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Question: The State Turnpike Commission (STC) was established by the state to construct, operate, and maintain the state turnpike system. The STC was created as an instrumentality of the state as a separate legal entity with powers to issue revenue bonds payable from tolls and other revenues. The governing body of the STC consists of eight members appointed by the governor for fixed 10-year terms and three state officials serving ex officio-the elected state treasurer, the elected state comptroller, and the appointed superintendent of highways. The STC is financially self-sufficient, and the state cannot access its assets or surpluses, nor is it obligated to subsidize deficits of the STC.
The STC sets its own rates and approves its own budget. The bond agreement states that the debt of the STC is not an obligation of the state. However, state statutes authorize the state's budget director to include in the budget submitted to the legislature an amount sufficient to make the principal and interest payments on the STC bonds in the event STC revenues are insufficient to meet debt service requirements. Is the STC a component unit of the state? If so, how should the state report the financial activities of the STC? (GASB Statement 14, par. 142)
Mark Haley is uncertain about the steps used to prepare a production cost report. State the procedures that are required in the sequence in which they are performed.
Assume that a certain nursing home has two categories of payers. Medicaid pays $65.00 per day and private pay patients pay the established per diem, but approximately 10 percent of private-pay charges are not collected.
1. What is the definition of ‘cash'? 2. What is the definition of ‘cash equivalent'?
The cost of material that is not completely processed, would be found in which of the following inventory account on the Balance Sheet?
Critical Thinking and Job Requirements.While communication and critical thinking skills are important, they may not be the only requirements for a future job.
What is the ideology supporting the concept that a society's ruler is God's direct representative on earth to administer justice and punish evil doers? The pursuit of happiness
Determine the number of days in the discount period, determine the amount of the discount and determine the amount of the proceeds.
What is the minimum (i.e.. the break-even) sales price per unit that Marjess should charge for this special order
goodwill of 200000 was recorded as a result of an acquisition of a company in a previous year.what type of asset is the
Assess Wal-Mart, Stores Inc. concerning liquidity, solvency, profitability, and stock performance as of January 31, 2015. For each area, you should calculate the ratios and provide an analysis of the ratios calculated. Include historical stock pri..
Compare the existing internal control environment at Microsoft to management's responsibility for designing effective internal controls outlined in the textbook, and identify the deficiencies that existed.
trumpet company produced 4800 units of product that required 2.3 standard hours per unit. the standard variable
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