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defon
2 years ago
9

Forest City has recently implemented GAAP reporting and is attempting to determine which of the following special revenue funds

should be classified as “major funds” and, therefore, be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As the city’s external auditor, you have been asked to provide a rationale for either including or excluding each of the following funds as a major fund. Determine which of the following funds should be reported as a major fund.
Business
1 answer:
vitfil [10]2 years ago
6 0

Answer:

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In what kind of estate does ownership revert to the grantor of the estate if usage fails to conform to a stated condition in the
Nimfa-mama [501]

Answer:

The correct answer is a Fee simple defeasible estate.

Explanation:

A fee simple defeasible estate is a type of property that has some conditions attached to it. In case the conditions are not conformed the estate goes back to the grantor.

The holder of such an estate holds it as a fee simple subject to that condition. If the given condition is not met the estate either goes to the original grantor or to a third party.

8 0
3 years ago
On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $10,687; Accounts Receivable,
Agata [3.3K]

Answer:

The amount of stockholders' equity as of July 1 of the current year is $39,994

Explanation:

In John Wong, DVM, on July 1 of the current year:

Total asset = Cash + Accounts Receivable + Supplies + Land = $10,687 + $8,307 + $1,853 + $24,857 = $45,704

Liabilities = Accounts Payable = $5,710

Basing on accounting equation:

Total asset = Liabilities + Stockholders' Equity

Stockholders' Equity  = Total asset - Liabilities = $45,704 - $5,710 = $39,994

7 0
2 years ago
Regarding the relationship between inventory management and JIT systems, which of the following (if any) are true?
IRINA_888 [86]

Answer:

Options A and D are true.

  • <u>JIT systems require careful inventory management.</u>
  • <u>JIT systems work very well if supplier and manufacturer inventory systems can be integrated into one system.</u>

Explanation:

Doing JIT accurately infers having exact interest gauges and attention to buyers' buying propensities consistently. Any miscomputation could have a significant negative effect on business capacities.  

For it to get effective, JIT conveyance needs a profoundly responsive and adaptable production network. The responsiveness level is characterized by how quick the store network can adjust to oblige the 4 essential spaces of adaptability in light of an outside upgrade like a shopper request: item, volume,

7 0
3 years ago
In an international transaction involving a bank as a third party, the exporter ships the product after:
nataly862011 [7]

Answer: the bank promises to pay on the importer’s behalf

Explanation:

8 0
2 years ago
Calculate the present value of the after tax net returns to land in the 7th year if thereal pre-tax net returns to land today ar
Tatiana [17]

Answer:

PV(after-tax net return in 7th year) = 70.55 (Approx)

Explanation:

Given:

Number of year = 7

Pre-tax net returns (Fn) = $100

Growth rate = 4% = 0.04

Inflation = 3% = 0.03

Marginal tax rate = 30% = 0.3

Discount rate = 10% = 0.1

Computation:

Fn = Fo(1+g)ⁿ = 100(1.04)⁷

Fn = 131.6

Nominal net returns = 131.6(1.03)⁷

Nominal net returns = 161.85

After tax return = 161.85  (1 - 0.3)

After tax return = 113.30

After-tax, risk adjusted discount rate = 0.1(1-0.3) = 7%

PV(after-tax net return in 7th year) = 113.30 (1+0.07)⁻⁷

PV(after-tax net return in 7th year) = 70.55 (Approx)

8 0
2 years ago
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