Illustrate what adjusting entry would you need to make

Assignment Help Financial Accounting
Reference no: EM13126057

The General Fund of the City of Richmond approved a tax levy for the calendar year 2009 in the amount of $1,600,000. Of that amount, $30,000 is expected to be uncollectible. During 2009, $1,400,000 was collected. During 2010, $100,000 was collected during the first 30 days, $40,000 was collected during the next 30 days and $30,000 was collected during the next 30 days. During the postaudit, you discovered that the city showed $1,570,000 in revenues. What adjusting entry would you need to make, assuming you decided to allow the maximum amount of revenues for 2009, using modified accrual accounting?

Reference no: EM13126057

Questions Cloud

Stereotype about africa : Find at least one stereotype or misconception others might have about Africa and/or Africans. Post this misconception to the class discussion board and explain why it is incorrect.
Permutations for selecting representatives : A representative is to be selected from each of 3 departments in a small college. There are 7 people in the first department, 5 in the second department, and 4 in the third department.
Advantages and disadvantages of making individual managers : What are the advantages and disadvantages of making individual managers either, cost center manages, investment center manager, profit center manager.
Calculate the mass loss on heating : calculate the mass loss on heating 1.200 g of a NaHCO3-NaCl mixture containing 65% NaCl
Illustrate what adjusting entry would you need to make : Illustrate what adjusting entry would you need to make, assuming you decided to allow the maximum amount of revenues for 2009, using modified accrual accounting?
Explain the chemical formula for calcium phosphate : A compound contains 40.00% carbon, 6.67% hydrogen, and 53.33% oxygen. Determine the empirical formula of the compound. Give the chemical formula for calcium phosphate.
What mass of rain falls (in kg) on the lawn : If a raindrop weighs 57 mg on average and 5.1 X 10^5 raindrops fall on a lawn every minute, what mass of rain falls (in kg) on the lawn in 1.5 hours?
Is the correlation in population greater than zero : For a sample of 20 stations last Tuesday the correlation was .78. At the .01 significance level is the correlation in the population greater than 0? t= .78-20.00/.01SQRT 20=?
Calculate great falls brewerys minimum acceptable : Great Falls Brewery's regular selling price for a case of beer is $15. Variable costs are $8 per case and fixed costs total $2 per case based on production of 250,000 cases.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd