Reference no: EM132948748
Question - The following are details of transactions and other financial events during the year ending December 2015 for the City of Portland. This list does not cover every transaction. A budget is only officially recorded in the general fund. From 2014, there were no encumbrances to carry over. Although each question is contingent on the prior material, the next questions are independent. Say that the government is compiling data for the financial accounts of its fund.
Required -
a. What is the balance of the Fiscal Year's Budgetary Fund Balance account? Is this a debit or a credit card transaction?
b. Assume that 60% of school supplies are used throughout the school year, leaving 40% available. How is the manner of consumption noted if it is used?
c. The sanitation vehicle ordered did not arrive before year's end. When the truck comes the following year, the pledge will be fulfilled. At the end of 2015, what reporting is completed?
Assume a new ambulance was delivered on December 31, 2015. On that day, create all essential journal entries.
e. Make all journal entries which should have been created when the $33,000 transfer was made for the purpose of eventually repaying a long-term debt.
f. What would be the period's revenue recognition amount? Describe how this sum was arrived at.
g. How much money is spent on an overall basis? Justify this total's composition. ( b ) should be included here.
g. When the bonds were issued, what journal entry or entries were formed?
A Tallins Company Vice President for Operations seeks for assistance with a financial reporting problem affecting goodwill. The firm experienced a loss of goodwill impairment for its reporting unit Advanced Integration two years ago. However, the Advanced Integration business has rebounded well since, with current cash flows (and expected cash flows) at an all-time high. The Vice-Chairman now questions if the loss of goodwill can be restored given the fortunes of the reporting unit for Advanced Integration. Is goodwill impairment recoverable under U.S. GAAP? How about IFRS?