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The city of McNeely sold bonds in the amount of $10,000,000 to finance the construction of a public health center. The bonds are serial bonds and were sold at par on July 1, 2008 the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $9,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $4,000,000.
Required:
Prepare in general journal form all journal entries that should have been made during the fiscal year ended June 30, 2009 to record the above information in the capital projects fund (including closing entry).
Hobson acquires 40% of the outstanding voting stock of Stokes Company on January 1, 2008,for $210,000 in cash. The book value of Stokes' net assets on the date was $400,000, although one company's buildings, with a $60,000 carrying value, was actu..
Are the materials costs and processing costs relevant in the choice between alternatives A and B? (Ignore the equipment rental and occupancy costs in this question.)
Assume that you are part of the audit team and assess a client's audit risk as high. Suggest what procedure the audit team should implement to reduce the risk to the firm.
Inventory is an important asset for merchandisers. Considering the various methods of valuing inventory and the flow of merchandise, what are the strengths and weaknesses of each method? Why would a company chose one method over another? Is there ..
Why is it important to calculate the basis of each partner's interest in the partnership? Is the partner taxed on his basis in the partnership each year? Is the partner taxed on his share of the Net Income of the partnership? How are guaranteed pa..
Leonard received $150,000 insurance proceeds and deducted a $50,000 casualty loss. What is Leonard's basis in the building before any repairs are made?
If Congress reenacts additional first-year depreciation for 2010, Sid elects not to take additional first-year depreciation. If Sid elects § 179, what is the maximum write-off for these purchases for 2010?
What is the maximum percentage of Alpha Corporation's single class of stock that Mariano can sell to a single shareholder without triggering the Sec. 382 loss limitation?
Short term debt has a few advantages such as the economical advantages of obtaining it at a short notice, the flexibility of being able to meet financial needs, and the possibility of renewal by extension.
Which scheme does not inflate sales? A) Recognizing sales on disputed claims against customers. B) Recognizing sales without shipping the goods. C) Understanding allowances for sales discounts. D) Recognizing full sales amount for partial shipments.
Assuming that the company's tax rate is 30%, what amount will be reported for this loss on the income statement?
Kentucky Enterprises purchased a machine on January 2, 2010, at a cost of $120,000. An additional $50,000 was spent for installation, but this amount was charged erroneously to repairs expense. The machine has a useful life of five years and a sal..
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