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The City of Faberville is evaluating which of its funds it will present as a major fund in its fund financial statements at Dec. 31 Yr. 1. The city presents the following partial listing of asset data a Dec 31, yr 1
-Total Government Fund ype assest $3,000,000-Total Enterprise fund assets $2,000,000-General Fund assets $280,000-Community Development special revenue fund $290,000-Sales Tax Special Revenue Fund $350,000-General Revenue bonds debt service fund $120,000-Faberville River bridge capital project fund $1,500,000-Faberville Water & Sewer utility fund $1,800,000-Faberville landfill
Based purely on assets, how many funds should be displayed as major funds?
For the ROA, break both of them down into their two component ratios and prove they equal the returns calculated above.
The old press had an adjusted basis of $5,000 and the new press has a fair market value of $30,000. What is Kahil's recognized gain or loss and the basis of the new press?
Parker industries is analysing a 200000 equipment investment to produce a new product for the next 5 years. a study of expected annual after tax cashflows from the project produced the following data. using a hurdle rate of 14% calculate the proba..
Prior to maturity, when the carrying value of the bonds was $105,000 scott retired the bonds at 102. Prepare the journal entries for redemption of the bond.
The books of EZ Company, a calendar year taxpayer, had the following assets and related information as of December 31, 2011. EZ's policy is to record depreciation on December 31 by way of a journal entry.
Stoker Corporation applies fixed overhead at the rate of $0.65 per unit. For May, budgeted fixed overhead was $524,745. The production volume variance amounted to $5,070 unfavorable, and the price variance was $11,100 unfavorable.
John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. W..
The stockholders' equity section of Milroy Corporation as of December 31, 2003, was as follows:
How much income must Barry report on his tax return for the current year? What is the character of income?
Novastar Corporation issued 2,000 of its 1,000, 10% ten-year bonds dated July 1, Year 1, at a time when the market paid 9% for bonds of similar risk. Interest is payable annually.
Assuming that the spot rate in 90 days is $.71, what is the net amount paid, assuming FAB wishes to minimize its cost?
Discuss generally how revenue should be recognized at interim dates and specifically how revenue should be recognized for industries subject to large seasonal fluctuations in revenue and for long-term contracts using the percentage-of-completion m..
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