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Darien Village adopted the provision of GASB 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments, for its financial statements issued for 2005. As of December 31, 2005, Darien determined that it had spent $5,000,000 on infrastructure assets since the village was incorporated in 1980, and that infrastructure had an expected life of fifty years. These infrastructure assets consist primarily of roads and bridges that were financed with general long-term debt. Darien decided to use the modified approach for reporting its infrastructure assets on its government-wide financial statements for 2005. During 2005, Darien spent $250,000 maintaining and preserving its roads and bridges, and $500,000 to extend the life of existing infrastructure. On the statement of net assets at December 31, 2005, what amount should Darien report for infrastructure under the governmental activities column?
Agassi Corporation sells products for $28 each that have variable costs of $11 per unit. Agassi’s annual fixed cost is $385,900. Determine the break-even point in units and dollars.
Samuel has some land near I 10 just a few miles from Slidell, LA where he has an excellent crawfish, shrimp and barbecue restaurant. He has heard that the state might take the property under an eminent domain action in order to add an new interchange..
The following lots of a particular commodity were available for sale during the year: The firm uses the periodic system and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year acc..
Establishing budgets for governmental entities takes on special significance because of the importance of governmental compliance with final fund budgets. Students need to understand this special emphasis in governmental accounting before applying it..
Identify the amounts reported for total assets at the four most recent year-ends. Identify the amounts reported for Revenues and Net Earnings (net income) for the three most recent years.
The matching principle permits the use of the direct write-off method of accounting for uncollectible accounts when bad debts are very large in relation to a company's other financial statement items such as sales and net income.
Project the incremental, annual, and cumulative cash benefits and outflows associated with the proposed expansion for the next seven to 10 years, using a spreadsheet or other relevant presentation vehicle to support your narrative. For example, wh..
question in december 2014 the consumer association of america caa a not-for-pro?t research association received
alden co.s monthly cost and sales data for its operating activities of the past year follow. management wants to use
Prepare the adjusting entries for the month of June and post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. Use T accounts.
Colen Corporation produces and sells a single product. In January, the company sold 1, 700 units. Its total sales were $153,000, its total variable costs were $79, 900, and its total fixed costs were $56, 800. Prepare the company's contribution forma..
Blank Co. acquired 25% of the 500,000 shares of outstanding common stock of Overload Inc. on December 31, 2014. The purchase price was $3,600,000. Overload declared and paid $1.20 per share cash dividends on June 18, 2015, and on November 29, 2015. O..
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