The following selected informa

The following selected information was extracted from the 20×1 accounting records of Lone Oak Products:

 

       
Raw material purchases $ 175,000  
Direct labor   254,000  
Indirect labor   109,000  
Selling and administrative salaries   133,000  
Building depreciation*   80,000  
Other selling and administrative expenses   195,000  
Other factory costs   344,000  
Sales revenue ($130 per unit)   1,495,000  
 

 

*Seventy-five percent of the company’s building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions.

 

Inventory data:

 

  January 1 December 31
Raw material $ 15,800   $ 18,200  
Work in process   35,700     62,100  
Finished goods*   111,100     97,900  
 

 

*The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.

 

Compute the company’s cost of goods sold

The following selected informa

The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019:

Revenues:
Property taxes—2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 825,000
Expenditures:
Current services:
Public safety . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . 350,000
Capital outlay (police vehicles) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000
Debt service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . 74,000
Excess of revenues over expenditures . . . . . . . . . . . . . . . . . .  . . $ 153,000
Other financing uses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (125,000)
Excess of revenues over expenditures and other financing uses. $ 28,000
Decrease in fund balance assigned (encumbrances) during 2019 . 15,000
Residual equity transfers-out . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (190,000)
Decrease in unassigned fund balance during 2019 . . . . . . . . . . $(147,000)
Unassigned fund balance, January 1, 2019. . . . . . . . . . . . . . . . . .  . 304,000
Unassigned fund balance, December 31, 2019. . . . . . . . . . . . . . . $157,000

The following information was taken from SunValley’s December 31, 2019, general fund balance sheet:
Property taxes receivable—delinquent—2019. . . . . . . . . . . . . . . . .  $ 34,000
Less: Allowances for estimated uncollectible taxes—delinquent . . . 20,000
Vouchers payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89,000
Fund balance:
Restricted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,000
Assigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,000
Unassigned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157,000

Additional information is as follows:
a. Debt service was for bonds used to finance a library building and included interest of $22,000.
b. $8,000 of 2019 property taxes receivable was written off; otherwise, the allowance for uncollectible taxes balance is unchanged from the initial entry at the time of the original tax levy at the beginning of the year.
c. SunValley purchased $50,000 of supplies inventory in 2019 and had a balance of $5,000 at December 31, 2019.

Provide the best answer to the following questions:
1. What recording method did SunValley use for its general fund supplies inventory?
2. What amount was collected from 2019 tax assessments?
3. What amount is SunValley’s liability to general fund vendors and contractors at December 31, 2019?
4. What amount should be included in the general fixed assets account group for the cost of assets acquired in 2019 through the general fund?
5. What amount arising from 2019 transactions decreased liabilities reported in the general long-term debt account group?

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