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Question: A city ordinance provides that "no money shall be spent for any purpose without the prior approval of the city council." In approving the budget for the year, the council had authorized spending $1,300,000 for road maintenance. Late in the year, after the city had spent virtually the entire $1,300,000, a major storm washed out portions of several roads leading to the elementary school. The school was inaccessible, and the mayor wanted to enter into an emergency contract to repair the roads. City engineers estimated that the cost of the repairs would be about $350,000. If the city entered into such a contract, the total amount spent on road maintenance for the year would be greater than the amount authorized. Recognizing the need for prompt action, the mayor immediately entered into the contract without seeking prior city council approval. Comment on the legal, financial, and accounting systems implications of this scenario.
van frank telecommunications has a patent on a cellular transmission process. the company has amortized the patent on a
washington industries had budgeted moh of 90000 and anticipated using 25000 machine hours during the period. actual moh
Discuss the amount, if any, of retained earnings to be capitalized in connection with a stock dividend.(AICPA adapted)
The machine has a 5 year useful and has a salvage value of $3,000. The new machine will generate $8,000 in additional sales each year. Bob has a hurdle rate of 10%.
bricker enterprises purchased a machine for 210000 on october 1 2012. the estimated service life is ten years with a
Explain the purpose of and method of depreciation for partial years.
From the lessons and conceptual ideas presented in this course, determine the single most impactful or interesting lesson / concept you have learned. Provide a rationale for your response.
Impact of Globalization on international Accounting Harmonization
How many Japanese Maples must Mountain Maples sell in a year to break even? At this sales volume, how many Butterfly and Moonfire trees are sold?
Calculate the Net Present Value and the Annualized Net Present Value for the two projects with the following cash flow streams given an MARR of 15%. Which project is preferable based on the NPV? Which is preferable based on the ANPV? Which of the ..
When making a short term investment decision which of the following is not usually a factor in your decision?
Brown and Jeffrey s, a West Midlands business, makes one standard product for use in the motor trade. The product, known as the Fuel Miser, for which the business holds the patent, when fitted to the fuel system of production model cars has the ef..
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