How will the amount of revenue reported

Assignment Help Accounting Basics
Reference no: EM13122716

A private citizen makes an unrestricted pledge of $5 million to a city's museum. The city is confident that the donor will fulfill her pledge. However, the cash will not be received for at least two years. How will the amount of revenue reported in the governmental fund statements differ from that reported in the government-wide statements? Explain.

Reference no: EM13122716

Questions Cloud

Amt statutory exemption : Dunn Corporation's taxable income is less than $40,000. The corporation is not eligible for the AMT small corporation exemption. The CPA preparing the return does not calculate the AMT because he knows that taxable income is less than the AMT stat..
What is a constructive dividend : What is a constructive dividend? Under what circumstances is the IRS likely to argue that a constructive dividend has been paid?
Understand the purpose and key parts of a business plan : Understand the purpose and key parts of a business plan and know how strengths, weaknesses, opportunities and threats impact a business
What is a committed fund balance in a governmental funds : What is a committed fund balance in a governmental funds balance sheet? How does it differ from a restricted fund balance?
How will the amount of revenue reported : A private citizen makes an unrestricted pledge of $5 million to a city's museum. The city is confident that the donor will fulfill her pledge. However, the cash will not be received for at least two years. How will the amount of revenue reported i..
Broad strategies following by company : Generally, companies follow one of two broad strategies: offering a quality product at a low price, or offering a unique product or service priced higher than the competition. Assume you are opening a small food outlet across the street from your ..
Compute the materials price and usage variances : Emerson produces all of its toasters in a single plant. Normal activity is 45,000 units per year. Standard overhead rates are computed based on normal activity measured in standard direct labor hour. During the year, Emerson experienced the follow..
What information is included in the governmental activites : Concerning the government-wide statement of net assets, describe what information is included in the governmental activites column, the business type activities column, and the column for the total primary government.
Experience on negative group and rule : Describe an experience when you encountered a negative group member and which negative rule(s) was apparent".

Reviews

Write a Review

Accounting Basics Questions & Answers

  High quality earnings-sustainable income

What is the Definition of the "High Quality of Earnings"? Why is this important in an organization? What is the Definition of "Sustainable Income"?

  Compute the total overhead applied to production

Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.

  Journalize treasury stock transactions

The shareholders equity section of Rowen Company shows: Common stock $1,500,000; paid-in capital in excess of par value of $1,000,000;

  Expenses and non-controlling interest

An enterprise that holds a variable interest in variable interest entity is required to consolidate assets, liabilities, revenues and expenses, and the non-controlling interest of that entity if:

  Bonus now or bonus deferment in 10 years

Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $40,000, or a deferred bonus of $75,000 payable in 10 years.

  Primary reasons for price controls

What are the primary reasons for a country to sometimes withhold goods or put price controls on exports to international markets? What are possible outcomes of this practice? What are your feelings about price controls?

  Passive loss and research tax questions

Discuss the factors to consider when determining eligibility for the R&D Tax Credit. Discuss your reaction to the president's approach of R&D deduction related to the software training costs.

  Gains and loss in corporation

Does a corporation recognize a gain or loss when it distributes property as a dividend or in a redemption? My text just goes on and on regarding these topics. Is there a reference on the above that is more concise?

  Consolidations with noncontrolling interest

Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2010. Demers reported common stock of $300,000 and retained earnings of $210,000 on that date.

  Fraudulent financial reporting-specific accounting principle

Describe the areas in which the Adelphia communications engaged in fraudulent financial reporting and the circumstances that led to this. Evaluate the specific accounting principles (GAAP).

  Logical approach using its cost of capital

The Chief Financial Officer, Mr. Roach, told him it was impractical because it would require the issuance of common stock at a cost of 13.5 percent to finance the purchase. Is the company following a logical approach to using its cost of capital?

  Determining production costs

The Fancy Umbrella Company makes beach umbrellas. The production process requires 3 square meters of plastic sheeting and a metal pole. The plastic sheeting costs $0.50 per square meter and each metal pole costs $1.00.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd