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A federal agency receives a separate appropriation for supplies. A large number of purchase orders marked Rush are processed in August. Because several clerks are on vacation, they are not recorded as obligations. The supplies are received in early September, before the end of the fiscal year. After matching the invoices with the receiving reports, the accountant finds the agency has insufficient funds to process many of the payments. On further inquiry, the accountant locates the batch of unrecorded purchase orders. He also finds that the supplies were used immediately upon receipt. He explains the problem to his immediate supervisor, who says, Forget it. Just charge the bills to next year appropriation. Explain the nature of the accountant dilemma, and discuss what you think he should do.
bonner corp.s sales last year were 415000 and its year-end total assets were 355000. the average firm in the industry
holiday laboratories purchased a high-speed industrial centrifuge at a cost of 490000. shipping costs totaled 27000.
Pandora Media, an online music service, issued 14.7 million shares of $1par value stock for $16 per share in June 2011. Give the journal entry to record this transaction.
presented below are selected income statement data for kettridges farm for the month of april sales 110000 cogs 57000
two examples where historical cost information is reported in pampgs financial statements and related notes. give two
How can management practices speed the collection of receivables? Which management practices tend to slow the collection of receivables?
sussman industries purchased a drilling machine for 50000 and paid cash. sussman expects to use the machine for ten
the accounting manager has informed you that the cash reconciliation is showing an un-reconciled difference to the bank
during its fiscal year a pension trust fund buys 1000 shares of stock for which it pays 33000. at year end the stock
bugles bagel bakery is investigating the purchase of a new bagel making machine. this machine would provide an annual
A U.S. firm has a Canadian subsidiary that remits some of its earnings to the parent on an annual basis. The firm has no other foreign business. The firm could best reduce its exposure to exchange rate risk by issuing bonds denominated in:
poplar corp. comparative balance sheets included inventory of 90200 at december 31 2011 and 70600 at december 31 2012.
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