Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Chapter 17, Problem 14C
a.
To determine
Indicate the total budget deficit and net operating cost amounts for the three recent fiscal years.
b.
To determine
Explain the way in which the total budget deficit and net operating cost differ.
c.
To determine
Indicate the main factors responsible for the trend in total budget deficit and net operating cost.
d.
To determine
Indicate the five largest components of the net cost of operations for the recent fiscal year.
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A trial balance will balance even if
A. a journal entry to record the purchase of equipment for cash of $52100 is not posted.
B. a $13100 cash dividend is debited to dividends for $13100 and credited to cash for $1310.
C. a $510 collection on accounts receivable is credited to accounts receivable for $510 without a corresponding debit.
D. a purchase of supplies for $595 on account is debited to supplies for $595 and credited to accounts payable for $559.
Equipment costing $15200 is purchased by paying $3800 cash and signing a note payable for the remainder.
The journal entry to record this transaction should include a
credit to Notes Payable.
credit to Notes Receivable.
credit to Equipment.
debit to Cash.
At December 1, 2025, a company's Accounts Receivable balance was $20160. During December, the company had credit sales of $54000 and collected accounts receivable of $43200.
At December 31, 2025, the Accounts Receivable balance is
A. $30960 debit.
B. $30960 credit.
C. $74160 debit.
D. $20160 debit.
Chapter 17 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 17 - Prob. 1QCh. 17 - Prob. 2QCh. 17 - Prob. 3QCh. 17 - Prob. 4QCh. 17 - Prob. 5QCh. 17 - Prob. 6QCh. 17 - The federal government uses two groups of funds....Ch. 17 - Prob. 8QCh. 17 - Prob. 9QCh. 17 - Prob. 10Q
Ch. 17 - Prob. 12CCh. 17 - Prob. 13CCh. 17 - Prob. 14CCh. 17 - Prob. 15.1EPCh. 17 - Prob. 15.2EPCh. 17 - Prob. 15.3EPCh. 17 - Prob. 15.4EPCh. 17 - Prob. 15.5EPCh. 17 - Prob. 15.6EPCh. 17 - Which of the following is a correct mathematical...Ch. 17 - Which of the following is not a component of a...Ch. 17 - Fund Balance with the Treasury would be considered...Ch. 17 - Prob. 15.10EPCh. 17 - Following is a list of a number of accounts used...Ch. 17 - Prob. 17EPCh. 17 - Prob. 18EPCh. 17 - Prob. 19EPCh. 17 - Prob. 20EPCh. 17 - Prob. 21EPCh. 17 - Prob. 22EP
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- Following is additional information about transactiona during the year ended May 31, 2020 for Monty Inc., which follows IFRS. Plant assets costing $69,000 were purchased by paying $47,000 in cash and issuing 5,000 common shares. In order to supplement iRs cash, Monty Issued 4,000 additional common shares. Cash dividends of $35,000 were declared and paid at the end of the fiscal year. PRepare a direct Method Cash FLow using the format.arrow_forwardmake a trail balancearrow_forwardOn July 31, 2025, the general ledger of Cullumber Legal Services Inc. showed the following balances: Cash $4,960, Accounts Receivable $1,860, Supplies $620, Equipment $6,200, Accounts Payable $5,080, Common Stock $4,340, and Retained Earnings $4,220. During August, the following transactions occurred. Aug. 3 5 Collected $1,490 of accounts receivable due from customers. Received $1,610 cash for issuing common stock to new investors. 6 Paid $3,350 cash on accounts payable. 7 Performed legal services of $8,060, of which $3,720 was collected in cash and the remainder was due on account. 2 2 2 2 2 12 Purchased additional equipment for $1,490, paying $500 in cash and the balance on account. 14 Paid salaries $4,340, rent $1,120, and advertising expenses $340 for the month of August. 18 20 24 26 27 Collected the balance for the services performed on August 7. Paid cash dividend of $620 to stockholders. Billed a client $1,240 for legal services performed. Received $2,480 from Laurentian Bank;…arrow_forward
- Consolidation after Several Years On January 1, 2016, Adams Corporation acquired all of the stock of Baker Company. The fair value of Adams’ shares used in the exchange was $37,500,000. At the time of acquisition, the book value of Baker’s shareholders’ equity was $5,000,000, and the book value of Baker’s building (25-year life) exceeded its fair value by $1,000,000. From the date of acquisition to December 31, 2021, Baker had cumulative net income of $1,300,000. For 2022, Baker reported net income of $300,000. Adams uses the complete equity method to account for its investment in Baker. There is no goodwill impairment loss for the period 2016 through 2021, but there is impairment loss of $100,000 in 2022. Baker declared no dividends during the period 2016–2022. Required Prepare the working paper eliminating entries necessary to consolidate the financial statements of Adams and Baker at December 31, 2022. Enter numerical answers using all zeros (do not abbreviate in thousands or in…arrow_forwardGive me the answer in a clear organized table please. Thank you!arrow_forwardGive me the answer in a clear organized table please. Thank you!arrow_forward
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