Meen County reported a combined fund balance of $980 million…
Meen County reported a combined fund balance of $980 million for all governmental funds, an increase of $110 million, or 12.64%, from the prior year. The increase is primarily due to the issuance of a general obligation bond. The bond agreement stipulated that the proceeds are to be used for road infrastructure refurbishments. The proceeds of the bond issue are reported as which fund balance classification?
Read DetailsThe City of Mindy’s General Fund has the following net resou…
The City of Mindy’s General Fund has the following net resources at year end: $59,000 of prepaid insurance $420,000 rainy day fund approved by the township governing board with specific conditions for its use $3,500 of supplies inventory $39,000 state grant for snow removal $180,000 contractual obligations for the purchase of equipment Outstanding encumbrance of $108,000 for the purchase of furniture & fixtures (assume no contractual obligation) Total Fund Balance is $1,015,500 Prepare the fund balance section of the balance sheet for the City of Mindy.
Read DetailsA mirror can be used with your webcam to show your keyboard…
A mirror can be used with your webcam to show your keyboard and computer screen during the initial check-in process. This way, your cellphone can be left in another room during your exam, thereby avoiding interruptions that may invalidate your exam.
Read DetailsAn organization of high school seniors performs services for…
An organization of high school seniors performs services for patients at Mount Hospital. These students are volunteers and perform services that the hospital would not otherwise provide, such as wheeling patients in the park and reading to patients. They donated 5,000 hours of service to Mount Hospital in Year 2. At a minimum wage rate, these services would amount to $18,750, while it is estimated that the fair value of these services was $25,000. In the statement of activities, what amount should be reported as nonoperating revenue? Support your answer.
Read DetailsChoose one of the following to answer: Sometimes not for…
Choose one of the following to answer: Sometimes not for profits will attempt to classify fund-raising expenses as program expenses by making the activities look educational in nature or promoting the mission of the organization. For such expenses to be reported as program expenses, what criteria must they meet? What is the trigger for a Single Audit? Why does an entity need to have a Single Audit?
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