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Your Local school district receives a grant from the federal government to support programs directed at special needs students. The grant is a matching grant in which each dollar spent by the school district on teacher salaries for special needs education will be matched up to $2 million by the federal government. The federal government agrees that it will advance monies to the school district so that the school district will be able to pay a portion each month of teachers' salaries from federal funds. The grant's contractual terms stipulate that the school district must not commingle the federal monies that it has been advanced with other monies of the school district. The school district also is required to ?le quarterly and annual reports showing the amounts that the school district has spent on special needs education and the resultant amount that is either a receivable from or payable to the federal government.
As a new comptroller (yes that's right you live in the district a requirement of the position), you must decide which funds should be used to account for the federal grant and the school district match. After some research, you believe that the school district has some options as to the governmental funds that it will use for ?nancial reporting purposes.
In this module, you were introduced to the income statement and profitability ratios. In this assignment, you will use this information to create an income statement and then analyze it for profitability.
Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
the ohio corporation has 900000 shares of 1 par value common stock authorized and 550000 shares issued and outstanding.
during the year dempsey corporations current ratio increased while its quick ratio decreased. which of the following
blue company has beginning and ending work-in-process inventories that are 45 and 10 complete respectively. materials
simon enterprises applies variable overhead at a rate of 1.50 per direct labor hour and fixed overhead at a rate of
ethan jones is an investment broker. recently he contactedpotential investors and offered to sell them bonds that were
Give some examples of up-front financing costs associated with residential mortgages. What rule can one apply to determine if a settlement (closing) cost should be included in the calculation of the effective borrowing costs?
patricia is a business owner who is trying to determine her cost of goods sold for 2010. she bought 20 units of
of two corporations organized at approximately the same time and engaged in competing businesses one issued 150 par
Examine Footnote 8 to Foot Locker's consolidated financial statements (Other Current Assets). Notice that included in this total is "net receivables." Ending net receivables for 2006 (beginning balance of 2007) were $59 million.
prepare a return on investment analysis for the regional manager of Out-and-In Burgers. This growing chain is trying to decide which outlet of two alternatives to open. The first location (A) requires a $500,000 investment and is expected to yield an..
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