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Cash disbursements budgets:Need to be prepared because GASB standards specify the use of the accrual basis of accounting for governments.Should usually be prepared for each month of the year, or for shorter intervals, in order to facilitate planning short-term borrowings and investments.Should be prepared only for funds not required to operate under legal appropriation budgets.Should be prepared only for each fiscal year because disbursements for each month are approximately equal.
In addition Explain the differences between the "Direct Method" and the "Indirect Method" of presentation of the Statement of Cash Flows and how each differs for the reporting classifications.
On June 30, Gull distributes $120,000 to Sharon, its sole shareholder, who has a basis in her stock of $75,000. How much of the $120,000 is a dividend to Sharon?
The old machine has an adjusted basis of $36,000 and the new machine has a fair market value of $80,000. What is the recognized gain or loss and the basis of the new machine?
The definition of relevant, as used in decision making when choosing among alternatives, connotes two concepts:
On July 1, 2004, Risen Co. issued 500 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2004 and mature on April 1, 2014. Interest is payable semiannually on April 1 and October 1. What amount did Risen receive fro..
Prepare Dold's journal entries for the initial transaction, recognition of interest each year, and the collection of $35,843 at maturity. (Round answers to 0 decimal places, e.g. $6,538. Credit account titles are automatically indented when the am..
Abolition of the family! Even the most radical flare up at this infamous proposal of the Communists. On what foundation is the present family, the bourgeois family, based?
On January 1, 2011, Sauder Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Sauder to make annual payments of $50,000 at the beginning of each year for five years with title to pass to Sauder at t..
Many states have prevailing wage laws that require government contracts pay premium wages to workers who would otherwise work for 20% to 30% less. What is the rationale for such laws? In your opinion, what is their effectiveness?
Gloddy Company makes three products in a single facility. These products have the following unit product costs: How many minutes of mixing machine time would be required to satisfy demand for all three products.
Cindi's Candies paid employee wages on and through Friday, January 26, and the next payroll will be paid in February. There are three more working days in January (29-31). Employees work 5 days a week and the company pays $900 a day in wages. What..
Of sales on account, 50% are expected to be collected in the month of the sale, 35% in the month following the sale, and the remainder in the second month following the sale. Prepare a schedule indicating cash collections from sales for May, June,..
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