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Study Resources (Accounting)

Some transactions are reported differently in funds versus government-wide statements, but other are not. The state department of highways engaged in the following transactions or was affected by the following events during its fiscal year ending on December 31, 2013: a. It signed a.
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A company estimated the net realizable value of their accounts receivable as of December 31, 2012, based on an aging schedule of accounts receivable, to be $160,000. The following information was provided: The accounts receivable balance on December 31, 2012 was $170,000. Uncollectible accounts receivable written-off during 2012 totaled $11,000..
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Thunderwood Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $74,170. Assume that the allowance for doubtful accounts for Thunderwood Industries has a credit balance of $6,350 before adjustment on August 31 Journalize the adjusting entry for uncollectible accounts.
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Stacy Corporation had income before income taxes for 2014 of $6,311,000. In addition, it suffered an unusual and infrequent pretax loss of $776,100 from a volcano eruption. The corporation’s tax rate is 30%. Prepare a partial income statement for Stacy beginning with income before income taxes. The corporation had 4,966,000.
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