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The controller of a school district had recorded the entireproperty tax levy, $20M, as revenues when levied during the firstmonth of the year. At year-end the auditor states that $3M must bereclassified as deferred (unearned) revenues because the propertylevy for that amount will not be collected before the end of thesecond month of the next accounting period. The controller objects,noting that the property tax receivables are as available as cashbecause the school district regularly uses them as the basis forborrowing on tax anticipation notes at local banks. Furthermore,the penalties and interest charged on delinquent taxes exceed the interest charges on the tax anticipation notes.
Who's right? Why?
Godert pharmaceutical company has several scientists working in the labs trying to prepare an anti-aging drug. The cost of this research and development
Prepare entries in journal form to record the (1) monthly payroll and (2) employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unempl..
What is a minimum fixed charge coverage ratio and what purpose does it serve in the company's loan agreements?
Describe how operating cash flows can serve as one indicator of earnings quality.
Jolly Blue Giant Health Insurance (JBGHI) is concerned about rising lab test costs and would like to know what proportion of the positive lab tests for prostate cancer are actually proven correct through subsequent biopsy. JBGHI demands a sample l..
In your own words, what are the benefits of a decision tree plan that displays decision alternatives? As it is, there are expected values of decision alternatives As I understand it, it is beneficial for decision analysis problems.
Leonetta Garcetti owns and manages a large construction company. This morning she is faced with the following issues.
At the end of June there were 6,000 units in ending work in process that were 40% complete. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. How many units were transferred ..
Do you concur with the new accountant's recommendation? Present a schedule to support your answer.
In the case of a privately held company, what should be the focus of management, to meet all the reporting guidelines set by the FASB ASC, or to maximize the profits of the company?
You can take advantage of the dealers offer and finance the car at 1.9% or you can take advantage of the $2,500 rebate and finance the car at the going interest rate of 4.5%. Which is the better offer and why?
Percy Motors has a target capital structure of 40 percent debt and 60 percent common equity, with no preferred stock. The yield to maturity on the company's outstanding bonds is 9 percent, and its tax rate is 40 percent.
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