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In January 2019, City Hope received a 2-year, $800,000 grant from the Veterans of Foreign Wars (VFW) to provide specific career training to disabled veterans. City Hope is required to submit to the VFW quarterly reports of the grant related expenses. At the end of the grant period, any unused assets are forfeited, and any un-allowed costs must be reimbursed. During the year, City Hope incurred $425,000 in expenses related to the new veterans' training program and filed three quarterly reports with the VFW.
Problem 1. How should Hope City characterize grant agreement (contribution or exchange)? Explain the reasoning behind your decision.
Problem 2. How should the agreement be reflected in the 2019 financial statements? In your answer, include the amounts and descriptions to be reported in each of the financial statements.
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
1.nbs inc. is a technology consulting firm focused on website development and integration of internet business
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Lyman uses straight-line amortization. Ignoring income taxes, the amount reported in Lyman's 2007 income statement from this investment should be ??
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Not long ago, Vanessa Woods sold her company for several million dollars. She took some of that money and put it into the stock market.
The regular annual salary
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Kimmel has equipment with a book value of $189,700 but a fair value of $355,600. What is the consolidated balance for the Equipment account
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