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Question: Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:
1. The budget for the library
2. The payment and receipt of funds from the general fund
3. The issuance of the bonds
a. Assume that the premium remained in the capital projects fund.
b. Identify all of the funds required for these entries.
c. Discuss how the bond premium could be disposed.
In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.
Setterstrom Company established a petty cash fund on May 1, cashing a check for $120.00. The company reimbursed the fund on June 1 and July 1 with the following results.
The Audit Report and Internal Control Evaluation. This paper should be posted as a Microsoft Word attachment in the Assignment Section and should adhere to APA formatting style.
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on january 1 2010 valuation allowance for trading investments has a credit balance of 8700. on december 31 2010 the
1. crow manufacturers inc. projected sales of 64363 bicycles for 2012. the estimated january 1 2012 inventory is 5278
Using the data provided, prepare a statement of cash flows in proper indirect method form. The only noncash items in income are depreciation and the gain from the sale of the investment (purchase and sale are related).
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honeybutter inc. manufactures a product that goes through two departments prior to completion- the mixing department
Earth Company expects to operate at 86% of its productive capacity of 52,000 units per month. At this planned level, the company expects to use 26,832 standard hours of direct labor.
What are the most important reasons for STARBUCKS' ROA fluctuation during the year 2010, 2011, and 2012?
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