User Account

All Pages

Do you have a better suggestion

Assignment Help Accounting Basics
Reference no: EM13871276

A new employee of the City of Kashime was working with the accounting records of several of its funds. This employee, John Fergie, found that a gift had been given to the city for the library. The gift mandated that only the earnings from the gift could be used for library operations. John wanted to set up a Permanent Fund for the principal of the donation to the library and use a Special Revenue Fund to account for the earnings of the investment and their use. Another employee argued that a Private Purpose Trust Fund should be used for both principal and income. Do you agree with either of these individuals, or do you have a better suggestion?

Reference no: EM13871276

Questions Cloud

Explain is an ethical problem raised here : His intention is to repay the loan as soon as possible. Will the loan solve his problem? Explain Is an ethical problem raised here? Explain.
Calculate time-weighted rate of return on banks portfolio : A bank buys 150 shares of a company on 1 January 2012 at a price of $156.30 per share. A dividend of $10 per share is paid on 1 January 2013. Calculate the time-weighted rate of return on bank’s portfolio.
At a recent town hall type meeting several : At a recent town hall type meeting several citizens demanded that the city do something to simplify the process. As a consultant, how would you advise the city?
Central position to issue physician practice guidelines : Should the government be in a central position to issue physician practice guidelines based on cost efficiency? Why or why not? Support your rationales with evidence
Do you have a better suggestion : Another employee argued that a Private Purpose Trust Fund should be used for both principal and income. Do you agree with either of these individuals, or do you have a better suggestion?
Prepare the journal entries to record the transactions : Lets go a bit further with the example from M8-3. Assume that on February 2, 2015, Extreme Fitness received a payment of $ 500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction.
Moneybaggs hires you as her financial consultant : Moneybaggs hires you as her financial consultant How will you advise her?
Raise the temperture of an object with a heat capacity : How much heat is required to raise the temperture of an object with a heat capacity of 3.4 j/k from 17.34 k to 67.18k?
Is an operating statement prepared for an agency fund : Is an operating statement prepared for an Agency Fund? Why or why not?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the break even point in dollars

Quiltworks company reported actual sales of $2,000,000, and fixed costs of $450,000. The contribution margin ratio is 30%. (a) compute the break even point in dollars

  Bilkins financial advisors provides accounting and finance

bilkins financial advisors provides accounting and finance assistance to customers in the retail business. they have 4

  Which statement best describes the retained earnings

which statement best describes the retained earnings account?a. the retained earnings account is equal to the cash

  What should be hathaway net operating income

What should be hathaway's net operating income in April based on a flexible budget?

  Silven industries which manufactures and sells a highly

silven industries which manufactures and sells a highly successful line of summer lotions and insect repellents has

  Write down a 350- to 500-word paper in which you

write a 350- to 500-word paper in which you differentiate between valuation depreciation amortization and depletion. is

  Employment oppurtunities in hadoop

Please check the document on how to write introduction and methodology. Please use the intext citations and minimum of 8 professional references and must be written in APA format.

  Determine the contribution margin in dollars

In the month of June, Paula's Beauty Salon gave 3,800 haircuts, shampoos, and permanents at an average price of $32. During the month, fixed costs were $17,664 and variable costs were 77% of sales.

  Prepare a report showing the clinic activity variances

Prepare a report showing the clinic's activity variances for June. Indicate in each case whether the variance is favorable (F) or unfavorable (U).

  Compute the payback period for the new hoist

Compute the payback period for the new hoist and compute the annual rate of return for the new hoist. (Round to one decimal.)

  Sure care health maintenance organization is seeking a

break-even. sure care health maintenance organization is seeking a managed care contract with a local manufacturing

  Maintaining an ending finished-goods inventory

Smith, Inc. anticipates sales of 50,000 units, 48,000 units and 51,000 units in July, August and Septemeber, respectively. Company policy is to maintain an ending finished-goods inventory to 40% of the following months sales.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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