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A city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP. Property taxes of $600,0000 (of which 10% are estimated to be uncollectible) are levied in October 2007 to finance the activities of the fiscal year 2008. During 2008, cash collections related to property taxes levied in October 2007 were $500,000. In 2009 the following amounts related to the property taxes levied in October 2007 were collected: January $25,000; March, $5,000. For the fiscal year ended 12/31/08, what amount should be recognized as property tax revenues related to the 2007 levy on the government-wide financial statements?
a) $600,000.
b) $540,000.
c) $525,000.
d) $500,000.
The Piedmont School of Music has hired you as a consultant to help in analyzing the behavior of the school's costs.
The contribution margin for product A is $5 and for product B it is $4. What is the most profitable sales mix for the Foam Pet Mattress Company?
On March 1, 2010, Freeze Company hires a new employee who will start to work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
Derrick Lee just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 6%, compounded annually. (Hint: Use tables in text.)
The three types of functions that normally should be segregated to promote internal control are:
Determine the depreciation and book value for each of the two investment groups for each year. Determine the gain/loss for tax purposes If the Group 5 and Group 7 assets are sold at the end of the planning period for a combined $500,000.
Impairments are: a) recognized as a realized loss if the impairment is judged to be temporary. b) based on fair value for available-for-sale investments and on negotiated values for held-to-maturity investments.
1) explain how goodwill is tested for impairment for a reporting unit. 2) determine the amount, if any, of impairment loss to be recognized at december 31, 2008.
Senior sold all of these goods in 2011. How should Perez report the effect of the intra-entity sale on its 2011 income statement?
In 2009, assume that you start with a salary of $100,000, will receive a 3% raise each year, and the interest rate expected will be 6%. You plan to retire in 40 years and draw retirement pay for 20 years.
Prepare the related consolidated journal entries if 30% of the goodwill is to be written off as impairment loss?
A company issues 5% stock dividends, 15,000 shares, $2.00 par value, initially stock was $12, but current trading value is $20, what are the journal entries?
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