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Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program. As of the start of the year, the fund had a balance of $600.000, composed of both cash and marketable securities. The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000. The following transactions and events happened in a recent year: 1. The MCHS conducted a Walk Your Pet Day fundraising drive. The event raised $120,000 of which $20,000 was in pledges expected to be collected shortly after year-end. 2. The society acquired food and medicine at a cost of $60,000 (cash). During the year it used $30,000 of these supplies. The society accounts for supplies on a consumption basis. It incurred other operating costs (all paid in cash) of $85,000. 3. The society earned interest of $45,000 on investments accounted for in the permanent fund. 4. During the year, the market value of the investments held by the permanent fund increased by $30,000. Per the terms of the agreement establishing the endowment, all capital gains, both realized and unrealized, must be added to principal. 5. During the year the value of investments held by the special revenue fund increased by $3,000. 6. The society transferred cash to the special revenue fund in the amount of the earnings of the special revenue fund. a. Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they would be recorded. b. In your opinion, should the unrealized gains on the investment held in the special revenue fund be expendable or nonexpendable? Explain.
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%., Instructions:- Compute the proper earnings per share for 2010.
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.
Greenspan Company management predicts $500,000 of variable costs, $800,000 of fixed costs, and a pretax income of $100,000 in the next period. Management also predicts that the contribution margin per unit will be $60.
Messier Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. Explain Computation of Bond Liability
At the beginning of 2011, Red decided to change the depreciation to the double-declining balance method. The residual value remains at $4 million. Ignoring income taxes, what will be Red's depreciation expense for 2011?
Calculate the number of sweatshirts Henry's Hoodies must sell to break even. Round your answer to the nearest whole number.
What would be Altoona's finished-goods inventory cost on Dec 31 under the variable costing method?
In May of 2009, Raymond Financial Services became involved in a penalty dispute with the EPA. At December 31, 2009, the environmental attorney for Raymond indicated that an unfavorable outcome to the dispute was probable.
Prepare Nguyen Corporation's income statement for 2011, including earnings per share, assuming a weighted average of 100,000 shares of common stock outstanding for 2011.
Background: As one of the world's largest retail giants, Wal-Mart provides a perfect illustration of inventory disclosure. What is Walmart's ending inventory as of January 31, 2013? What percentage of Walmart's total assets is the Inventories asset?
Discuss the PEMDAS order of operations in mathematics. What is PEMDAS and why is important to follow it to the letter when conducting mathematical operations?
Distinguish between a defined benefit plan and a defined contribution plan. Why does a defined benefit plan present far more complex accounting issues than a defined contribution plan?
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