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A donor pledged $100,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 16, 2008 but was conditioned on the government raising an additional $100,000 from other donors. By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009?
A. No entry
B. Debit a receivable and credit Fund Balance
C. Debit a receivable and credit deferred revenues, a liability
D. Debit a receivable and credit a revenue
ohare companys only asset as of january 1 2007 was limousine. during 2007 only three transactions occurredprovided
Steve and Jim formed a partnership on January 1 with cash contributions of $600,000 and $400,000, respectively. The partners agree to share profits and losses equally. The partnership immediately borrowed $200,000. What is Jim's tax basis in his p..
If, Sales = Rs. 800,000, Markup = 25% ofcost, what would be the value of Gross profit? Which of the following is correct?
What are some of the arguments in favor of using the indirect (reconciliation) method as opposed to the direct method for reporting a statement of cash flows?
Yount Company reports the following for the month of June Compute the cost of the ending inventory and the cost of goods sold using the average-cost method.
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What are the chances that a company will have 20 years of losses to actually use a loss carryforward (and still be in business)? How do accounting principles support holding an asset on the balance for this long?
c. What is the minimum quantity of DVD players in the special order that would make it profitable?
When deciding to lease a new cutting machine or continue using the old machine, the following costs are all relevant EXCEPT the:
Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled.
reforming the u.s. tax code to eliminate tax credits and loopholes has been a frequent topic of discussion. some
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