The City of Oxbow General Fund has the following net resources at year-end: $250,000 unexpended proceeds of a state grand required by law to be used for health education.
$10,000 of prepaid insurance.
$600,000 rainy day fund approved by city council for use under specified circumstances.
$200,000 budget stabilization fund to be used in the event of revenue shortfall.
$275,000 provided for contractual obligations for capital projects.
$26,000 unexpended proceeds of a tax required by law to be used for emergency 911 services.
$1,622,000 total fund balance.
Prepare the fund balance section of the balance sheet.

Grace period is a period of time before the credit card company starts charging late fees. truefalse

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.

Why should managers invest any excess cash