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Question: Assume a federal agency has the following events:
1. Receives a warrant from the Treasury notifying the agency of appropriations of $2,400,000.
2. OMB apportions one-fourth of the appropriation for the first quarter of the year.
3. The director of the agency allots $590,000 to program units.
4. Program units place orders of $550,000.
5. Supplies ($100,000) and services ($320,000) are received during the first quarter. Supplies of $80,000 were used in the quarter.
Required: Prepare any necessary journal entries to reflect the events described above. Identify whether the entry is a budgetary or proprietary type.
The closing entries show a debit to retained earnings of $350 and a credit to retained earnings of $750. There was also a credit to dividends payable of $100.
Distinguish between product costs and period costs
lee financial services pays employees monthly. payroll information is listed below for january 2013 the first month of
What are some of the arguments in favor of using the indirect (reconciliation) method as opposed to the direct method for reporting a statement of cash flows?
OFDC Ltd offered 2.25 per share dividend this year and suppose this payment remained constant forever. Calculate the present price that you would like to pay for an OFDC's share if the discount rate is 8%
Determine the amount of expense recognized on the 2013 income statement assuming GTI uses U.S. GAAP.
Obtain at least two years of financial information pertaining to General Motors company from its most recent annual report (10-K).
the idea of the necessity of cost allocation has been argued both pro and con very convincingly. some experts assert
The total contribution margin for the month under variable costing is:
Explain what is meant by the impairment value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?
Select the growth firm, the firm in danger of bankruptcy, and the firm that is the older firm expanding slowly. Explain your selection.
Prepare a statement of cash flows for the year 2010 for Aero Inc.
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