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Question - Instruction: Consider the following cases and transactions separately and answer each questions based on the instructions:
The Green River town is constructing municipal complex that is financed by $ 10,000,000 par value term bond issued at $ 10,250,000 at the beginning of the current year. Any premium is appropriated for Debt service fund. The construction is accounted for in capital project fund. After six months, capital project fund has transferred the amount of premium on bonds issued to Debt service fund. Records show that costs incurred in the current year for construction amounted to $ 4,200,000. The project is expected to complet after a year.
Instructions - Identify the fund affected by the forging transactions and prepare the necessary entries in these funds.
Accounting for trading investments On January 1, 2016, Bark Company invests $11,000 in Iris, Inc. stock. Iris pays Bark a $200 dividend on July 1, 2016.
Auditors found that the entity has not capitalized a material amount of leases in the financial statements. When considering the materiality of this departure.
Carrying amount of the bond was less than the call price. The amount of bond liability removed from the accounts in 2021 should have equaled the
The sales journal, sales orders, shipping documents, invoices and price list are available on in canvas. Complete excel worksheet as required in audit program
Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as right-of-use asset and a lease liability
Outdoors R Us owns several membership-based campground resorts throughout the Southwest. The company sells campground sites to new members
the danville manufacturing company has two service departments and two producing departments. the following data are
Xavier and Yolanda have original investments of $50,000 and $100,000 respectively. How much of the net loss of $6,000 is allocated to Yolanda
Insulating fluid. Use the first nine times to breakdown of the 30-kV data of Table 2.1. (a) Calculate an upper 90% prediction limit for the 10th failure time, assuming that time to breakdown has an exponential distribution.
discuss the evolution of the income statement found in the annual report of a firm to the forms that can be used in
Obtain a detailed report which is based on an intensive investigation of the financial position of sales department, production department and research and development department.
Now assume instead that Richmond WILL retain separate legal incorporation and maintain its own accounting system. Prepare a worksheet to consolidate the account
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