
FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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- Assume a federal agency has the following events: Receives a warrant from the Treasury notifying the agency of appropriations of $5,350,000. OMB apportions one-fourth of the appropriation for the first quarter of the year. The director of the agency allots $1,202,000 to program units. Program units place orders of $865,000. Supplies ($141,500) and services ($582,500) are received during the first quarter. Supplies of $130,000 were used in the quarter. Accounts payable were paid in full. Required: Prepare a schedule showing the status of the appropriation at the end of the first quarter.arrow_forwardWhat is the payable deferral period on these financial accounting question?arrow_forwardEvergreen Corporation (calendar-year-end) acquired the following assets during the current year: (Use MACRS Table 1 and Table 2.) Date Placed in Asset Service Original Basis Machinery October 25 $ 120,000 Computer equipment February 3 47,500 Used delivery truck* August 17 Furniture April 22 60,500 212,500 *The delivery truck is not a luxury automobile. Note: Do not round intermediate calculations. Round your answers to the nearest whole dollar amount. b. What is the allowable depreciation on Evergreen's property in the current year if Evergreen does not elect out of bonus depreciation and elects out of §179 expense? Depreciation $ 440,500arrow_forward
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