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A new employee of the City of Kashime was working with the accounting records of several of its funds. This employee, John Fergie, found that a gift had been given to the city for the library. The gift mandated that only the earnings from the gift could be used for library operations. John wanted to set up a Permanent Fund for the principal of the donation to the library and use a Special Revenue Fund to account for the earnings of the investment and their use. Another employee argued that a Private Purpose Trust Fund should be used for both principal and income. Do you agree with either of these individuals, or do you have a better suggestion?
Write a 2- to 3-page memo to the file, evaluating the merits of the position taken by the IRS. Use the IRAC Tax memo format: Issue, Ruling, Analysis, and Conclusion.
kristen deposits 5000 in the bank at the endof each year for five years. how much money will she have in thebank at the
dollar general corporation operates approximately 9400 general merchandise stores that feature quality merchandise at
during 2010 jat company purchased trading securities as a short-term investment. the costs of the securities and their
select and analyze an exposure draft or current standard open for comment with the iasb. as part of your analysis
At the time of the notification what is the appropriate entry in the capital projects fund (assuming that the City has met all eligibility requirements and maintains its books and records in a manner to facilitate the preparation of the fund finan..
as of december 31 2010 stand still industries had 2500 of raw materials inventory. at the beginning of 2010 there was
in todays technology environment hackers present a substantial risk to a firms accounting or business system. as the
On March 1, 2010, Ruiz Corporation issued $800,000 of 8% nonconvertible bonds at 104, which are due on February 28, 2030. In addition, each $1,000 bond was issued with 25 detachable stock warrants,
DeCort Company had these adjusting entry situations at the end of December:May 1-paid $960 for a two -year insurance policy. The policy was for the period May 1-April 30(for 2yrs). This is the first year of the policy-Transaction was recorded as i..
Huntington Company's annual accounting year ends on December 31. It is December 31, 2011, and all of the 2011 entries except the following adjusting entries have been made:
Prepare summary journal entries in all appropriate funds. Prepare alternative journal entries to re?ect how the transactions would be recorded in the township's government-wide statements.
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