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A county engages in basic transactions. Kilbourne County engaged in the following transactions in summary form during its fiscal year. All amounts are in millions. 1. Its commissioners approved a budget for the current fiscal year. It included total revenues of $860 and total appropriations of $850. 2. It ordered office supplies for $20. 3. It incurred the following costs, paying in cash: Salaries $610 Repairs $ 40 Rent $ 25 Utilities $ 41 Other operating costs $119 4. It ordered equipment costing $9. 5. It received the equipment and was billed for $10, rather than $9 as anticipated. 6. It received the previously ordered supplies and was billed for the amount originally estimated. The county reports the receipt of supplies as expenditures; it does not maintain an inventory account for supplies. 7. It earned and collected revenues of $865. a. Prepare journal entries as appropriate. b. Prepare closing entries as appropriate. c. What would have been the difference in the year-end financial statements, if any, had the county not made the budgetary entries?
In addition, during the year they drove 109 miles for medical transportation, and their insurance company reimbursed them $900 for the above expenses. Calculate the Murphy's medical expense deduction.
Compute Nokias current ratio for both the current year and the prior year and comment on any change from the prior year to the current year for the current ratio.
The average market price of Foyle's common stock was $20 during 2011. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2011?
kalifo company manufactures a line of electric garden tools that are sold in general hardware stores. the companys
What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet?
materiality is a concept that can be applied quantitatively or qualitatively. in essene it is a concept used to ensure
Analyze the differences between US GAAP and IFRS in accounting for equity statements to determine which presents the greatest challenges for the greatest number of companies. Provide specific examples to support your response.
Lana Powell has cumulative earnings of $106,700 at the end of September. In the 1st week in October she earns $2,000. The amount deducted for Social Security and Medicare from her check is: (Assume Social Security rate of 6.2% on $106,800 and Medi..
a company has two classes of stock. 10000 shares of 100 par cumulative 4 preferred stock and 400000 shares of 3 par
Calculate the ratios for 2014 as Gross Profit Margin B. Profit Margin, Return on Assets and Current Ratio - calculate the effect of each of the adjustments on the profit figure of $63,500 as shown in Michael's draft accounts.
hidden treasures ht a family-owned business is a guam-based construction company which builds custom homes with special
Discuss the circumstances under which the capital expenditure of a foreign subsidiary might have a positive NPV in local currency terms but be unprofitable from the parent firm's perspective.
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