User Account

All Pages

How would you respond to canary

Assignment Help Accounting Basics
Reference no: EM13869705

Reginald Canary, the mayor of the City of Bloomerville, is trying to locate available resources in the governmental-type funds to help bail out the General Fund. The General Fund expenditures currently exceed budgetary amounts by $ 10 million with 2 months remaining in the fiscal year. Canary feels some unused resources in a Capital Projects Fund or a Debt Service Fund could be transferred to the General Fund to alleviate the impending budget deficit. Each of these funds has a fund balance of at least $ 50 million. If Canary cannot locate the needed resources, he will have to borrow money using tax anticipation notes based on an emergency tax levy. This prospect is a major problem for him because the current year is an election year. Is Canary plan ethical? If you were the chief financial officer of Bloomerville, how would you respond to Canary? How could such a situation be prevented?

Reference no: EM13869705

Questions Cloud

Financial arrangements to finance the trucks : Both will borrow long term making similar financial arrangements to finance the trucks, and both will pay the same amount to acquire the trucks Waste, Inc. uses normal commercial GAAP to account for its activities.
What is done with resources that remain in a capital project : The resources used to finance Capital Projects Funds may come from which of the following sources What is done with resources that remain in a Capital Projects Fund after the project is completed?
The outstanding common shares of feeley corporation : On January 1, 2010, the Easton Corporation acquired 30% of the outstanding common shares of Feeley Corporation for $140,000, and 25% of the outstanding common shares of Holmes Company for $82,500 and obtained significant influence in both situations.
Write a memo in response to council member cannedy : One of the council members, Ryan Cannedy, sent you a memo asking whether a Capital Projects Fund is needed to record the acquisition of the furniture. Write a memo in response to Council Member Cannedy.
How would you respond to canary : Is Canary plan ethical? If you were the chief financial officer of Bloomerville, how would you respond to Canary? How could such a situation be prevented?
In desperation, you go to your superior janet : In desperation, you go to your superior Janet Well the chief financial officer of the city, and ask her for guidance. She suggests you not worry about such a petty thing No one reads these reports anyway. What would you do?
What suggestions would you bring to the first committee : The city is trying to attract a professional basketball team, and to do so it must have a first class arena available. If you were Figgie, what suggestions would you bring to the first committee meeting regarding financing and construction of the ..
Stockholders equity amount : In horizontal analysis, each item is expressed as a percentage of the following: Stockholders' equity amount
What recommendations do you have for tornado : The city is barely balancing its budget now, so Tornado is concerned that there will not be enough resources available to pay the interest for the next 25 years and redeem the principal when it comes due. What recommendations do you have for Torna..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine for the current year the rate earned on total

determine for the current year the rate earned on total assets rate earned on stockholders equity rate earned on common

  Alice gibbons owns and operates alices abstracting service

alice gibbons owns and operates alices abstracting service. alices two revenue generating operations abstracting

  Discuss the three sections of the indirect method

Discuss the three sections of the indirect method of presentation for the Statement of Cash Flows. Also discuss why the statement of cash flow is just as important as the income statement.

  Sibble corporation is considering the purchase of a machine

sibble corporation is considering the purchase of a machine that would cost 320000 and would last for 5 years. at the

  What was the pension expense for the year

The actual return on plan assets was $1 million although it was expected to be $6 million. On average, employees' remaining service life with the company is 18 years.

  Roce measures return on assets after the fact

ROCE measures return on assets after the fact. ARR measures potential returns. Why might a finance department be quizzing the proposal manager (PM) about the ARR? And more importantly, why is it important that the PM give a reasonable ARR?

  Arcia corporation purchased a truck by issuing an 108000

arcia corporation purchased a truck by issuing an 108000 4-year zero-interest-bearing note to equinox inc. the market

  What major factors permitted the embezzlement to take place

Frank James, a highly competent employee of Brinkwater Sales Corporation, had been responsible for accounting-related matters for two decades. His devotion to the firm and his duties had always been exceptional, and over the years, he had been giv..

  On december 28 2013 videotech corporation vtc purchased 10

on december 28 2013 videotech corporation vtc purchased 10 units of a new satellite uplink system from tristar

  Rotorua products ltd of new zealand markets agricultural

rotorua products ltd. of new zealand markets agricultural products for the burgeoning asian consumer market. the

  Paradise pottery had the following costs in may when

paradise pottery had the following costs in may when production is 800 ceramic pots materials 8700 labor variable 2900

  General chemical produced 10000 gallons of greon and 20000

general chemical produced 10000 gallons of greon and 20000 gallons of baron. joint costs incurred in producing the two

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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