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Reginald Canary, the mayor of the City of Bloomerville, is trying to locate available resources in the governmental-type funds to help bail out the General Fund. The General Fund expenditures currently exceed budgetary amounts by $ 10 million with 2 months remaining in the fiscal year. Canary feels some unused resources in a Capital Projects Fund or a Debt Service Fund could be transferred to the General Fund to alleviate the impending budget deficit. Each of these funds has a fund balance of at least $ 50 million. If Canary cannot locate the needed resources, he will have to borrow money using tax anticipation notes based on an emergency tax levy. This prospect is a major problem for him because the current year is an election year. Is Canary plan ethical? If you were the chief financial officer of Bloomerville, how would you respond to Canary? How could such a situation be prevented?
Mendenhall Corporation constructed a building at a cost of $10,000,000. Average accumulated expenditures were $4,000,000, actual interest was $800,000, and the usefull life is 40 years, depreciation expense for the first full year using the straig..
you and frank are studying for an upcoming accounting exam. frank says contributed capital isbasically the stockholders
fogel co expect to produce 16000 units for the year the company flexible budget for 116000 units of production shows
Topeka Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.
eddy falls is considering litigation a tax deficiency of approximately 229030 in the court system. he asks you to
the entry to sell 100 shares of 1 par value common stock at 4 per share would include a debit paid-in capital in excess
Why is it required for governments to record the budget using standard journal entries?
wright machinery corporation manufactures automible enginesfor major automobile producers. these engiines have a
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
on april 1 2015 shoemaker corporation realizes that one of its main suppliers is having difficulty meeting delivery
what is the environment of financial reporting in the united states? who are the major parties involved in making
The 2011 financial statements of Leggett & Platt, Inc. include the following information in a footnote. What are the company's gross accounts receivable at the end of 2008?
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