Entries by mary WAMBUGU

Are the following allowable expenses (please list Yes or No clearly – such as, “Yes, this is allowable, because___)? Why or why not? a) An agency decides to award a vendor $1,000,000 to perform accounting services on a one-year appropriation.

September 17, 2019 in /by

Are the following allowable expenses (please list Yes or No clearly – such as, “Yes, this is allowable, because___)? Why or why not?  a)   An agency decides to award a vendor $1,000,000 to perform accounting services on a one-year appropriation. The appropriation is for Fiscal year 2014. The award is made on October 2, 2014. The appropriation allows using the […]

 

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What group creates the US federal government-wide financial statements? 2) What group audits the statements?

September 16, 2019 in /by

Question 1) What group creates the US federal government-wide financial statements?2) What group audits the statements? 3) What is the specific audit opinion that the US federal government-wide statements receive?  4) What do most federal (and non-federal) entities receive on their audit opinions? 5) Are there any issues in the government-wide statements? If so, list […]

 

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Question 3 was: Hernandez Corporation has 15,000 shares of 10%, $50 par cumulative preferred stock outstanding and 25,000 shares of no-par common stock outstanding. Dividends of $37,500 are in arrears.

September 16, 2019 in /by

Question 3 was: Hernandez Corporation has 15,000 shares of 10%, $50 par cumulative preferred stock outstanding and 25,000 shares of no-par common stock outstanding. Dividends of $37,500 are in arrears. At the end of the current year, the corporation declares a dividend of $120,000. How is the dividend allocated between preferred and common shareholders? and […]

 

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The Montgomery Company has 100,000 shares of $5 par common stock outstanding. Management declares (not pays) a 10% stock dividend. The market value of a share of common stock was $30 immediately prior to the stock dividend declaration.

September 16, 2019 in /by

Question The Montgomery Company has 100,000 shares of $5 par common stock outstanding. Management declares (not pays) a 10% stock dividend. The market value of a share of common stock was $30 immediately prior to the stock dividend declaration. The journal entry is: Question 1 options:debit retained earnings, $300,000; credit stock dividend distributable, $10,000; credit […]

 

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