #3
1. What is the job title?

2. Where do people with this career go to work?

3. What education do you need for this career?

4. Why did you choose this career?

Answers

Where are the links to the videos?
What’s the video? And do you need help with all questions?

Which characteristic is least appropriate for an emergency action plan

Answers

The least appropriate characteristic for an emergency action plan in a business context is inflexibility.

An emergency action plan is a crucial component of any business's preparedness and response strategy. It outlines procedures and guidelines to ensure the safety and well-being of employees, visitors, and assets during emergency situations. While there are several essential characteristics that an effective emergency action plan should possess, one characteristic that is least appropriate is inflexibility.

Here's an explanation of why inflexibility is not suitable for an emergency action plan:

1. Adaptability to Various Scenarios: Emergencies can vary in nature and severity, ranging from natural disasters to accidents or security threats. An effective emergency action plan should be adaptable to address different types of emergencies. It should provide guidelines and procedures that can be adjusted and tailored to specific situations, rather than being rigid and unyielding.

2. Real-Time Decision-Making: During an emergency, circumstances can change rapidly, requiring quick decision-making and flexibility. An inflexible plan may hinder the ability to make timely adjustments based on evolving conditions. A responsive and adaptable plan allows for real-time decision-making, taking into account new information and circumstances as they arise.

3. Employee Engagement and Ownership: Involving employees in the development and implementation of an emergency action plan is crucial for its effectiveness. Employees possess valuable knowledge and insights about their work environment and can contribute to identifying potential risks and appropriate response strategies. An inflexible plan may discourage employee engagement and ownership as it does not allow for their input and suggestions.

4. Continuous Improvement: An effective emergency action plan should be subject to periodic review and improvement. As new information, technologies, and best practices emerge, it is essential to update and refine the plan accordingly. An inflexible plan may hinder the process of continuous improvement, preventing the incorporation of new knowledge and advancements.

5. Legal and Regulatory Compliance: Emergency action plans often need to comply with specific legal and regulatory requirements. These requirements may change over time, necessitating updates to the plan. An inflexible plan may fail to meet evolving compliance standards, potentially leading to legal and operational risks.

In conclusion, an inflexible emergency action plan is not suitable for a business context. The plan should be adaptable, allowing for adjustments based on various scenarios, real-time decision-making, employee engagement, continuous improvement, and compliance with legal and regulatory requirements. Flexibility ensures that the plan remains relevant and effective in addressing emergencies while prioritizing the safety and well-being of individuals and the business as a whole.


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when CEO robert nardell took over home depot in 2000, there was central control. store managers acted independently and costs were higher than competitors like lowes. nardell changed the culture to focus on central control and cutting costs. to control costs, store managers were not allowed to choose products for local customers. employees os their customer-focused attitudes, and customer service suffered. to repair this , the next CEO, frank blake , sought to restore the "orange apron" culture. what does this example best illustrate?

Answers

Answer:

corporate culture is chosen by senior management in middle managers and employees have little control over it

Explanation:

I believe this is the answer because based off what it said the employees and managers were not allowed to choose products

Why might someone want to file a tax return even if they dont meet the minimum income requirement

Answers

A taxpayer might want to file a tax return because they want to ensure they pay necessary tax as when due.

What is a filing of tax return?

A  tax return basically means the forms filed with the tax authority by a taxpayer that entails his/her income, expenses, tax information etc.

The filing of tax return allow the taxpayers to:

calculate their tax liabilityschedule tax paymentsrequest refunds etc

However, a taxpayer might want to file a tax return even if they dont meet the minimum income requirement because they want to ensure they pay necessary tax as when due.

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Do you think JNK should be more ethical? Explain your answer.

Do you think JNK should be more ethical? Explain your answer.

Answers

Yes, in my opinion JNK should be ethical. Being an ethical business will gain more sales, increasing its customer loyalty and introduce more new customers. It will reduce the waste materials which are thrown off to the sea. Many people only trust ethical businesses. This will increase sales leading to where JNK can invest in new technology. When being an ethical business, JNK will not employ children. However, the downfall for being ethical is that, the product prices will increase which some people don’t want to pay higher prices. It will increase the average cost. In the end, I think JNK should be an ethical business because in the short run it will come through challenges but in the long run it will have many advantages.

Answer:

"god is a woman"

Explanation:

"and its megan thee stallion"

Betty's employees' performance is the lowest of the company. Most of Betty's employees have
been with the company less than 2 years. Those that have been with the company for more
than 2 years are visibly unhappy at the company. These results are drastically different than
most of the other teams in the company.

Do you think Betty is a good manager? List facts that support your decision

Answers

Answer: Define job performance, organizational citizenship, absenteeism, and turnover.

Explain factors associated with each type of work behavior.

One of the important objectives of the field of organizational behavior is to understand why people behave the way they do. Which behaviors are we referring to here? We will focus on four key work behaviors: job performance, organizational citizenship behaviors, absenteeism, and turnover. Note that the first two behaviors are desirable ones, whereas the other two are often regarded as undesirable. While these four are not the only behaviors organizational behavior is concerned about, if you understand what we mean by these behaviors and the major influences over each type of behavior, you will gain more clarity about analyzing the behaviors of others in the workplace.

Explanation:

The depreciable cost of a building is the same as its acquisition cost. true false

Answers

The depreciable cost of a  building is the same as to its acquisition cost is false.

Building refers extra widely to any task within the field. for instance, construction may additionally consist of constructing a road. whereas building commonly refers to erecting a building such as a domestic or enterprise. This identical concept may be implemented to the made of the method.

The structures that fall beneath the definition of a building are as follows: Foundations, plinths or pedestals, partitions, flooring, roofs, chimneys, plumbing/drainage systems, fixed structures, and so on. Verandahs or atriums, balconies, cornices, projections within the building which increase beyond its outdoor walls, etc.

Buildings serve numerous societal needs – commonly as refuge from climate, security, residing area, privateness, to save belongings, and to simply live and work.

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The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2020:
Beginning balances were: Cash, $96,000; Taxes Receivable, $194,000; Accounts Payable, $54,500; and Fund Balance, $235,500.
The budget was passed. Estimated revenues amounted to $1,260,000 and appropriations totaled $1,256,800. All expenditures are classified as General Government.
Property taxes were levied in the amount of $930,000. All of the taxes are expected to be collected before February 2021.
Cash receipts totaled $900,000 for property taxes and $305,000 from other revenue.
Contracts were issued for contracted services in the amount of $100,500.
Contracted services were performed relating to $90,000 of the contracts with invoices amounting to $87,800.
Other expenditures amounted to $977,000.
Accounts payable were paid in the amount of $1,115,000.
The books were closed.
Required:
a. Prepare journal entries for the above transactions.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund.
c. Prepare a Balance Sheet for the General Fund assuming there are no restricted or assigned net resources and outstanding encumbrances are committed by contractual obligation.

Answers

a. Journal entries:

1. To record the beginning balances:

  Dr. Cash                            $96,000

  Dr. Taxes Receivable          $194,000

  Cr. Fund Balance                 $235,500

  Cr. Accounts Payable          $54,500

2. To record the budget:

  Dr. Estimated Revenues      $1,260,000

  Cr. Appropriations                 $1,256,800

3. To record property taxes levied:

  Dr. Taxes Receivable          $930,000

  Cr. Estimated Revenues      $930,000

4. To record cash receipts for property taxes and other revenue:

  Dr. Cash                              $1,205,000

  Cr. Taxes Receivable            $900,000

  Cr. Other Revenue                    $305,000

5. To record contracted services issued:

  Dr. Expenditures                        $100,500

  Cr. Encumbrances                  $100,500

6. To record contracted services performed and invoiced:

  Dr. Expenditures                        $87,800

  Cr. Fund Balance                           $87,800

7. To record other expenditures:

  Dr. Expenditures                        $977,000

  Cr. Fund Balance                           $977,000

8. To record accounts payable payment:

  Dr. Accounts Payable                $1,115,000

  Cr. Cash                                      $1,115,000

b. Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund:

General Fund

Statement of Revenues, Expenditures, and Changes in Fund Balance

For the Year Ended December 31, 2020

Revenues:

  Property Taxes                           $930,000

  Other Revenue                              $305,000

Total Revenues                                 $1,235,000

Expenditures:

  Contracted Services                     $90,000

  Other Expenditures                       $977,000

Total Expenditures                             $1,067,000

Excess of Revenues Over Expenditures   $168,000

Fund Balance:

  Beginning Balance                       $235,500

  Excess of Revenues Over Expenditures   $168,000

Total Fund Balance                             $403,500

c. Balance Sheet for the General Fund:

General Fund

Balance Sheet

December 31, 2020

Assets:

  Cash                                                 $96,000

  Taxes Receivable                              $194,000

Total Assets                                            $290,000

Liabilities:

  Accounts Payable                               $54,500

Total Liabilities                                       $54,500

Fund Balance:

  Fund Balance                                   $235,500

  Excess of Revenues Over Expenditures    $168,000

Total Fund Balance                                $403,500

Total Liabilities and Fund Balance        $458,000

Please note that these entries and financial statements are based on the information provided, and additional details or adjustments may be necessary based on specific accounting policies and requirements.

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