User Account

All Pages

What account should be credited in the general fund

Assignment Help Financial Accounting
Reference no: EM131106404

The general fund of Elizabeth City received a $100,000 grant from the state to be used for retraining its police force in modern crime-fighting methods. The state recently passed legislation that requires retraining for all police departments in the state. The grant was received in cash on June 15, 2011, and was used for retraining seminars during July 2011. The state mandated that the grant be spent in the fiscal year ending June 30, 2012. Elizabeth's fiscal year ends on June 30. Answer each of the questions below based upon the guidance provided by GASB 33, Accounting and Financial Reporting for Nonexchange Transactions.

A. What account should be credited in the general fund on the date the grant was received?

B. The grant from the state is an example of what type of non exchange transaction?

Reference no: EM131106404

Questions Cloud

Ordering calendars at walton bookstore : Consider each change to the monetary inputs (the purchase cost, the selling price, and the salvage price) one at a time in Example 12.6. For each such change, either up or down, describe how the cost of understocking and the cost of overstocking c..
Determining the service-learning activity : With that in mind, what are three strength/attributes that you have and that you can offer in a service-learning activity?
Create a series of 3 processes that pass information : Create a series of 3 processes that "pass" information from one to another. The producer program will read a line of data from a file and periodically (based on a random delay) send it to the next program (the filter) using shared memory segments. Th..
What is walter''s target fixed assets sales ratio : Walter Industries has $5 billion in sales and $1.7 billion in fixed assets. Currently, the company's fixed assets are operating at 90% of capacity. a. What level of sales could Walter Industries have obtained if it had been operating at full capacity..
What account should be credited in the general fund : What account should be credited in the general fund on the date the grant was received - The grant from the state is an example of what type of non exchange transaction?
Where in the financial statements is preferred stock : Where in the financial statements is preferred stock normally reported?
What amount should darien report for infrastructure : On the statement of net assets at December 31, 2005, what amount should Darien report for infrastructure under the governmental activities column?
What is austin''s projected 2009 net income : This year the company is forecasting a 25% increase in sales; and it expects that its yearend operating costs, including depreciation, will equal 70% of sales. Austin's tax rate, interest expense, and dividend payout ratio are all expected to remain ..
Ordering calendars at walton bookstore : As stated in Example 12.6, the critical fractile analysis is useful for finding the optimal order quantity, but it doesn't (at least by itself) show the probability distribution of net profit. Use @RISK, as in Chapter 10, to explore this distribut..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Journal entry to record the sales transaction

Gorgio Italian Market bought $5,000 worth of merchandise from Food Suppliers and signed a 90-day, 10% promissory note for the $5,000. Food Supplier's journal entry to record the sales transaction is:

  What is the firms weighted average cost of capital

Suppose a firm’s capital structure consists of debt and common equity. The firm has a cost of equity of 14% and a pre-tax cost of debt of 9%. If the target debt/equity ratio is 75%, and the tax rate is 34%, what is the firm’s weighted average cost of..

  Accounts of the summer employment grant fund

On January 1, 2015, the first day of its fiscal year, the city of Carter received notification that a federal grant in the a month of $650,000 was approved. Teh grant was restricted for the payment of wages for teenagers for summer employment. The te..

  What was the amount of cash payments for income tax

If sales for the current year were $475,000 and accounts receivable increased by $39,000 during the year, what was the amount of cash received from customers? If income tax for the current year was $39,000 and income tax payable decreased by $11,000 ..

  Calculate the firms roi under each cost-flow assumption

Calculate the firm's ROI under each cost-flow assumption and calculate the firm's ROI under each cost-flow assumption.

  What does a good life look like in moral or ethical sense

What does a good life look like in the moral or ethical sense? what values, behavior. and consequences are created when individuals chose to live a virtuous or good life?

  Monthly excess returns for the spdr

Calculate excess returns for the SPDR S&P 500 Index ETF, Alphabet and Exxon. Use the monthly returns on the iShares 1-3 Year Treasury Bond ETF as your monthly risk-free return.  On the answer sheet report the average monthly excess returns for the..

  What is the gross profit percentage for hotel

What is the gross profit percentage for a hotel, if the total revenue consisted of rooms revenue $3,075,975 and F&B revenue $943,425? management fees represented 4% of total revenue; rent, property taxes & insurance were $401,940; interest and deprec..

  Provide the journal entry for the asset revaluation

S. Stephens adn J. Perez are partners in Space designs. Stephens and Perez share income equally. D Fredrick will be admitted to the partnership. Prior to teh admission, equipment was revalued downward by $18,000.  Provide the journal entry for the as..

  Compute the breakeven points in sales dollars

Compute the breakeven points in sales dollars. If the selling price is increase to $14 per unit and fixed general and administrative expenses are cut $33,465, what will the new breakeven point be in units?

  What is the gross profit earned by original mix of products

Schulzer, inc., is a pork processor. Its plants, located in the Midwest, produce several products from a common process: sirloin roasts, chops, spare ribs, amd the residual. The roasts, chops, and spare ribs are packaged, branded, and sold to superma..

  How many units should jake produce during first quarter

Jakes policy is to maintain an ending inventory equal to 20% of the next quarter sales. each surfboard costs $140 and sol for $200. How many units should jake produce during the first quarter of 2007?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd