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A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported expenditures of $30 million, including capital outlay expenditures of $2 million. Capital assets for that government cost $70 million, including land of $10 million. Depreciable assets are amortized over 20 years, on average. The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect a(an):
A) Decrease of $1 million
B) Increase of $l million
C) Decrease of $3 million
D) Increase of $2 million
Go Blue's excellent record in account receivable is expected to continue, with 60 percent of the billings collected in the month of the sales and the remaining 40 percent collected two months after the sales.
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children who live with her. She also maintains the household in which her parents live and furnished 60% of their support.
Explain briefly the difference between those two methods of applying an accounting change. First give a definition of the two types of applications and then answering this question: If I were going to switch depreciation methods from straight line ..
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
Wertz Corporation decided at the beginning of 2010 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes.
Under the proportionate consolidation concept, which of the following statements is true?
The balance in the equipment account is $904,000, and the balance in the accumulated depreciation-equipment account is $316,400.
There are situations wherein a company faces a potential liability, but is not certain of all of the details associated with such potential liabilities.
Security A has an expected return of 12.4% with a standard deviation of 15%, and a correlation with the market of 0.85. Security B has an expected return of 0.73% with a standard deviation of 20%, and a correlation with the market of 0.67. The sta..
Your firm has clients named Danny and Mary. They are married and have two dependent children. They also fully support Mary's mother, who lives with them and has no income.
A number of specific transactions do not necessarily follow the general tax provision applicable to property transactions. Following are a group of transactions that are subject to specific tax provisions. For each of the situations, you are to an..
For March, sales revenue is $800,000; sales commissions are 4% of sales; the sales manager's salary is $80,000; advertising expenses are $75,000; shipping expenses total 1% of sales; and miscellaneous selling expenses are $2,100 plus 3/4 of 1% of ..
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