Palo alto city has operated a city utility (enterprise) fund for a number of years. the fund accounts for the activities of the city-owned electric, water and sewer systems. during the current year, the city engaged in the following transactions related to the city utility fund. required: prepare the appropriate journal entries. if none is required, write "no entry required." the city received $1 million from a developer to connect new houses to the existing utility lines. the city billed its customers $750,000 for services provided during the year. depreciation on existing physical plant was $400,000. revenue bonds in the amount of $5 million were issued at par to finance new construction. the bond agreement requires that the city retain $400,000 of the bond proceeds for purposes of servicing the debt if revenues are not sufficient to do so.

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Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

The face of a company is often that of the lowest paid employees who meet the customers. select one: true false