Surrock City applied for a grant from the Federal Highway Administration (FHA). The City received notification...
Surrock City applied for a grant from the Federal Highway Administration (FHA). The City
received notification that the grant had been awarded on March 31, 2014 of its fiscal year ended
December 31, 2014. The grant provisions specified that the $20,000,000 grant would be received
in two equal installments on October 15, 2014 and March15, 2015. The grant provisions also
stipulated that qualifying maintenance expenditures on city roads were necessary prior to
revenue recognition. For the following events, record the appropriate transactions in the general
fund and the government-wide governmental activities (GWGA).
1.Record the necessary entry for notification of the grant award on March 31, 2014.
2.Record receipt of the first installment of the grant award on October 15, 2014.
3.Record qualifying road maintenance expenditures of $9,420,000 during fiscal year ended
December 31, 2014.
4.As of December 31, 2014, address any necessary revenue recognition issues.
5.As of December 31, 2014, record the necessary closing entries.
6.Record receipt of the second installment of the grant award on March15, 2015.
7.Record the expenditures of the necessary qualifying road maintenance expenditures
during 2015.
8.Address any remainingrevenue recognition issues in 2015.
Homework Answers
Add Answer to:
Surrock City applied for a grant from the Federal Highway
Administration (FHA). The City
received notification...
On January 1, 2017, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $560,000 was approved
On January 1, 2017, the first day of its fiscal year, Carter City received notification that a federal grant in the amount of $560,000 was approved. The grant was restricted for the payment of wages to teenagers for summer employment. The terms of the grant permitted reimbursement only after qualified expenditures have been made; the grant could be used over a two-year period. The following data pertain to operations of the SUMMER EMPLOYMENT GRANT FUND, a special revenue fund of...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
AO OUR CITY Department of the Treasury Service OMB Number Form 13614-C 2010 Intake/Interview & Quality...
AO OUR CITY Department of the Treasury Service OMB Number Form 13614-C 2010 Intake/Interview & Quality Review Sheet You will need . Please complete pages 14 of this form, - Tax Information such as Forms W-2 100 100 1095 - You are responsible for the information on your return. Please provide - Social security cards or ITIN letters for persons on your tax retum complete and accurate information Picture D uchas valid driver's license for you and your spouse. ....
This year Evan graduated from college and took a job as a deliveryman in the city....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
4. Perform a SWOT analysis for Fitbit. Based on your assessment of these, what are some strategic options for Fitbit go...
4. Perform a SWOT analysis for Fitbit. Based on your
assessment of these, what are some strategic options for Fitbit
going forward?
5. Analyze the company’s financial performance. Do trends
suggest that Fitbit’s strategy is working?
6.What recommendations would you make to Fitbit management to
address the most important strategic issues facing the
company?
Fitbit, Inc., in 2017: Can Revive Its Strategy and It Reverse Mounting Losses? connect ROCHELLE R. BRUNSON Baylor University MARLENE M. REED Baylor University in the...
23. What is the total net amount of capital gain reported on Form 1040? OA. $308...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice....
Super stuck on a couple of questions on this scenario. Advanced Scenario 7: Mark and Barbara...
Super stuck on a couple of questions on this scenario.
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Mark and Barbara are married and want to file...
Heavy Equipment and Machinery Inc. Trial Balance At December 31, 2019
What is the answer to these tables? here is all the information that had been given to me and my answers to the question that I think needs to be answered to complete the two tablesYou have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HEMI). HEMI is a private corporation that has finished its first year of operations. HEMI's owners plan to list the business on the Toronto Stock Exchange (TSE) in the next 5 years; accordingly,...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
Required a. Record journal entries for the following transactions for FY 2017. Make any computations to the nearest dollar. Journal entry explanations are not required. Use control accounts for revenues, expenditures and budgetary accounts. It is not necessary to reflect subsidiary ledger entries (1) Encumbrances of S 17,000 for purchase orders outstanding at the end of 2016 were re-established. (2) The January 1, 2017, balance in Deferred Inflows Property Taxes relates to the amount of the 2016 levy that was...
AO OUR CITY Department of the Treasury Service OMB Number Form 13614-C 2010 Intake/Interview & Quality Review Sheet You will need . Please complete pages 14 of this form, - Tax Information such as Forms W-2 100 100 1095 - You are responsible for the information on your return. Please provide - Social security cards or ITIN letters for persons on your tax retum complete and accurate information Picture D uchas valid driver's license for you and your spouse. ....
This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $68,500 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses below: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 2,840 1,440 1,320 Calculate Evan's AGI and taxable income...
4. Perform a SWOT analysis for Fitbit. Based on your
assessment of these, what are some strategic options for Fitbit
going forward?
5. Analyze the company’s financial performance. Do trends
suggest that Fitbit’s strategy is working?
6.What recommendations would you make to Fitbit management to
address the most important strategic issues facing the
company?
Fitbit, Inc., in 2017: Can Revive Its Strategy and It Reverse Mounting Losses? connect ROCHELLE R. BRUNSON Baylor University MARLENE M. REED Baylor University in the...
23. What is the total net amount of capital gain reported on
Form 1040? OA. $308 OB. $2,411 C. $2,719 OD. $2,900
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax return, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice....
Super stuck on a couple of questions on this scenario.
Advanced Scenario 7: Mark and Barbara Matthews Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Mark and Barbara are married and want to file...
What is the answer to these tables? here is all the information that had been given to me and my answers to the question that I think needs to be answered to complete the two tablesYou have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HEMI). HEMI is a private corporation that has finished its first year of operations. HEMI's owners plan to list the business on the Toronto Stock Exchange (TSE) in the next 5 years; accordingly,...
Caterpillar Inc. 2017 2016 5 S 51,822 2,900 54,722 42,676 2,786 45,462 35,773 2,764 38,537 STATEMENT 1 Consolidated Results of Operations for the Years Ended December 31 Dollar is willions cat pershare dal Sales and revenues Sales of Machinery, Energy & Transportation Revenues of Financial Products Total sales and revenues Operating costs Cost of goods sold Selling, general and administrative expenses Research and development expenses Interest expense of Financial Products Goodwill impairment charge Other operating incomel expenses Total operating costs...
CASE 20 Enron: Not Accounting for the Future* INTRODUCTION Once upon a time, there was a gleaming office tower in Houston, Texas. In front of that gleaming tower was a giant "E" slowly revolving, flashing in the hot Texas sun. But in 2001, the Enron Corporation, which once ranked among the top Fortune 500 companies, would collapse under a mountain of debt that had been concealed through a complex scheme of off-balance-sheet partnerships. Forced to declare bankruptcy, the energy firm...
Most questions answered within 3 hours.
-
A siren on an emergency car moving with velocity 90 km/hour
produces the sound with frequency...
asked 1 minute from now -
Consider the schema below that models a bank’s branches,
customers and their accounts and loans. Provide...
asked 6 minutes ago -
What kinds of policies should be considered when individuals
decisions may likely impact public expense? For...
asked 14 minutes ago -
The financial statements of Apple Inc. show the following
numbers for fiscal year 2017 ($000,000):
Revenue...
asked 19 minutes ago -
Suppose that you are given the following results. Find the
correlation coefficient of the data.
sx...
asked 28 minutes ago -
The width of a tool used for semiconductor manufacturing
is assumed to be normally distributed with...
asked 30 minutes ago -
A
runaway train car that has a mass of 1,400 kg travels at a speed of...
asked 34 minutes ago -
The expected abnormal earnings of a firm that has earnings of
$40,000 with a required equity...
asked 33 minutes ago -
A spherical surface completely surrounds a collection of
charges. Find the electric flux through the surface...
asked 48 minutes ago -
Two capacitors with capacitances of 12 and 18.1 µF,
respectively, are connected in parallel. The system...
asked 35 minutes ago -
Let's say you are a small business owner that provides
business-to-business software-as-a-service to non-profit
organizations. Your...
asked 40 minutes ago -
A circuit is constructed with five resistors and a battery as
shown. The battery voltage is...
asked 48 minutes ago