Purpose trust fund for the principle and interest

Assignment Help Accounting Basics
Reference no: EM131134217

Question:

Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments.

This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:

In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, intergovernmental transfers, and public donations will be used to construct and maintain the building.

The major discussion was how to record the donations meant to fund ongoing maintenance costs.

One group wants to set up a permanent fund for the principle of the investments and use a special revenue fund to account for the earnings of the investments and their use.

The other group wants to use a private purpose trust fund for the principle and interest.

Address the following:

Which group do you agree with? Do you feel that there is a better way to record these transactions?

Give details that support your choice.

Verified Expert

This assignment have been prepared in the word document states about the donation treatment as per the opinion discussed in the case study

Reference no: EM131134217

Questions Cloud

Discuss how the idea of naturalism or modernism is depicted : How would you describe the protagonist in the work of your first author? Clearly identify three of the protagonist's most important characteristics and supply examples that support your idea.
The market price of the bond : The Shamrock Corporation has just issued a $1,000 par value zero-coupon bond with an 8 percent yield to maturity, due to mature 15 years from today (assume semiannual compounding).
Define narcoterrorism in your own words : Define "narcoterrorism" in your own words. Take a position on one of the two main viewpoints concerning narcoterrorism, and provide support for your position.
Compute the present worth after tax cash flow : The salvage value is $10,000. Does the acquisition of this new machine satisfy the 8% minimum rate? Compute the present worth after tax cash flow.
Purpose trust fund for the principle and interest : In a recent city meeting, it was agreed that the city was going to build a new town hall. Long-term bonds, inter governmental transfers, and public donations will be used to construct and maintain the building.
Organize large protests in a short amount of time : According to some commentators, Facebook and Twitter played a vital role in the Arab Spring uprising because they made it possible for activists to organize large protests in a short amount of time.
Complete the assignment questions : Complete the assignment questions.- in what ways is NGO influence reflected in Israel?- when did "business and human rights" become an international topic? What explains the delay?
Ensure that the activity was accomplished as planned : Describe a work (or school, athletic, etc.) activity in which you have been involved, and provide two examples of controls that you or your manager implemented to ensure that the activity was accomplished as planned. identify each control as feed for..
Create your personal comprehensive definition of terrorism : Create your own personal comprehensive definition of terrorism. Identify the key criteria inherent in your personal definition, and explain their importance.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Evaluate the circumstances that contributed to the privacy

Evaluate the circumstances that contributed to the privacy violation

  Determine the net loss or gain as of december 31

Calculate any amortization of the net loss that should be included as a component of postretirement benefit expense for 2011.

  Issues in costing

Describe three issues/problems that a company could encounter when trying to determine the actual cost of a good or service to be used in the cost of goods sold. For each of your issues, provide an example of a company or industry where these issu..

  The natural length of a spring

The natural length of a spring is 8.0 cm. A force of 12 N stretches it to a length of 10.0 cm. How much work is done in stretching it from a length of 10.0 cm to a length of 14.0 cm?

  The executive officers of rouse corporation have the

the executive officers of rouse corporation have a performance-based compensation plan. the performance criteria of

  When preparing a budgeted income statement and looking for

when preparing a budgeted income statement and looking for cost of goods sold when is workin process deducted from the

  Net returns and long-short-term gains

James Welling, a 37 year old engineer has an appointment to meet you in about an hour. As you are reviewing his accounts, you notice that he is a fairly active trader. He seems to do pretty well with returns that outpace the averages

  Identify three major accounting issues on which ifrs and

identify three major accounting issues on which ifrs and us gaap currently differ.for each outline the nature of the

  Describe any other measures development

In 2013, the internal auditors of Development Technologies, Inc., discovered that

  Paul bunyon lumber co produces several products that can be

paul bunyon lumber co. produces several products that can be sold at the split-off point or processed further and then

  Maple company owns a machine adjusted basis of 90000 fair

maple company owns a machine adjusted basis of 90000 fair market value of 125000 that is uses in its business. maple

  Donna owns 800 shares of common stock in macaw corporation

donna owns 800 shares of common stock in macaw corporation adjusted basis of 40000. she receives a 5 stock dividend

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