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A county engages in basic transactions. Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions. 1. Its commissioners approved a budget for the current fiscal year. It included total revenues of $860 and total appropriations of $850. 2. It ordered office supplies for $20. 3. It incurred the following costs, paying in cash: Salaries $610 Repairs $ 40 Rent $ 25 Utilities $ 41 Other operating costs $119 4. It ordered equipment costing $9. 5. It received the equipment and was billed for $10, rather than $9 as anticipated. 6. It received the previously ordered supplies and was billed for the amount originally estimated. The county reports the receipt of supplies as expenditures; it does not maintain an inventory account for supplies. 7. It earned and collected revenues of $865. a. Prepare journal entries as appropriate. b. Prepare closing entries as appropriate. c. What would have been the difference in the year-end financial statements, if any, had the county not made the budgetary entries?
bayliner company acquired a plant asset at the beginning of year 1. the asset has an estimated service life of 5 years.
What was the prime motivation behind the decisions of Arthur Andersen's audit partners on the Enron, WorldCom, Waste Management, and Sunbeam audits: the public interest or something else? Cite examples that reveal this motivation.
John Smith started a consulting business and completed the following transactions. Prepare all journal entries related to these transactions.
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1. the term market as use in the expression lower-of-cost-or-market means replacement cost not retail price.2.
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At December 31, 2012, Fell Corporation had a deferred tax liability of $680,000, resulting from future taxable amount of $2,000,000 and an enacted tax rate of 34%. In May 2013, a new income tax act is signed into law that raises the tax rate to 40..
the following information is available about the company a.selected financial ratios computed from the statements
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