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The Town of Elmwood applied for a competitive grant from the state government for providing an after- school recreational program for at-risk children from low-income families. On 2/1/2005, Elmwood was notified that it had been awarded a grant of $100,000 for the program. The program provides up to $1,000 per child served provided that family annual income is less than $25,000. The grant provides for reimbursement of all allowable costs of conducting the program on a twice-monthly basis. No time limit is imposed for completion of the program. Any unused grant award may be carried forward to the next fiscal year. By 12/31/2005, Elmwood's fiscal year-end, $74,000 had been expended in providing recreational services for eligible beneficiaries. Reimbursement of $71,000 had been received from the state by this date. Required: a). What are the eligibility requirements of this grant? b). On 2/1/2005, should the Town of Elmwood enter any journal entry into the accounting system? On 12/31/2005, should the Town of Elmwood enter any journal entry into the accounting system? Why or Why not? c). As of 12/31/2005, identify the following: (1). Cash Received (2). Program Revenue (3). Expenditures
Company owns 40% of the outstanding voting common stock of Nicole Corp. and has the ability to significantly influence the investee's operations. On January 3, 2011, the balance in the Investment in Nicole Corp.
Remy's lawyers were successful, and the remaining years of benefit from the patent were estimated to be six years. The patent amortization expense for 2014 is
On that date, the market value of the common stock was $15 per share and the market value of each warrant was $2. Austere should record what amount of the proceeds from the bond issue as an increase in liabilities?
Compute the cost of the inventory on December 31, 2010, assuming that the inventory at retail is (a) $294,300 and (b) $359,700.
browsenbspthe internet to acquire a copy of the most recent annual report for a publicly traded company.analyzenbspthe
Jenny Carson invested $12,000 at 8% annual interest and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Jenny decided to withdraw the accumulated amount of money.
What per-member per month (PMPM) rate would be required to break even, ignoring any co-payments? What advice would you provide the primary care group?
Indicate increase (+), decrease (-), or no effect (NE). Make sure your answer is CLEAR in terms of all items below (1-13) and that you make an entry for EACH column (Net Income, Cash From Operations, and Cash Position).
What ratio indicates the percentage of each sales dollar that is available to cover fixed costs and to provide a profit?
what is the importance of statistics in business decision making? describe a business situation where statistics was
What is meant by variance power? Suppose that a charitable foundation receives a gift that the donor specifies must be used to support the college education of a particular individual. Of what relevance is variance power to how the foundation acco..
joe operates a plumbing business that uses the accrual method and reports on a calendar year. this year joe signed a
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