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The Municipal Electric Utility (MEU) was created as a separate legal entity in accordance with state law to own, manage, and operate an electric utilities system in the city. The MEU governing body consists of five members. It is a self perpetuating board composed of four citizens (customers) with the mayor of the city serving ex officio. The four citizen board members provide representation from each of the MEU main service areas. When a board vacancy occurs, the remaining board members must nominate the successor. The MEU board chooses the nominee from a list of candidates proposed by an independent citizens committee. The MEU board may reject these candidates for any reason and request additional candidates. The MEU nominee is then subject to confirmation by the city council. The council confirmation procedure is essentially a formality. After confirmation, the council cannot remove a member for any reason.The MEU uses various services provided by departments of the city, including insurance, legal, motor pool, and computer services. The MEU is billed for these services on a proportionate cost basis with other user departments and agencies. The MEU provides customer service and related functions to the city water department. The cost of providing these services is paid by the water department. The MEU also provides electric service to the city and its agencies and bills the city for those services, using established rate schedules. The MEU selects and employs its executives, controls the hiring of its employees, and is responsible for rate setting and its overall fiscal management. The city is not legally or morally obligated by the MEU debt. The MEU receives no appropriations from the city. In compliance with its charter, the MEU is required to make a payment in lieu of taxes annually to the General Fund, calculated according to a formula based on kilowatt hour sales for the preceding 12 month period.Is the MEU a component unit of the city? If so, how should the city report the financial activities of the MEU?
given the adjusted trial balance below prepare in good form an income statement statement of retained earnings and
SCR Company had 600,000 shares of common stock outstanding on December 31, 2013. During the year 2014 the company acquired and then retired 15,000 shares on April 1 and issued 50,000 shares on July 31. For the year 2012 SCR Company reported net in..
A small loan company finds 12% of its loans are defaulted for an average of 20% of the loan value. What is the expected percent of default for all their loans?
Amber has a 20% ownership interest in an entity for which she initially contributed $100,000. She is one of the original owners of the business. None of the owners are related. During the life of the business, the following have occurred:
metzler communications designs and programs a website for a local business. metzler charges 46000 for the project and
What amount of bad debts expense will LaFond report for 2013?
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Prepare Portias consolidated financial statements for the year ended December 31, 2020. Be sure to show all your supporting calculations and Prepare Madison's consolidated financial statements for the year ended September 30, 2014.
why do auditors have to consider the internal controls of the organization? what are some key elements of internal
Plant assets costing $36,000 and accumulated depreciation of $26,000 were sold for $13,000 - Prepare a statement of cash flows using the indirect method
axel is a calendar-year taxpayer. he is a 25 partner in gnr partnership which uses an august 31 fiscal year-end. gnr
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