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The budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows: 1. Prepare journal entries to record the budget. 2. Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash. 3. Prepare journal entries to close the accounts. 4. Determine the net change in fund balance. Does it equal the net change in actual revenues and expenditures? Revenues: Budget Actual Property taxes 7.5 7.6 Sales taxes 2.1 2.4 Other revenues 1.6 1.5 Total revenues 11.2 11.5 Expenditures: Wages and salaries 6.2 6.1 Supplies 3.1 3.0 Other expenditures 1.3 1.2 Total expenditures 10.6 10.3 Increase in fund balance 0.6 1.2
In the fall of 2013, James went back to school to earn a masters degree. He incurred $7,000 of qualified educational expenses and his modified AGI for the year was $40,000. His Lifetime Learning Credit is:
What is the acquisition cost of each asset? Prepare a journal entry to record the acquisition. Danny plans to depreciate the operating assets on a straight-line basis for 20 years. Determine the amount of depreciation expense for 2010 on these newl..
1. why is the balance sheet considered a point in time statement? 2. what is a fiscal year? why might an organization
which cost accumulation procedure is most applicable in continuous mass-production manufacturing
Bart transfers land used in his business (held as an investment for 3 years) worth $165,000 (basis of $100,000) and performs managerial services worth $15,000, in return for 30 shares in AB Corp.
Instructions, (a) Journalize the closing entries at April 30. (b) Post the closing entries to Income Summary and Retained Earnings. Use T accounts. (c) Prepare a post-closing trial balance at April 30.
Hawkeye Enterprises runs a chain of drive-in ice cream stands in Iowa City during the summer season. What is the appropriate transfer price?
Draft a letter to Apollo Shoes that addresses the following key points; assume the role of an auditor at a local firm when composing the letter.
which of the following financial ratios is the best measure of the operating effectiveness of a firms
Calculate net operating income and residual income for each division. Compare the two divisions and discuss the usefulness of ROI and residual income for the purpose of comparing the divisions.
the 2012 annual report of american express services reported revenue of 21000000000. total expenses for the year were
Assume that the U.S. Congress imposes an raise in taxes. Under the floating exchange rate regime, carefully illustrate and describe the process that will generate a new goods market
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