What amount should be reported as grant revenues

Assignment Help Financial Accounting
Reference no: EM131106299

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?

Reference no: EM131106299

Questions Cloud

What amount of the foregoing revenues should be accounted : What amount of the foregoing revenues should be accounted for in Ariba's government all type funds?
A printing shop receives an average of one order per day : A printing shop receives an average of one order per day. The average length of time required to complete an order is half a day. At any given time, the print shop can work on at most one job. Interarrival times and service times are exponentially..
Elements of assignment : Write a persuasive essay either supporting or denying the veracity of the theme statement; The argument should include a discussion of the differences between corporate social responsibility and the triple bottom line concepts.
What is the expected return on equity : Earnings before interest and taxes should be 12% of total sales, and the federal-plus-state tax rate is 40%.a. What is the expected return on equity under each current asset level? b. In this problem, we assume that expected sales are independent of ..
What amount should be reported as grant revenues : 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?
How much property tax revenue should be reported : How much property tax revenue should be reported by the general fund on the statement of revenues, expenditures, and changes in fund balances prepared for the year ended December 31, 2011?
Assume that interarrival and service times : Ships arrive at a port facility at an average rate of two ships every three days. On average, it takes a single crew one day to unload a ship. Assume that interarrival and service times are exponential.
Calculate christie''s cash conversion cycle : . Christie's payables deferral period is 40 days. a. Calculate Christie's cash conversion cycle. b. Assuming Christie holds negligible amounts of cash and marketable securities, calculate its total assets turnover and ROA.
Question regarding the business law analysis : In the basic negligence rule that everyone must take "reasonable care" to avoid injury to others, reasonable care can vary with time and place and with the relationship between people, so that the same conduct might be considered negligent in one ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the hotels average daily rate

What is the hotel's average daily rate, if the property's percentage of rooms revenueto total revenue is 62.9% and occupancy percentage is 67.8%?

  What is the balance of irving capital account

The partnership pays Gast $100,000 cash for her partnership interst. After Gast's retirement, what is the balance of Irving's capital account?

  Prepare common-sized income statements for cvs and walgreen

Prepare common-sized income statements for CVS and Walgreen. Compute the average sales per store for CVS and Walgreen. Round to the thousands.

  Calculate the net income or loss for 2011

An analysis of Goulding, Inc., disclosed changes in account balances for 2011 and the following supplementary data. From these data, calculate the net income or loss for 2011.

  What is a persons gross income and how is it calculated

What is a person's gross income and how is it calculated - what is a person's adjusted gross income? List 4 adjustments that can be deducted from your gross income.

  Determine frames division''s contribution margin

Determine Frames Division's contribution margin for this product and What amount would be considered the maximum price (ceiling) in this example and what price would be the maximum price (floor)

  Effective interest rate-present value of an annuity

Under an effective interest rate of 5%, the sum of the present value of an annuity which pays $4 at the end of each period for n periods and the present value of a unique payment of $100 at the end of the nth period is equal to the sum of the present..

  What is the companys accumulated benefit obligation

What is the company's accumulated benefit obligation at the end of 2013 with respect to Davenport? Estimate by the accumulated benefits approach the amount of Davenport's annual retirement payments earned as of the end of 2013.

  Journal entries in relation to plant asset transactions

Journal entries in relation to plant asset transactions and Prepare the general journal entries to record these transactions.

  Product life cycle cost

Describe the stages in a product’s lifecycle. How does a product’s life cycle stage influence the nature of information required to successfully manage costs of the product? Describe some of the decisions management might make based on the product’s ..

  Effect on total stockholders equity

Indicate the effect of each of the following transactions on total stockholders' equity by indicating whether it is an Increase, Decrease, or no effect on Total stockholders' equity.

  First financial auto loan department

First Financial Auto Loan Department wishes to know the payment required at the first of each month on a $10,500, 48-month, 11% auto loan. To determine this amount, First Financial would

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!

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