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Federal revenues may be accounted for and reported in an unusual manner. A federal environmental agency engaged in the following transactions during a particular year. 1. It billed corporations for which it provided services $160 million. Of this, it collected $140 million. 2. It levied $150 million in ?nes and penalties against corporations. Of this, $90 million was collected in cash. Of the balance, the protest period has expired on $35 million, which the agency expects to collect in the following year. The remaining $25 million is in dispute and court dates have not yet been set. 3. It collected an additional $20 million in ?nes and penalties that had been assessed by federal courts in the previous period. 4. It received cash donations of $3 million and pledges of an additional $2 million. The agency's counsel advises that the pledges are not legally enforceable. a. Prepare journal entries to record the revenues and collections. b. Show how the revenues and related receivables would be reported on the agency's balance sheet and statement of net cost (i.e., an operating statement).
calculate the actual direct labor rate paid per hour during august.calculate the dollar amount of the direct labor
during 2011 actual number of units produced and sold was 5500. actual cost of direct materials used was 668800 based on
prepare the following journal entries and answer the questions.descriptionsexplanations are not required for the
One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is
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Northwest paid freight-in charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. What is ending inventory?
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How would your answer change if the "U.S. net equity" of the branch was $1,650,000 at the end of 2012? How much tax would be owed?
a direct labor worker at cogswell corporation is paid 22 per hour for regular time and time and a half for all work in
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