Unfortunately in this case the customer Data Equipment Systems is unable to receive shipment until January 11, 2011 due to a lack of available warehouse space (Mintz & Morris, 2011). Reed needs to have that revenue recorded on the 2010 end-of-year financial report. Potential legal and ethical issues Reed is considering booking the $1.2 million sale in the December 2010 books and on December 30 approaches controller Marty Fuller to discuss the dilemma. Fuller explains the accounting rules about sales held for future delivery, although Reed understands the rules he
Can Joe afford the monthly payments with taxes and insurance for either a 30 or 15 year mortgage? 2. If Joe buys the house, will he have enough money left over on a monthly basis to live comfortably? 3. Does Joe have enough in savings to pay for the down payment and all of the closing costs?
Although Wendy mailed the check on December 30, the funds were not made readily available to Larry until January 2. For this reason, Larry will not include the rental amount in his gross income until the next year. The payment was due to Larry on December 31, but he had no way of knowing when the money was readily available or mailed by Wendy, therefore, he cannot include that amount until he receives the check. Alternative B FACTS Both Larry and Wendy are calendar-year, cash method taxpayers. The lease requires an annual rental of $2,000, due in arrears on December 31.
3.1.10 Cash Budget The cash budget is “an estimation of the cash inflows and outflows for a business for a specific period of time. Cash budget are used to assess whether the entity has sufficient cash to fulfil regular operations and whether too much cash is being left in unproductive capacities”. (Reference 2) The cash budget is prepared in advance for the first 6 months, and a cash deficit of £20,364 and £2,228 were incurred in January and February. A second-hand bottling plant was purchased in January which cost £420,000. The business required £30,000 cash for working capital.
Iowa Supreme Court orders furlough on Monday Associated Press February 16, 2009 DES MOINES, Iowa - The Iowa Supreme Court is closing all state court offices on Monday to save money during tough budget times. The decision to close the court on President’s Day means an unpaid day for about 1,600 employees at a savings of more than $335,000. Judges and magistrates are the only court employees who will work on the furlough day because their salaries are set by the Legislature and handled separately. The furlough is planned for President’s Day because it’s a federal holiday when court officials anticipate less impact on the public because other government agencies also are closed. Gov.
Unfortunately Bank United does not modify investment properties therefore no modification can be done as of now.. I call on a weekly basis to see if there are any changes but it is to my understanding that Mr. Cohen is current on this file *Yaniv Cohen – *1839 Cross Point Way *11-19*-09 I called Amtrust for an update. They stated that he cannot qualify for a modification due to having the lowest rate already available. (4.25% I/O) I resubmitted the file and requested a 30 year fixed with escrows. The previous negotiator said this would not be possible but I currently have the file with another negotiator (KIM PSHIRER) who may be able to assist.
Based on the assumptions contained in this plan, I estimate that the businesses will break-even in its first year of operations. Cash Flow Statement As the owner of Chagadama Christian Bookstore, I will invest $60,000. This money will be used to cover startup costs of $12,725 and initial operating costs. Fixed costs are limited to our office space and equipment lease at $1,800 per month, which includes a 1,000 square foot store on Main Street, a telephone system, and two photocopiers. As continued positive cash flows permit, the amounts I invested will be repaid.
The balance sheet displays that Deborah Marks has a significant negative net worth due to past due credit cards and a large amount of student loans. The cash flow statement displays that the most that Deborah Marks could eliminate from her monthly outgoing expenses is $100.00 by eliminating a telephone, toys for her children, and dining out once a month. With those eliminated, the excess funds at the end of the month would increase from $55.00 to $155.00 which could assist with paying off student loans or credit card
Reform proposals continue to circulate with some urgency, due to a long-term funding challenge faced by the program. Starting in 2015 and continuing thereafter, program expenses are expected to exceed cash revenues. This is due to the aging of the baby-boom generation (resulting in a lower ratio of paying workers to retirees), expected continuing low birth rate (compared to the baby-boom period), and increasing life expectancy. Further, the government has borrowed and spent the accumulated surplus funds, called the Social Security Trust Fund, while counting the funds as revenue, not
In June 1995, Mr. Fisher, treasurer of SureCut Shears arranged a line of credit of $3.5 million with the Hudson National Bank to cover requirements for the fall anticipating that the loan would be fully paid off by December of the same year. In September 2005, Mr. Fisher called Mr. Stewart of Hudson National Bank to inform him that the company would need an additional $350,000 to cover peak seasonal needs. In January 1996, there was a decrease in sales demand. In April 1996, Mr. Fisher called Mr. Stewart to tell him that SureCut Shears would not probably be able repay its outstanding short-term loan of $1.14 million in June.