Make in general journal form all journal entries

Assignment Help Accounting Basics
Reference no: EM132605615

Brand City sold bonds in the amount of $45,000,000 to finance the construction of a public library. The bonds are serial bonds and were sold at par on January 1, the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $42,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $22,000,000.

Question 1: Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information in the capital projects fund. (No closing entry is required).

Reference no: EM132605615

Questions Cloud

Business decision making assignment : Business Decision Making Assignment Help and Solution - Muscat University - Prepare a trial balance for the year ended 31 December 2019 2019
How the internet is changing businesses around the world : i) Explain how the Internet is changing businesses around the world.
Prepare debt service fund and government-wide entries : Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions
Prepare the Cash Flows from Operating Activities section : Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use minus sign to indicate cash out flows
Make in general journal form all journal entries : Make, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record
Question - units-of-activity depreciation : Question - Units-of-activity Depreciation - A truck acquired at a cost of $115,000 has an estimated residual value of $6,700
Determine the inventory turnover : A company reports the following: Cost of goods sold $353,320. Determine (a) the inventory turnover and (b) the number of days' sales in inventory
Which is not true of a sound system of internal control : Which is NOT true of a sound system of internal control? a sound system of internal control is the responsibility of management
How does culture influence our conflict style : What does it mean to have a conflict style? How does culture influence our conflict style?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd