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A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?
a) Debit Estimated Revenues $500; Credit Appropriations $490; Credit Fund Balance $10.
b) Debit Appropriations $490; Debit Fund Balance $10; Credit Estimated Revenues $500.
c) Debit Encumbrances $490; Debit Fund Balance $10; Credit Estimated Revenues $500.
d) Memorandum entry only.
Angela Moss and Autumn Barber organize a partnership on January 1. Moss's intial net investment is 75,000 consisting of cash 17,500, equipment 82,500 and note payable reflecting a bank loan for a new business 25,000. Barber's initial investment is..
Suppose that a person won the Florida lottery and was offered a choice of two prizes: (1) $500,000 or (2) a coin-toss gamble in which he or she would get $1 million if a head were flipped and zero for a tail.
Is Choi's ruling an ethical violation, or is it a legitimate decision in computing depreciation? How will Choi's new depreciation rule affect the profit margin of her business?
the "Dual Track" approach is a method of accounting used in government for the purposes of simplified reporting. What does it mean to run your accounts on the ‘Dual Track' approach?
The new management of YC Inc. has increased the amount of their year-end liability-expense accruals by over 35% compared to recent years, primarily in recording estimated future warranty expenses. The most likely reason for this action is to:
Determine the company's predetermined overhead rate for year 2011. Assuming that the company's $57,000 ending Goods in Process Inventory account for year 2011 had $18,000 of direct labor costs, determine the inventory's direct materials costs.
Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of this balance is direct materials cost, how much of it is direct labor cost? Manufacturi..
Each fund must account for interfund activity as if it were a separate accounting entity.
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Prepare journal entries for the transactions listed above. Prepare an updated Dec 31st trial balance, reflecting the unrecorded transaction-Prepare a multiple-step income statement for the year ending Dec 31st. Prepare a retained earnings statement f..
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information: The budgeted net income for November is
Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records are kept on the time and material costs used for each repair. The ..
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