Better days ahead a charitable organization has a standing

Reference no: EM13574155

Better Days Ahead, a charitable organization, has a standing agreement with First National Bank. The agreement allows Better Days Ahead to overdraw its cash balance at the bank when donations are running low. In the past, Better Days Ahead managed funds wisely and rarely used this privilege. Jacob Henson has recently become the manager of Better Days. To expand operations, Henson acquired office equipment and spent large amounts on fundraising. During Henson's tenure, Better Days Ahead has maintained a negative bank balance of approximately $10,000.

What accounts do you see being affected as a result of Jacob Henson's actions? Which accounts do you think would experience a debit? Which accounts do you think would experience a credit? How would a negative bank balance be listed in a Trial Balance? Is there an ethical issue in this situation? Do you approve or disapprove of Jason Henson's management of Better Days Ahead's funds?

Reference no: EM13574155

Questions Cloud

A company has total fixed costs of 200000 its product sells : a company has total fixed costs of 200000. its product sells for 25 per unit and variable costs amount to 15 per unit.

Briefly explain the concept behind inventory turnover and : briefly explain the concept behind inventory turnover and how management uses it to measure their performance in

Determine the correct amounts for net income total assets : at the end of october the first month of operations the following selected data were taken from the financial

What is the cost-benefit outcomes of section 404 of the : what is the cost-benefit outcomes of section 404 of the sarbanes-oxley act? what types of society wide benefits are

Better days ahead a charitable organization has a standing : better days ahead a charitable organization has a standing agreement with first national bank. the agreement allows

Capital leases and operating leases are two major : capital leases and operating leases are two major classifications of leases.requireda. describe how a lessee accounts

The following data are available for quarter company : the following data are available for quarter company. increase in accounts payable 120000 increase in bonds payable

Journalize the adjusting entries and label them as accruals : journalize the adjusting entries and label them as accruals or deferrals adding accounts as needed.a. unexpired

Calculate the diameter of a medium carbon steel pin in : calculate the diameter of a medium carbon steel pin in double shear subjected to a suddenly applied shearing force of

User Account

All Pages