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A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?
a) Debit Estimated Revenues $500; Credit Appropriations $490; Credit Fund Balance $10.
b) Debit Appropriations $490; Debit Fund Balance $10; Credit Estimated Revenues $500.
c) Debit Encumbrances $490; Debit Fund Balance $10; Credit Estimated Revenues $500.
d) Memorandum entry only.
Rent income should be shown on the income statement : a. Pretax as part of income from continuing operations before tax. b. net of tax as part of income from continuing operations before tax
Benson and Orton are partners who share income in the ratio of 2:3 and have capital balances of $30,000 and $50,000 respectively. Ramsey is admitted to the partnership and is given a 10% interest by investing $20,000. What is Orton's capital balan..
Lisa's School Supplies suffered a fire loss. The company needs to estimate the cost of the goods destroyed. Beginning inventory was $500,000, purchases totaled $700,000, and sales came equaled $1,000,000.
Which of the following statements is (are) true regarding the potential effects of using reported product costs for decision making?
Delray Technology is considering these two alternatives to finance its construction of a new $2 million plant:
Part (a) Who are the stakeholders in this decision? Part (b) Is it ethical for Judy to revise the costs as indicated? Briefly explain. Part (c) What should Judy do?
Assuming no other changes, the effect, when moving from the change in fund balances in the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statement..
Jason Thompson purchased an office building 10 years ago for $780,000. The building was just appraised at $1.25 million. What value should be used for the building in Jason's accounting records? Support your answer.
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
Explain how the process compares to an acquisition (or should we say Statutory Merger) when the acquired subsidiary is dissolved in the year of acquisition.
Monterey Corporation is considering the purchase of a machine costing $52,000 with a 4-year useful life and no salvage value. Monterey uses straight-line depreciation and assumes that the annual cash inflow from the machine will be received unifor..
What amount should Mateo Corporation report as inventory in its December 31, 2011, balance sheet?
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