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The City of Charlotte levied property taxes in 2009 in the amount of $10 million. It is estimated that 2% will be uncollectible. During 2009, $9,000,000 was collected and it is anticipated that $400,000 will be collected during the next 60 days. When moving from the changes in fund balances in the Statement of Revenues, Expenditures and Changes in Fund Balances to the changes in net assets in the Statement of Activities, what will be the adjustment?
A. An increase of $800,000
B. An increase of $400,000
C. An increase of $200,000
D. Zero
Weiser Corp. on January 1, 2007, granted stock options for 40,000 shares of its $10 par value common stock to its key employees. The market price of the common stock on that date was $23 per share and the option price was $20.
Put Company paid $220,000 for an 80% interest in Sel Company on July 1, 2011, when Sel Company had total equity of $110,000. Sel Company reported earnings of $10,000 for 2011 and declared dividends of $8,000 on November 1, 2011.
How should internal auditors help, if at all, with forensic accounting investigations?
What is the monthly interest rate if the lease payments are $24,000 per month for twenty-four months? What is the monthly interest rate if the lease payments are $24,000 per month for thirty-six months? What is the monthly interest rate if the lease ..
Houghton Company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. At the beginning of the year, the company estimated manufacturing overhead would be $200,000 and direct labor hours would be 2..
The Tan Company purchased merchandise inventory on account with a list price of $5,000 and credit terms of 1/20, n/45. What was the net or cash cost for the merchandise?
The bonds were properly carried at $2,134,000 upon issue. On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances:
Evaluate the importance of ethics in accounting. Do you think ethical behavior is more or less important in this profession than in others? Defend your position. Analyze the code of professional conduct, including enforceable and non-enforceable p..
The common shares have a market price of $22.50 per share on the grant date. Suppose Magnetic Optical expected a 10% forfeiture rate on the restricted shares prior to vesting Determine the total compensation cost.
Assume that on July 1, 2012 Venzuela Co. retires half of the bonds at a cost of 1,065,000 plus accrued interest. Prepare the journal entry to record this retirement."
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..
The market price of the common stock was $31 per share at the date of the grant. G Corp. used the Binomial pricing model and estimated the fair value of each of the options at $10. What amount should G charge to compensation expense for the year e..
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