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In November 2010, Maple Township received an unexpected state grant of $100,000 to finance the purchase of school buses, and an additional grant of $5,000 was received for bus maintenance and operations. According to the terms of the grant, the State reimbursed Maple Township for $60,000 for the purchase of school buses and an additional $5,000 for bus maintenance during the year ended June 30, 2011. The remaining $40,000 of the capital grant is expected to be spent during the next fiscal year June 30, 2012. Maple's school bus system is appropriately accounted for in a special revenue fund. In connection with the grants for the purchase of school buses and bus maintenance, what amount should be reported as grant revenues for the year ending June 30, 2011, when using modified accrual accounting?
A increases recorded by credits to a revenue or a drawing account? The verification that the total dollar amount of the debits equals the total dollar amount of the credits in the ledger is called a: Is Salaries Expense an asset account? Is Accounts ..
Discuss the five key forces to consider when analyzing an industry. How do these forces impact the balanced scorecard - how to gain maximum learning
Explain why the allowance for doubtful accounts is a “high risk” audit area. Why do we use the allowance for doubtful accounts? Who is responsible for establishing an adequate reserve? What is the auditor’s role? How would the auditor audit this acco..
The Bradford Company issued 10% bonds, dated January 1, with a face amount of $75 million on January 1, 2013 to Saxton-Bose Corporation. The bonds mature on December 31, 2021 (9 years). For bonds of similar risk and maturity, the market yield is 12%...
Which of the following is not a facility-level activity?
Agassi Corporation sells products for $38 each that have variable costs of $15 per unit. Agassi’s annual fixed cost is $526,700. Determine the break-even point in units and dollars.
Evidence of extensive research beyond the prescribed texts is required. Ensure these are referenced appropriately in your references using Harvard referencing.
Determine the spending and efficiency variance for variable manufacturing overhead costs for the year.
Traditional Costing Activity Based Costing-Why a difference in overhead cost between the two systems?
The differences between accrual and cash basis accounting can get confusing. Do your best to describe what each is, when you would use it, who it is best suited for, advantages, and disadvantages.
Lion Construction contracted to build an addition for $500,000. Construction started in January 2013 and was completed in November 2014. Data relating to the contract are summarized below: Calculate the gross profit that Lion reports in 2014 under th..
During the year, the corporation completed a number of transactions affecting the stockholders' equity.
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