Explain the components of net position.
What will be an ideal response?
Net position is the term used to describe the aggregate of the net assets of all an agency's funds. It consists of two components: unexpended appropriations and cumulative results of operations. Unexpended appropriations is the amount of the entity's appropriations represented by undelivered orders and unobligated balances. Cumulative results of operations are the net differences between expenses/losses and financing sources, including appropriations, revenues, and gains, since the inception of the activity, as well as the fair market value of donated assets and assets (net of liabilities) transferred to or from other federal entities without reimbursement.
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Write-downs and restructurings increase current operating income and decrease future income by shifting future costs to the future periods
Indicate whether the statement is true or false
Under a periodic inventory system, cost of goods sold is not recorded until the end of the accounting period
Indicate whether the statement is true or false
Southeast Company's adjusted trial balance at December 31 . 2015, includes the following account balances: Common Stock, $3 par .................................... $300,000 Additional Paid-In Capital .............................. 400,000 Treasury Stock, at cost ................................. 25,000 Net Unrealized Holding Loss on Available-For-Sale Securities
............................................ 10,000 Retained Earnings--Appropriated for Uninsured Earthquake Losses ................................................ 75,000 Retained Earnings--Unappropriated ....................... 100,000 What amount should Southeast report as total owners' equity in its December 31 . 2015, balance sheet? a. $840,000 b. $860,000 c. $890,000 d. $910,000
On the issuance date, the Bonds Payable account had a balance of $80,000,000 and Premium on Bonds Payable had a balance of $5,000,000. What was the issue price of the bonds?
A) $80,000,000 B) $79,000,000 C) $85,000,000 D) $75,000,000