Modified accrual accounting method

Reference no: EM1355354

Show the impact of this transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City.
Phoenix city is entitled to receive unrestricted grants from the state. During the year, grants in the amount of $100,000 were made. The total collections on grants were just $30,000. This 30,000 consisted of $20,000 that the state owed for the previous year and $10,000 for the current year's grant. The state will be paying the balance owed to the city within 15 days after the year ends.

Reference no: EM1355354

Questions Cloud

Accounting engagement for acme company : CPA Smith completed an accounting engagement for the ACME Company on December 20, 20X1, and sent ACME a bill for $5,000 which ACME paid on January 25, 20X2. CPA Smith uses the cash basis of accounting

Restrictive environments for people with disabilities : What is the importance of assessment in planning the least restrictive environments for people with disabilities?

Primary activities of financial manager : Determine the amount earned during the accounting period on each outstanding share of common stock is called, Included in the primary activities of financial manager,

Elucidate what is meant by double coincidence of wants : Elucidate what is meant by "double coincidence of wants, and why it poses an impediment to efficient trade in a barter economy.

Modified accrual accounting method : Show impact of this transaction on the fundamental equation of accounting using modified accrual accounting method for Phoenix City. Phoenix city is entitled to receive unrestricted grants from the state.

Primary antecedent to the disruptive behavior : The teacher conducted a functional assessment and found that the request to do math problems was the primary antecedent to the disruptive behavior.

Locate two disaster recovery services used by small business : Use the Web to locate two disaster recovery services that could be used by a small business such as Dirt Bikes. Compare them in terms of the services they offer.

Explain under the common law : Explain Under the common law, a contract with a time for performance must be performed as a general rule on the contract date or a reasonable time thereafter.

How many electrons are transferred to the screen : The center of a 1.40km diameter spherical pocket of oil is 1.5 km beneath the Earth's surface.Estimate by what percentage directly above the pocket of oil would differ from expected value of g for a uniform Earth? Assume the density of oil is 8.0 ..

User Account

All Pages