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On July 1, the first day of its fiscal year, the Ovid City levied a $1,000,000 property tax which is payable in full on December 1 of the same year. On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will include:
A) A credit to Proceeds of Tax Anticipation Notes.
B) A credit to Tax Anticipation Notes Payable.
C) A credit to Tax Anticipation Revenue.
D) Either B or C is acceptable if consistently applied.
Suppose a risk-free asset has an expected return of 5%. By definition, its standard deviation is zero, and its correlation with any other assets is also zero. Using only Asset A and the risk-free asset, plot the attainable portfolios.
Inventory observations involve an auditor understanding the company's planned counting procedures, so that the auditor can conclude the count was adequately planned and executed.
Save the Squirrels, Inc., a 501(c) (3) organization that feeds the squirrels in municipal parks, receives a $250000 contribution from Animal Feed, Inc., a corporation that sells animal feed.
Norman traveled to San Francisco for four days on vacation, and while there spent another two days conducting business for his employer. Norman's plane fare for the trip was $500; meals cost $150 per day; hotels cost $300 per day
Calculate Suzy's recognized gain or loss on the distributions, if any. Calculate Suzy's basis in the inventory received.
During the year, accounts receivable decreased $7,000, merchandise inventory increased $5,000, accounts payable increased by $10,000, and depreciation expense of $5,000 was recorded. During 2007, operating activities:
Edgemont paid cash dividend of 25,000 in 2006. No additional stock was issued. Compute the retained earnings on December 31, 2005, and 2006.
What is an unasserted claim and why would an attorney and/or client be reluctant to disclose an unasserted claim in the financial statements.
How much goodwill will be reported in the consolidation financial statements on December 31, 2012, at the end of Allen's fiscal year? What is the excess amortization expense for the period ending December 31, 2012?
What entry must Sam's Painting Service make on December 31 before financial statements are prepared?
Preparing a list of pros and cons do not mean just giving a definition of three entities. Your information presented should be structured toward their prospective business. Please make sure your responsive comprise the necessary references and rule..
Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?
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