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A government's Statement of Revenues, Expenditures and Changes in Fund Balances reflected proceeds of bonds in the amount of $1,000,000. That statement also reflected expenditures for debt service in the amount of $3,000,000, including $2,600,000 for principal payments. Assuming no other changes, the effect, when moving from the change in fund balances in the governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances to the change in net assets for governmental activities in the Statement of Activities would be a:
A. $1,000,000 increase
B. $1,000,000 decrease
C. $1,600,000 increase
D. $1,600,000 decrease
What information is provided in the statements that will assist you in making these business decisions? What information is not provided that could assist in managerial decision making?
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among non-profit organizations and government agencies is for management to spend any amounts remaining i..
How exactly does international tax planning assist a US citizen avoid taxes? Discuss what you feel are the legal, ethical and fairness issues involved in doing this type of international tax planning.
1. You acquire the outstanding loan (note) of Shepard Company, who is having financial difficulty. Because of the financial difficulty, Shepard Company's credit rating has been downgraded and you acquire the note at a discount.
Big Brother Holdings, Inc. had the following available-for-sale investment portfolio at January 1, 2002. Prepare journal entries for each of the above transactions.
Calculate the net present value of the project. (For all net present value calculations, if the net present value is negative, show the amount in (parenthesis). Round all answers to 0 decimal places.)
Determine whether or not the project should be undertaken using the net present value method.
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. TechCom's journal entry to record the sales portion of the transaction is:
Of the 4 categories of quality costs, which one best describes the quality issues each team experienced during the first production period of the GuessPacho TM Lego TM simulation game?
On January 1, 2003, ABC co. purchased a building and machinery that have the following useful lives, salvage value, and costs-Prepare the journal entry necessary to record the depreciation expense on the building in 2008
Explain the assignment of income doctrine (AID) and the fruit of the tree doctrine. What role does the AID play in our federal income tax system, and what could be done to avoid or reduce income taxes if the AID did not exist?
Prepare journal entries to record the write-off of receivables, the collection of $1,200 for previously written off receivables, and the year-end adjusting entry for bad debt expense.
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