How would you advise the cfo

Assignment Help Accounting Basics
Reference no: EM13871521

Several years ago the citizens of Jefferson Heights approved a 1/ 4 percent increase in the sales tax dedicated to law enforcement. The legislation provided that a Law Enforcement Special Revenue Fund (SRF) be established to account for the collection and disbursement of the tax resources. In addition, the legislation specifically included a provision that prohibited any other use of these funds. The chief financial officer (CFO) of Jefferson Heights discovered that the General Fund does not have enough resources to meet the final payroll of the fiscal year. At a staff meeting, the CFO suggested that the SRF loan resources to the General Fund until the General Fund could repay the loan. The county attorney said that, based on the wording of the law, such a loan probably would be illegal. After the meeting broke up, the mayor told the CFO to ignore the county attorney because all the Special Revenue Funds are nonmajor and, when combined for financial reporting purposes, the loan would not show up in the basic financial statements as having come from the Law Enforcement SRF. How would you advise the CFO? Explain.

Reference no: EM13871521

Questions Cloud

What statistics should you collect on the worlds major debt : What statistics should you collect on the world's major national debt and equity markets? Can you trust that the future will be like the past?
Discuss any educational requirements of the job : Briefly describe the roles that people in this job may take on. Explain what the career requires you know about the legal system and Discuss any educational requirements of the job.
Describe the impact of a happy employee : Describe the impact of a happy employee
How a particular law influences the conduct of business : Persuasive paper on how a particular law influences the conduct of business
How would you advise the cfo : After the meeting broke up, the mayor told the CFO to ignore the county attorney because all the Special Revenue Funds are nonmajor and, when combined for financial reporting purposes, the loan would not show up in the basic financial statements a..
Problem regarding the transformation example : Balanced 3-φ system with the line voltage of 866 V, the frequency of 60 Hz, and with Y - connected source feeds ?-connected load with the impendence of 174 - j249 Ω. Line impedance is 2 + j3 Ω and phase sequence is positive.
The bonds and the first two interest payments : The bonds pay interest semiannually on June 30 and December 31 and are due December 31, 2017. The company uses the straight line amortization method.
Explain negative impacts in terms of social change : Summarize specific examples of the ethical decisions you proposed throughout the course and explain how they might promote positive social change. Finally, explain any negative impacts in terms of social change that this decision making might have
What are the proportions for a foreign bond investment : How much of the return variance on a foreign stock investment is likely to come from variation in the foreign stock market? What are the proportions for a foreign bond investment?

Reviews

Write a Review

Accounting Basics Questions & Answers

  If there are 3 partners in a partnership each contributing

if there are 3 partners in a partnership each contributing 10 000 each in their business and they each agree to share

  On august 1 kim company accepted a 90-day note receivable

1.an alternative name for bad debt expense isa. deadbeat expense.b. uncollectible accounts expense.c. collection

  Work in process inventory at the beginning of the period

Kent Company had 800 units of product in its work in process inventory at the beginning of the period. During the period 3,000 additional units of product were started.

  Calculate operating income if the selling price is raised

miller metal company makes a single product that sells for 32 per unit. variable costs are unit abd fixed costs total

  Calculate working capital and the current ratio at year-end

management of rivers co. anticipates that its year-end balance sheet will show current assets of 12828 and current

  When management looks at multiple months or years of income

when management looks at multiple months or years of income statements treating the relationship of each item as a

  Electronics multi step income statement

Prepare a North east Electronics multi step income statement for the month ended in May 31st 2009

  Assume the same facts as in problem c11-43 assume further

assume the same facts as in problem c11-43. assume further that raider corporation reports 75000 of ordinary income

  Present level of fixed manufacturing costs

Allen Distributors has offered to purchase 5,000 saws per month at a reduced price. Burns can manufacture these additional units with no change in its present level of fixed manufacturing costs.

  What is the present value of his consulting contract b

present value mr. flint retired as president of color title company but is currently on a consulting contract for 45000

  Interest is paid on july 1 and january 1 and bonds mature

on april 1 2010 fin co. purchased 160000 of 6 bonds for166300 plus accrued interest as an available-for-sale security.

  At the calypso resort the company cleaned 900 rooms during

at the calypso resort the company cleaned 900 rooms during march 1200 public spaces changed 1600 beds and cleaned 900

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd