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Describe the fiduciary activities of a state or local government and explain how accounting and financial reporting for fiduciary activities differ from those for governmental and business-type activities.
Suburban Lifestyles, Inc. has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers' lots. Suburban Lifestyles expanded into the precut housing market when it acquired Fairmont Com..
A non current asset has a carrying amount of $20,000. it could be sold for $18,500 with selling cost of $500. its value in use is $22,000 and its replacement cost$50,000. according to IAS 36 Impairment of Assets, what is the recoverable amount of ..
Kelsey Gunn is the only employee of Arsenault Company. His pay rate is $23.00 per hour with an overtime rate of 1 and 1/2 times for hours over 40 in a work week.
What are the differences in financial reporting in a for-profit and government organization? What are the similarities in financial reporting in a for-profit and government organization?
Differentiate between nonprofits and governments in regards to accounting for restricted funds. What are the potential reasons GASB issued a statement 54 clarifying the reporting and classification of funds for governmental accounting.
Suppose both governments offer their respective company a subsidy of $4(million), but only if they produce. Airbus is still able to produce before Boeing. Fill in the new payoff matrix below. What is the equilibrium outcome?
An acquaintance of yours is considering acquiring bonds as an investment. Your friend states "I will only invest in bonds that sell at a discount. I can't imagine why a person would pay more than maturity value for the bond. That appears to be pla..
Crow Co. issued 493,000 of 10%, 20 yr. bonds on Jan, 1, 2010, at face value. Interest is payable annually on Jan. 1. Prepare journal entries to record the last of the following events:
A machine that originally cost $25,000 and was depreciated on a straight line basis has one year of its expected 5-year life remaining. Its current value is $12,000. The corporate tax rate is 34%.
What is the income reported by Regal during 2012 pertaining to the Air investment?
Prepare the adjusting entry for depreciation at December 31, post the adjustments to T accounts, and indicate the balance sheet presentation of the equipment at December 31.
Which of the following is NOT a reason for expecting that a cause-and-effect relationship exists between the level of an activity and specified costs.
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