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Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program. As of the start of the year, the fund had a balance of $600.000, composed of both cash and marketable securities. The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000. The following transactions and events happened in a recent year: 1. The MCHS conducted a Walk Your Pet Day fundraising drive. The event raised $120,000 of which $20,000 was in pledges expected to be collected shortly after year-end. 2. The society acquired food and medicine at a cost of $60,000 (cash). During the year it used $30,000 of these supplies. The society accounts for supplies on a consumption basis. It incurred other operating costs (all paid in cash) of $85,000. 3. The society earned interest of $45,000 on investments accounted for in the permanent fund. 4. During the year, the market value of the investments held by the permanent fund increased by $30,000. Per the terms of the agreement establishing the endowment, all capital gains, both realized and unrealized, must be added to principal. 5. During the year the value of investments held by the special revenue fund increased by $3,000. 6. The society transferred cash to the special revenue fund in the amount of the earnings of the special revenue fund. a. Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they would be recorded. b. In your opinion, should the unrealized gains on the investment held in the special revenue fund be expendable or nonexpendable? Explain.
Cully furniture buys 2 products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100 cubic feet of storage space, and each medium shelf costs $300 and requires 90 cubic feet of storage space.
Comparison of projects, no income taxes. (CMA, adapted) New Bio Corporation is a rapidly growing biotech company that has a required rate of return of 10%. It plans to build a new facility in Santa Clara County.
Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that Got Em Co. had operating income of $64,300 and net assets with a fair market value of $184,000. Ta..
Periodically reconciling the physical counts of inventory to total counts reflected in accounting records by using someone who does not handle inventory or record purchases is considered to be:
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000.
The main reason to prepare a differnetial analysis report is to: a. Decide between two options b. See if there has been a difference in net income over a period of time such as 5-10 years'
Using a Governmental Agency or Not-for-Profit organization identify what are considered to be its major funds? In what key ways are major funds reported differently than non-major funds?
After selling the stocks from the portfolio, what would be the total beta of the remaining stocks in your portfolio? What would be the beta of your portfolio if you purchase the new stocks and put it in your portfolio?
The material price variance was 1370 favorable and find the standard price per kilogram for raw material?
The following information pertains to Family Video Company. Prepare a bank reconciliation at July 31. (Round answers to 2 decimal places, e.g. 10.50.)
Objective questions in accounting, Accounting is an information and measurement system that identifies, records, and communicates financial information to users. External users of accounting information include
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