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You are working as an accountant for the government, and you have newly elected board members who are businesspeople from the community. You need to prepare an overview of government accounting to brief the new members. Select a Comprehensive Annual Financial Report (CAFR) for a government entity of your choice, preferably a community in which you live. Include a comparison of governmental accounting with for-profit financial accounting. Write an overview of no more than 1,400 words and submit it as a Microsoft® Word document. Describe the government reporting and reporting entity, and evaluate the Management Discussion & Analysis (MD&A) section for the governmental reporting unit.
Format your overview consistent with APA guidelines.
Find the present values of the following cash flow streams. The appropriate interest rate is 8%. (Hint: It is fairly easy to work this problem dealing with the individual cash flows.
Carlton Company sells office equipment on September 30, 2010, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2010, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2010 is $6,000...
Calculate the amount of the final price adjustment because of defective pricing based on the Contractor unintentionally overpriced their material costs by $75,000 and under-priced their direct manufacturing labor costs by $50,000. Overhead rates u..
Directions research the related generally accepted accounting principles and prepare a short memo to the president that summarizes how to report the $40,000 loss on Klote's 2010 income statement. Cite your reference and applicable paragraph number..
The land contributed by Ashley was encumbered by a $40,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Ashley's partnership interest is:
Foster's Repair Shop has a monthly target operating income of $10,500. Variable expenses are 50% of sales, and monthly fixed expenses are $7,000.
1. maker systems manufactures automated test systems that perform quality inspections during and at the completion of
The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to mak..
On Dec.1 declared a $0.50 Per share cash dividend to shockholders of record on Dec.14, payable January 10, 2010. Why is cash and Paid in capital from Treasury stock, both debit?
On June 1, 2009, Everly Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%.
Albert transfers land (basis of $140,000 and fair market value of $320,000) to Gold Corporation for 80% of its stock and a note payable in the amount of $80,000. Gold assumes Albert's mortgage on the land of $200,000.
Rolling Thunder decided to discontinue its entire wholesale division (a major line of business) and to keep its manufacturing division. On September 15, it sold the wholesale division to Dylane Corp. During 2014, there were 800,000 common shares o..
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