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Question - Recording Encumbrances. During July 2010, the first month of the 2011 fiscal year, the City of Marion issued the following purchase orders and contracts (see Problem 3-4):
General government $ 50,000 Public safety 200,000 Public works 75,000 Health and welfare 65,000 Miscellaneous 4,000 Total purchase orders and contracts $394,000
Required
a. Show the general journal entry to record the issuance of the purchase orders and contracts. Show entries in subsidiary ledger accounts as well as general ledger accounts.
b. Explain why state and local governments generally record the estimated amounts of purchase orders and contracts in the accounts of budgeted governmental funds, whereas business entities generally do not prepare formal entries for purchase orders.
Explain how the understanding of internal control for a public company differs from that for a private entity in accordance
An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries, and $500 for utilities.
reflect upon what you have learned during this course and discuss in detail the benefits of using these software
a companys net sales were 679600 its cost of good sold was 233810 and its net income was 36750. its gross margin ratio
on january 1 2009 carlin corporation issued 2400000 of 5-year 8 bonds at 95 the bonds pay interest semiannually on july
Additional information from the accounting records:
Rosen and the other owners invest $50,000 in exchange for corporate stock in the firm.
Prepare a classified balance sheet in good form as of December 31,2010.
You are a Branch Manager and your office saw 2,500 patients in January 2012. From historical data, you know each month you add exactly 160 new patients and this trend will continue indefinitely.
Assuming the aging-of-receivables method is used, the net realizable value of accounts receivable on the 12/31/X3 balance sheet would be:
The management of Malit Corporation is investigating an investment in equipment that would have a useful life of 9 years. The company uses a discount rate of 17% in its capital budgeting.
The Executive Budget in the Federal Government: The First Century and Beyond. Presidential Budget Duties. Why Public Financial Management Matters.
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