Identify the main sources of revenue for and the largest expenditures made by federal, state, and local governments.

Record the property tax revenue deferred of $62,000 that is required by the GASB. The current property taxes receivable of $500,000 less the revenue deferred of $62,000 in K are classified as delinquent along with the amount that is required by the GASB. On Dec. 2, purchase orders were issued for supplies in the amount of $440,000. On December 15, supplies, relating to all of the prior year purchase orders ($400,000), were received along with invoices amounting to $397,000. Received 6% interest revenue on the Investments (beg. Balance) in cash. Record the closing entry. Remember that the actual revenues is closed by a debit with a credit to Estimated Revenues and the balance to Fund Balance. Record the closing entry. Remember that the actual expenditures and the balance in Encumbrances is closed by a credit with a debit to Appropriations and the balance to Fund Balance. Prepare a 12/31/14 Balance Sheet assuming the beginning balances and journal entries A to Q and the books have been closed out to Fund Balance.

When is revenue recorded on the income statement? Is it possible to have a million dollars in net income on the income statement and no cash in the bank?

Auditing the revenue process and Auditing the inventory management process. What is the importance?

Respond to the following in a minimum of 175 words:

Identify the main sources of revenue for and the largest expenditures made by federal, state, and local governments.

1. You have the following cost and revenue information on a project that invests in the conversion of a coal-fired electricity generating plan into a gas-fired unit.

Cost of new equipment: $200 million.

The equipment will be depreciated over 8 years on a straight-line basis to zero book value.

Proceeds from the sale of old equipment which has a book value of $15 m is 40 million,

Expensible installation cost: 0.50 million.

Estimated Revenue from the sale of electricity in the first year: $65 million and it remains the same for all 5 years;

Cost of gas: $25 million;

Operating and other expenses: $4 million;

Initial working capital expenses: $1 million;

Project’s assets estimated resale value: $65 million.

The project is subject to a tax rate of 30%,

Anticipated clean-up expense: $1.0 million.

The investment is eligible for $1.0 million investment tax credit.

The weighted average cost of capital (WACC) of the project is 5%.

Using these data,

1. calculate the following cash flows associated with the project: (i) Net initial investment outlay; (ii) Net operating cash flows (NOCF) also known as CFAT and (iii) net salvage value, and

assuming that the net operating cash flows will remain the same for all five years, calculate the NPV and the IRR of the project.

Please show all work

How does a hotel property manager respond to the challenge of revenue management?

list and explain in details the various methods of delayed or advanced revenue recognition.

In determining whether a person is an employee or an independent contractor the Internal Revenue
Service will chiefly consider

a.the degree of control the employer exercises over the work to be done.

b.how the person is paid (periodically or by project).

c.what skill does the work require.

d.what is the length of employment.

CPAs and accountants are trained to understand the Internal Revenue Code and reference the regulations to get further guidance. Discuss what other services you can use to get more information and updates about the tax issues affecting your clients. What can small businesses do to keep up with the constantly changing tax laws? Where do you draw the line between what business owners need to know and what they should rely on their tax advisor to keep track of?