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The capital project fund has just been created to account for resources received and expended for the construction of a new health center. Funding for the health center is being provided by a $5000,000 general obligation bond sale, a direct transfer from the general fund and a federal grant. The grant terms provided that the federal government will pay only up to 20% of all project expenditures incurred unused funds must be returned at the completion of the project: Required elements journalize the requested transaction for the Capital Project Fund, Debt Service Fund, General Fund. Prepare closing emtries for the capital projects fund. Provide the missing values for the Capital Projects and Debit Service Funds financial statement.
Project Budget: 3000000 general fund operating transfer 5000000 general obligation bonds 2000000 estimated federal grant 10000000 appropriations
The existence of a material weakness led to an adverse opinion in the internal control audit report of a publicly traded company. Which of the following statements is correct if management believes that it has remediated the weakness?
explain three issuesproblems that a company could face when trying to determine the actual cost of a good or service to
aaa lock manufacturing co. makes and sells several models of locks. the cost records for the zforce lock show that
Explain the components of cost-volume-profit analysis. What does each of the components mean?
the diamond glitter company is in the process of preparing its financial statements for 2012. assume that no entries
A company purchases a $100,000, 10-year bond on January 1, 19X1 at 107. After 5 years, it sells the bond at 102. Prepare the entry for the sale.
Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011.
the lbj company has budgeted sales revenues as
Accounts has a debit balance of $3,000in the trial balance and bad debts are expected to be 10% ofaccounts receivable, journalize the adjusting entry for end of the period.
the common stock of alexander hamilton inc. is currently selling at 110 per share. the directors wish to reduce the
Provide and show all answers and step by step work to obtain the answer, not skipping any steps. Show all equations, acronyms (ie ETC, ACWP, etc), and if applicable, a description of how you came to the answer.
alladin company purchased machine 201 on may 1 2012. the following information relating to machine 201 was gathered at
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