Treatment of estimated uncollectible taxes
Explain and justify the difference between the treatment of estimated uncollectible taxes in fund accounting and the treatment of estimated bad debts in commercial accounting.
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Reporting for Contingency losses has always been an important issue. Discuss what the meaning for the word contingency, probable, reasonably possible, and remote.
Gudenas Company makes a credit card sale to a customer for $500. The credit card sale has a grace period of 30 days and then an interest interest charge of 18% per year or 1.5% per month is added to the balance. If the unpaid balance on the above
Direct materials are added at the beginning of the process. During September, the company transferred 735,000 units of product to finished goods. At the end of September, the goods in process inventory consists of 207,000 units that are 90% comple
Boston Consulting Group(BCG) is a management consulting, technology services and outsourcing organization. Which of the following actions should managers take when there is evidence that a fixed-rate contract is over budget and will generate a los
A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Explain the circumstances that would result in each of these different treatments.
Though Maze was listed as a co-borrower, John repaid the loan in full in 2011. On Maze's Form 1120 tax returns, no loans from shareholders were reported. Discuss whether John is entitled to a bad debt deduction for the amount of the payment on the
Nielson Corp. sells its product for $6,600 per unit. Variable costs per unit are: manufacturing, $3,600, and selling and administrative, $75. Fixed costs are: $18,000 manufacturing overhead, and $24,000 selling and administrative. There was no beg
The following data relate to labor cost for production of 12,500 cellular phones: Determine the rate variance, time variance, and total direct labor cost variance.
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