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The City of Jamestown has agreed to get a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made: nine annual lease payments, each in the amount of $100,000 are to be made at the end of every year after the inception of the lease. The total amount to be paid under this lease, thus, is $1,000,000. The town could borrow this amount for nine years at the annual rate of 8 %: thus, the present value of the lease at inception, including the initial payment is $724,689. Suppose that the fair value of the building at the inception of the lease is $750,000.
a. Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made.
b. Demonstrate the entry that should be made at the inception of the lease in government activities journal.
c. Demonstrate the entry that should be made in the debt service fund and governmental activities journal to record second lease payment.
What are bad debts in dollars currently and under the proposed change? Calculate the cost of the marginal bad debts to the firm.
Explain how the acceptance of large, high-risk audit clients for relatively high audit fees may threaten an audit firm's de facto and perceived independence.
Given time and cost constraints of an audit, explain how materiality and audit risk are assessed and applied to make an audit efficient and effective.
You will be required to obtain/study annual reports of companies in the industry
A bank manager wants to determine the percent of time that tellers are working and idle. She decides to use work sampling, and her initial estimate is that the tellers are idle 30 percent of the time.
should auditors perform tests of long term notes payable transactions after the balance sheet date?
Accounts are closed and adjusted at the end of the year. Accounts receivable has a balance of $350,000 and the allowance for doubtful accounts has a balance of $15,000. What is the net realizable value of the accounts receivable?
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
Analyze the money laundering issue that caused a major scandal for the bank. What was the problem with the AML programs? How did the regulators fail at first?
What is you opinion on the Chase Bank trade? They lost 2 Billion on a risky investment; it caused their stock price to loose 10%. It supposedly was a "Hedge" that went wrong.
How large would the salvage value of the automated equipment have to be to make the investment in the automated equipment financially attractive?
List and show the steps AOW should follow with regard to dealing with a predecessor auditor and a new client before accepting the engagement.
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