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The Star Exploration Agency, a unit of the Space Department, was established by Congress to begin operations at the beginning of fiscal year 2014. Following are the agency transactions during October, its first month of operations:October 1 Congress passed and the president approved a $ 1,000,000 appropriation for this agency.October 1 Of the amount appropriated, $ 950,000 was apportioned by the OMB.October 1 The Space Department allotted the agency $ 100,000 to carry out its October operations.October 1 Purchase requests were made for materials and supplies, estimated to cost $ 88,000.October 4 Purchase orders were placed for materials and supplies, estimated to cost $ 85,000. The other requests (for $ 3,000) were cancelled.October 10 Materials and supplies previously ordered were received, together with invoices for $ 80,000. All items received were placed in inventory. The remaining items (for $ 5,000) will be received at a later date.October 14 A disbursement schedule was sent to the Treasury, requesting that it pay invoices amounting to $ 80,000.October 24 The Treasury informed the agency that it had paid invoices amounting to $ 76,000.October 31 An inventory count showed that $ 15,000 of materials and supplies was on hand. The rest was used in operations.Use the preceding information to do the following:a. Prepare journal entries to record the events of October.b. Prepare a preclosing trial balance.c. Prepare the following month end statements: balance sheet, statement of net costs, statement of changes in net position, and statement of budgetary resources
The fair market value of the land is notdeterminable, but the stock is widely traded and was selling for$25 per share when exchanged for the land. At what amount should the land be recorded by Amos Company?
All the necessary information is listed. It is not necessary to calculate your answers in alphabeticalorder.
harveys corporation borrowed 113000 from the bank on november 1 2014. the note had a 8 percent annual rate of interest
consider the following information pertaining to a years operations of youngstown manufacturingunits sold 1400 units
Ted is the sole shareholder of a C corporation, and Sue owns a sole proprietorship. Both businessed were started in 2010, and each business sustained a $5,000 net capital loss for the year. Which of the following statements is correct?
weinberg canning produces fi llet smoked salmon and salmon remnants in a single process. the same amount of disposal
go the hershey website to learn how to make hershey chocolate. review the process and take a look at some of the
you plan to hold a weekly breakfast meeting with your team of strategic planners to practice assessing an industry. for
falquez company sells three products r s and t. data for activity of falquez company during july are as follows
1. Prepare the following, by quarter and in total, for Year 2: a. A schedule of expected cash collections on sales.b. A schedule of expected cash disbursements for merchandise purchases.
In dos we have limit of _______ blocks per cluster.
In reviewing the tax credits , there are just as many for small businesses as for individual taxpayers, Explain how the IRS determines and measures the impact of enacting these credits on both types of taxpayers. Provide support for your opinion.
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