User Account

All Pages

Name the fiduciary fund type that would be used to account

Assignment Help Accounting Basics
Reference no: EM132842202

Porblem 1: Name the fiduciary fund type that would be used to account for each of the situations below. If a fiduciary fund would not be used for the situation described, state "none."

A. Betty Jones, a citizen of DeKalb, donated $1,000,000 to the City with the stipulation that the funds donated, as well as the earnings on the funds donated, be used for college scholarships awarded to the top 15 students graduating from DeKalb High School each year until the funds are fully expended.

B. Adam Jones, a citizen of Chicago, donated $1,000,000 to the City with the stipulation that the funds be invested permanently with the earnings used to support visual and performing artists.

C. Olivia Jones, a citizen of the Village of Malta, donated $500,000 to the Village with the stipulation that the funds be invested permanently with the earnings being used to acquire upgraded equipment for the Village's police and firefighters.

D. The County Treasurer for DeKalb County received $12,000,000 from various cities and villages located in the County. The Treasurer will pool the investment funds for the benefit of the local governments.

E. The State of Illinois Treasurer received home rule sales taxes of $15,000,000 from retailers which will be remitted to cities, villages, and counties once each calendar quarter

Reference no: EM132842202

Questions Cloud

What does the statement unfunded pension obligation : What does the statement "unfunded pension obligation and pension expense are expected to be unfavorably impacted as a result of the recently completed?
How receiving master of social work enhance your ability : Discuss how receiving a Master of Social Work will enhance your ability to make an impact on social work practice and the social justice movement.
UTS 49316 Material Handling Assignment : UTS 49316 Material Handling Assignment Help and Solution, University of Technology Sydney - Assessment Writing Service
Make the journal entry to record the property tax receipt : The remittance was net of the county treasurer's 2% collection fee. Make the journal entry to record the property tax receipt in Elm City's general fund.
Name the fiduciary fund type that would be used to account : Name the fiduciary fund type that would be used to account for each. If a fiduciary fund would not be used for the situation described.
What are the reconciling items in the book of the depositor : What are the reconciling items in the book of the depositor? What are the reconciling items in the book of the bank? What is a bank statement?
Write an essay that addresses ethical and bioethical issues : For this assignment, write an essay that addresses ethical and bioethical issues in medicine. Begin by reviewing Table 11.2 on page 262 of your textbook.
What amount should warehouse supply record the factory : Immediately after the purchase, the factory was renovated at a cost of $50,000. At what amount should Warehouse Supply record the factory?
Compute the cash received from customers : Compute the Cash received from customers. Assuming there were no other cash flows from operations, using the direct method of computing cash flows.

Reviews

Write a Review

Accounting Basics Questions & Answers

  The executive officers of rouse corporation have the

the executive officers of rouse corporation have a performance-based compensation plan. the performance criteria of

  Prepare the statement of profit or loss at june

Kim Soo offers tutoring services to first year university students. Prepare the Statement of Profit or Loss at 30 June 2020

  Record the journal entry to replenish the petty cash fund

UPS receipts for shipping doodles of $26, and coffee fund expenses of $10. Record the journal entry to replenish the Petty Cash Fund

  How much was bravo revenue for the year

Bravo Company experienced a total increase in stockholders' equity of $24,000 during the current year. How much was Bravo's revenue for the year

  What is the ethical problems in this case

What is the ethical problems in this case? Why is each a moral problem? Who are the stakeholders affected in this case? Explain how

  How much revenue will Zink recognize for month of October

On October 1, after 2,000 rings pair of have been delivered, How much revenue will Zink recognize for the month of October

  Straight-line and effective interest method

Prepare Bond Amortization Schedules for both bonds using Straight-line and Effective Interest Method.

  Which cash available for distribution to partners

Which cash available for distribution to partners in an installment liquidation could be equal to? Cash available after realization of non-cash asset is made

  Compute turnover rates

Compute turnover rates for 2011 and 2010 for the following: (a) Finished Goods (b) Goods in process (c) Raw Materials

  Audit question - are the controls in place adequate

The company uses pre-numbered purchase orders. Audit question: Are the controls in place adequate? What improvement can be made

  Determine the issue price of the bonds

Hosmer Corporation issued $120,000 par value, 8%, 4-year bonds. Determine the issue price of the bonds if the market rate of interest is 10%

  Based on past experience it is estimated that 30 of a

cash receipts budget flagstaff co. has actual sales for july and august and fore-cast sales for september october

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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