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Problem 1: The City of Acton maintains a defined contribution pension plan for its employees. Employees contribute 6 percent of their salaries; the city contributes 8 percent. The city has a fiduciary duty for the plan, but certain management functions to a well-known private annuity company. The city makes all key investment decisions. The city deducts the employee contributions from paychecks and each month sends the annuity company a check representing the amounts deducted plus the city's match. The annuity company handles all correspondence with both employees and retirees and makes the benefit payments to the retirees. Each month it sends the city a report of transactions and balances. Should the plan be accounted for as a fiduciary fund, just as if the city managed the fund itself?
On September 1, Knack Company signed a $50,000, What is the journal entry that should be recorded by Knack upon maturity of the note
If we sell the equipment on July 1, 2009 for $158,000. How much gain or loss will we need to report on the income statement.
Given the financial statements of Grove Company. Prepare an Income Statement, Statement of Retained Earnings and a Classified Balance Sheet for Grove Company
Explain how fund accounting principles for nonprofit organizations affect routine revenue type journal entries.
What amount should Princess Company record as cost of the asset received in exchange? Princess Company agreed with another company to exchange an old tractor
Red Ox declared a dividend of $16,000 that is to be paid on January 4, 20X5. What are Red Ox's net cash inflows from financing activities for 20X4 fiscal year
Question - XYZ Company had the following transactions during the year: Net Loss ($18,000). Determine the cash from different activities and total change
With this case, we review the liquidity of several restaurant companies. The restaurant com- panies reviewed and the year-end dates are as follows:
How much was the company's long-term debt at year end? Compute the company's debt to equity ratio at year end.
Provide specific example of a ratio that is used in each category. For each of the 3 ratios you selected, describe how it is used in managerial decision-making
Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2011 interest accrual, and the March 31, 2012 collection.
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