The following information was available for the general fund of the City of Liverpool for the year ended December 31, 2017:Revenues for the year included property taxes in the amount of $5,400,000; fines and forfeits in the amount of $700,000; sales taxes in the amount of $2,000,000; and miscellaneous revenues in the amount of $400,000.Expenditures were as follows: general government, $5,100,000; public safety, $1,750,000; and culture and recreation, $942,000.A transfer was made from the general fund to a debt-service fund in the amount of $500,000. A transfer was made from an enterprise fund to the general fund in the amount of $200,000.A sale of park land was made during the year, which was considered infrequent but not unusual and under the control of management. The proceeds amounted to $400,000, and the land had a basis of $250,000 reported in the government-wide statement of net assets the year before. The beginning fund balance is $150,000.Required: Prepare a statement of revenues, expenditures, and changes in fund balances for the general fund for the City of Liverpool for the year ended December 31, 2017.

Will you use single-entry bookkeeping or double-entry bookkeeping? explain why.

< back to assignment attempts: 1 1 keep the highest: 1 / 2 2. determining opportunity cost juanita is deciding whether to buy a suit that she wants, as well as where to buy it. three stores carry the same suit, but it is more convenient for juanita to get to some stores than others. for example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the suit: store travel time each way price of a suit (minutes) (dollars per suit) local department store 15 102 across town 30 88 neighboring city 60 65 juanita makes $42 an hour at work. she has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. assume that returning to work takes juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. as you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. complete the following table by computing the opportunity cost of juanita's time and the total cost of shopping at each location. store opportunity cost of time price of a suit total cost (dollars) (dollars per suit) (dollars) local department store 102 across town 88 neighboring city 65 assume that juanita takes opportunity costs and the price of the suit into consideration when she shops. juanita will minimize the cost of the suit if she buys it from the . grade it now save & continue continue without saving

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?