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ASSIGNMENT DESCRIPTION: 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:
• The budget for the library
• The payment and receipt of funds from the general fund
• The issuance of the bonds
o Assume that the premium remained in the capital projects fund.
o Identify all of the funds required for these entries.
o 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.
The following information has been taken from the ledger accounts of Isaac Stern Corporation. Determine the current balance of retained earnings
Stan received $12,000 from a tenant on December 1 for four months' rent of an office. This rent was for December, January, February, and March. If Stan debited Cash and credited Unearned Rental Income for $12,000 on December 1, what necessary adju..
Jason Timberwolf owns and operates Timberwolf Industries, a firm that makes. What is the contribution margin (CM) per unit? (Explain and show the calculation)
What amount is the gain realized on the sale. What amount of the gain is recognized in year 1
Analysis of Transactions
on may 202009 chiu co. paid 1500000 to acquire 25000 common shares 10 of bbe corp. as a long-term investment. on august
your friend remarked a company will never drop a product from its product line that has a positive contribution margin.
Yumminess has asked Jordon and Taylor to consider making Extra Attack Brownies and Nutty Attack Brownies, in addition to Chocolate Attack Brownies.
Prepare the adjusting entry for December 31 st to reflect the amount of rent expense consumed. What is balance in prepaid rent on December 31 st after the adjusting entry has been made?
Which designs and operating conditions produce the lowest and highest values of A0? What are these values? In each of these two cases, ifW/L is held at the same value but L is made 10 times larger, what gains result?
Prepare a retained earnings statement for the year ended December 31, 2016. Enter all amounts as positive numbers
Use above information to compute Statement of Cash Flows: direct and indirect method on Excel spreadsheet.
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