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Please answer the following regarding Governmental and Non-Profit Accounting:
a. A member of the city commission insists that the city’s internal service fund prepare and submit a budget for commission approval. The commissioner argues that it is only through the budget that the commissioners will be able to ensure control over the internal service fund. Do you agree or disagree with the commissioner’s argument? Explain your answer.
b. Although proprietary funds are often compared to for-profit businesses, there are several differences between accounting for proprietary funds and accounting for a for-profit organization. Identify and discuss several differences for each of the fund financial statements.
c. What are the three components of net position provided by GASB? Describe how a government assigns amounts to the classification?
d. What is the accounting treatment if an internal service fund recovers more or less than the costs incurred by the fund?
Prepare a responsibility report (in thousands of dollars) for the Home Division. Evaluate the manager's performance. Which items will likely be investigated by top management?
Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V, which was started and completed during the current period, shows charges of $6,200 for direct materials, $8,100 for direct labor, and $5,751 for overhead on its..
What is the company's cost of equity capital?- What is the company's unlevered cost of equity capital?- What would the cost of equity be if the debt-equity ratio were 2?
Calculate dividend payout and dividend yield.
Prepare the journal entries for Barnes and Noble for the transactions and calculate the gross profit for Barnes and Noble - Calculate ending inventory, cost of merchandise sold and gross profit using the FIFO method.
Stangle Company manufactures ties. When 28,000 ties are produced, the costs per unit are: Direct materials $0.60 Direct manufacturing labor $3.00 Variable manufacturing overhead $1.20 Fixed manufacturing overhead $1.60 Variable selling $0.80 Fixed se..
Economic analysis of small-scale cogeneration. You are considering an investment in three 60-kW micro turbines that generate both electricity and DHW, for a large apartment complex. The micro turbines will displace output from the existing natural ga..
The new note carried an 8 percent interest rate with similar payment terms. - Prepare the original and the adjusting journal entries at the end of 2010
Cargo, Inc., has two products: Product D (unit sales price, $25; unit variable cost, $15) and Product J (unit sales price, $14; unit variable cost, $9). The company’s sales mix of Product D to Product J is 4:1 and fixed costs are $32,850. Determine t..
Creative Lighting, Inc., makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis.
Compute the average cost per serving at each of the following monthly volumes: 1,500; 2,000; 3,000; and 5,000, and determine the monthly volume at which the average cost per serving is $1.00.
Kyle and Alyssa paid $1,000 and $2,000 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of California. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $132,000 and they file a j..
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