City engineers estimated that the cost

Assignment Help Accounting Basics
Reference no: EM13867263

A city ordinance provides that no money shall be spent for any purpose without the prior approval of the city council. In approving the budget for the year the council had authorized spending $ 1,300,000 for road maintenance. Late in the year after the city had spent virtually the entire $ 1,300,000, a major storm washed out portions of several roads leading to the elementary school. The school was inaccessible and the mayor wanted to enter into an emergency contract to repair the roads. City engineers estimated that the cost of the repairs would be about $ 350,000. If the city entered into such a contract, the total amount spent on road maintenance for the year would be greater than the amount authorized. Recognizing the need for prompt action the mayor immediately entered into the contract without seeking prior city council approval. Comment on the legal financial and accounting systems implications of this scenario.

Reference no: EM13867263

Questions Cloud

Calibration equation for a temperature sensor : Problem 1: A calibration equation for a temperature sensor calibrated for 100 ≤ T ≤ 500K is give as R = 1.25 - 0.03T + 5 * 10-4T2 + 1 * 10-6T3 (with R in Ω and T in K). Determine the sensitivity of the temperature sensor at T = 300 K.
Cassmate has posted : In 125 to 200 words each, respond to at least two classmates. Provide feedback on any area of confusion and answer any questions your classmate has posted. Support your responses with information from the course materials (including the textbook), in..
Compute the total relevant costs for the six items using eoq : Compute the total relevant costs for the six items using EOQ. Compute the different in total relevant costunder (5) and (6). Estimate the change in total relevant costs for all the 100 items.
What is the distribution function of x : What is the distribution function of X
City engineers estimated that the cost : City engineers estimated that the cost of the repairs would be about $ 350,000. If the city entered into such a contract, the total amount spent on road maintenance for the year would be greater than the amount authorized.
Servers on a single lan : servers on a single LAN are connected by a number of switches
Dividends declared and paid during the current year : Required: 1. Complete the following: Shares issued _____.  Shares outstanding _____. 2. The balance in Additional Paid-in Capital would be $ _____. 3. Earnings per share is $ _____. Round your answer to two decimal places. 4. Total dividends paid on ..
Classmate''s questions and concerns with information : In 125 to 200 words each, respond to at least two classmates.  In each response, address your classmate's questions and concerns with information from class and your research or web search. Then, analyze your classmate's description of argument and ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Net operating income-operating assets

Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the beginning of the year and $90,000 at the end of the year. What was the company's turnover rounded to the nearest tenth?

  Is there a difference between direct and indirect methods

is there a difference between direct and indirect methods to make a statement of cash flows? discuss and note two or

  Fred needs to start saving for retirement he estimates he

fred needs to start saving for retirement. he estimates he will work another 20 years during which time his savings

  What is the stock intrinsic value

Wayne's steaks inc. has a 9%, non callable,$100-par-value preferred stock issued outstanding.On january 1,the market price per share is $73.dividends are paid annualy on december31. if you require a 12% annual return on this investment, what is th..

  During its assessment of the accounts payable department

during its assessment of the accounts payable department the internal audit function identified the following

  Failure of the firm accounting information

Based on the information you researched, assess the failure of the firm's accounting information system to prevent the related fraud / embezzlement.

  Paschals parasailing enterprises has estimated that fixed

paschals parasailing enterprises has estimated that fixed costs per month are 115600 and variable cost per dollar of

  Jeremy an american citizen earned 200000 during 2011 while

jeremy an american citizen earned 200000 during 2011 while employed in saudi arabia. jeremy is entitled to the maximum

  Confidence intervals-chi-square tests

Earlier we discussed issues with looking at only a single measure to assess job-related results. Looking back at the data examples you have provided in the previous discussion questions on this issue, how might adding confidence intervals help ma..

  Corporation uses the weighted-average method in its process

corporation uses the weighted-average method in its process costing. the following data concern the companys assembly

  However capital=assets minus liabilities

However Capital=Assets minus liabilities

  Equivalent unit or equivalent production comprises the

1 which of the following statements is true a process costing is ordinarily applied where all the operations are

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd