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Grand Marais city's fiscal year ends on June 30. Jasper uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $5,000. Grand Marias received these supplies on June 2, and the $5,000 invoice was approved for payment.
What General Fund journal entry should Grand Marais make on May 6, to record the approved purchase order?
Progressive income taxes (the more you earn, the more you pay) are designed in part to reallocate earnings. Does the approach seem fair? Explain your answer.
Now add a set of indifference curves and illustrate how an investor's optimal portfolio is some combination of the risky portfolio and the risk-free asset. What is the composition of the risky portfolio?
Can you distinguish between accuracy of tests of gross accounts receivable and tests of the realizable value of receivables?
Which of the following is an example of a consideration the government takes into account when creating a tax?
During 2010, Durham Manufacturing expected to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Durham applied overhead based on direct labor cost.
Ajax, Inc. is an affiliate of the audit client and is audited by another firm of auditors. Which of the following is most likely to be used by the auditor of the client to obtain assurance that all guarantees of the affiliate's indebtedness have b..
If income tax expense for the current year was $46,000 and income tax payable decreased by $5,200 during the year, what was the amount of cash payments for income tax?
Gardner Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depre..
On December 31, of the current year, a company's unadjusted trial balance revealed the following: Accounts receivable of $185,600; Sales Revenue of $1,280,000; (75% were on credit), and Allowance for Doubtful Accounts of $1,600 (credit balance). P..
Syntech is offered credit terms of 2/10, net 40, but decides to forego taking the cash discount and pays on the 45th day. What is Syntech's cost of foregoing the cash discount?
Swagelok Enterprises is manufacturer of miniature fittings and valves. Over a 5-year period, the costs associated with one product line were given below:
Do you think favorable variances should be investigated? Why or why not?
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