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Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
A) A debit to cash for $11,000.
B) A debit to accumulated depreciation of $20,000.
C) A credit to equipment for $30,000.
D) A debit to loss on sale of equipment of $1,000.
The following questions concern independence and the Code of Professional Conduct or GAAS. Choose the best response.
evaluate the probable causes of the ERP implementation failure and then create your own hypothesis as to why it failed. Assess the effects the failure had on consumers, stockholders, employees, and the company's image.
The information below relates to Milton Company's trading securities in 2010 and 2011. (a) Prepare the journal entries for the following transactions.
Prepare example journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
Identify weaknesses in Consports expenditure cycle, explain the resulting problem, and suggest a control procedure that would best prevent or detect and correct each weakness. Use the labels next to each step to reference your answer.
The income statement for Roland Inc. shows income before income taxes $700,000, income tax expenses $210,000, and net income $490,000. If Roland declared $150,000 of cash dividends on preferred stock and has 100,000 shares of common stock outstand..
Mary (Who is single with no dependants and who does not itemize) owns 100% of Beezer Tweezer Co, which is organized as a C-Corporation. Beezer Tweezer has $400,000 of taxable income in 2011 and Mary has $34,500 of outside taxable income before any..
In November 2011, Kendall purchases a computer for $4,000. She does not use Sec. 179. She only uses the most accelerated depreciation method possible.
The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?
Elsie Dairy Products Corp. buys one input, full-cream milk, and refines it in a churning process. Allocate the $31,680 joint cost to the spreadable butter and the buttermilk using the following (show work):
What is the formal definition in the glossary of the term "Inventory?" What is the Codification topic number for inventory? What types of entities are not covered by the guidance in the Inventory Topic? (Provide the Codification reference for your ..
Give an example of one accrual-based ratio and one cashbased ratio to measure these characteristics of a company:(a) liquidity, (b) solvency, and (c) profitability.
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