1. The members of the Museum Board of the City of Springfield are appointed by the City of Springfield City Council, which has agreed to finance any operating deficits of the museum. Under these conditions:a. The museum is a primary government. b. The city and the museum together are a financial reporting entity. c. The museum is a special district. d. The museum is a component unit of the city.2 Interim government financial reports:a. Are not necessary because administrators and managers of the government are already familiar with the events andactivities of the government on a day to day basis. b. Should be prepared and distributed publicly at regular intervals. c. Are important for budgetary and cash management purposes. d. Are not necessary as long as the government prepares a comprehensive annual financial report [CAFR].3. The comprehensive annual financial report (CAFR) of a governmental reporting entity should contain a statement ofcash flows for:

On september 12, ryan company sold merchandise in the amount of $5,800 to johnson company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. ryan uses the periodic inventory system and the net method of accounting for sales. on september 14, johnson returns some of the non-defective merchandise, which is restored to inventory. the selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. the entry or entries that ryan must make on september 14 is (are): multiple choice sales returns and allowances 490 accounts receivable 490 merchandise inventory 350 cost of goods sold 350 sales returns and allowances 490 accounts receivable 490 sales returns and allowances 500 accounts receivable 500 sales returns and allowances 490 accounts receivable 490 merchandise inventory 343 cost of goods sold 343 sales returns and allowances 350 accounts receivable 350

According to herman, one of the differences of managing a nonprofit versus a for-profit corporation is

James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u.s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.