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Question: (Budgetary journal entries for a capital project and the related bond issue) Watson Township plans to build an auditorium. The plans were drawn for $100,000 by an architect who will complete the plans and bill the city after the bonds are issued. The township accepted a bid from Forrester Contractors for $8,000,000 for the entire project, which should take 2 years to build. It will not be started until October 1, 2012, so the projected completion date is September 30, 2014. The township's accounting supervisor plans to establish a Debt Service Fund to accumulate resources for repaying the bonds that will be issued to finance the project. These bonds will be serviced from property tax revenues and are expected to be issued at a face amount of $8,000,000. During 2012, $100,000 of investment revenue earned on the bond proceeds is expected to be available for construction purposes. The bonds will pay interest on April 1 and October 1 of each year, beginning in 2013. Prepare the journal entries needed to record the budget and the encumbrance in the appropriate funds for calendar year 2012, based on the preceding budgetary information.
shelby company produces three products product x product y and product z. data concerning the three products follow per
What are Mark's tax consequences on the grant date, the exercise date, and the date he sells the shares assuming his ordinary marginal rate is 30 percent and his long-term capital gains rate is 15 percent?
On August 1, Year 1, Zip Ltd. purchased some merchandise from a foreign company for DM450,000. The liability was not due until March 1, Year 2. Zip was quite confident that the exchange rate fluctuations were not a problem and took no action to he..
Following are the amounts of the assets and liabilities of St. Kitts Travel Agency at December 31, 2010, the end of the current year, and its revenue and expenses for the year.
Compute the ending inventory for Coronado Company for 2014 through 2019 using the dollar-value LIFO method
Write a three- to four-paragraph response to the following: Explain how your learning in business and accounting could be helpful to you throughout your career.
Prepare the journal entry to record the payment on December 15, 2011, using the gross method of accounting for purchase discounts.
There are three social dilemmas presented in Chapter 15 of your textbook: tragedy of the commons or the commons dilemma, resource dilemma, and prisoner's dilemma. Choose two of these concepts to discuss, and explain how each is related to social p..
Compute the total, price, and quantity variances for both materials and labor. State if each variance is favorable or unfavorable
Define PAT (positive accounting theory). Theoretical Definition of PAT and, implication and describe the limitation with the contribution and its significance. Write about the agency theory
Ed Arnold started a personal financial planning business when he accepted $120,000 cash as advance payment for managing the financial assets of a large estate. Arnold agreed to manage the estate for a one year period beginning May 1, 2013.
Lucille Corporation is a publicly held corporation whose common stock is traded on the securities markets. On June 1, it acquired land by issuing 20,000 shares of its $10 par value stock. At the time of the exchange, the land was advertised for sale ..
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