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Question: (Grant accounting) Harmon School District accounts for all activities in its General Fund. The school district receives the following grants:
1. Grant A: Harmon is reimbursed by the state for costs incurred in teaching students with disabilities. To receive reimbursement, the district must submit quarterly reports showing its expenditures. Its expenditures for the quarter September through November 2012 were $450,000. Prepare separate journal entries to record its expenditures under the grant and its billing to the state.
2. Grant B: Harmon receives a grant in the amount of $100,000 from the federal government for the sole purpose of teaching students with disabilities. The grant contains no time limits and may be used any time after the school district receives the grant. Prepare three separate journal entries to record receipt of the $100,000 grant, expenditure of $65,000 on the grant during school year 2013, and year-end classification of fund balance.
Prepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.
During 2010, Simms Company redeemed $2,000,000 of bonds payable for $1,880,000 cash. Indicate how this transaction would be reported on a statement of cash flows, if at all.
the following information pertains to inventory held by a company at december 31 2011.historical cost 25000
What are the company's total assets at the end of its most recent annual reporting period? Why is this important?
data solutions reports cost of goods sold of 75 million. inventory at the beginning and end of the year are 8 million
Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. 1. Determine the equivalent units of service (Production) for materia..
Which of the following is not one of the functions of the Securities and Exchange Commission? a. Providing government-backed insurance to purchasers of securities.
Determine the revenues, construction costs, cash receipts, and cash disbursements for a construction company that currently has three projects under contract.
blake roofing company purchased machinery on oct 1 2008 for 106000. the equipment has an estimated useful life of 8
In addition to common-size financial statements, common-base-year financial statements are often used. Common-base-year financial statements are constructed by dividing the current year account value by the base year account value.
discounts of $115,000, sales returns and allowances of $136,000, shipping charges of $28,000, sales commissions of $47,000, net income of $276,500, and cost of goods sold of $433,000. What is the gross profit/margin for the period
If Burr refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $500,000 should be reported as a current liability at December 31, 2010?
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