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A corporation is considering expanding operations to meet growing demand. With the capital expansion, the current accounts are expected to change. Management expects cash to increase by $20,000, accounts receivable by $40,000, and inventories by $60,000. At the same time accounts payable will increase by $50,000, accruals by $10,000, and long-term debt by $100,000. The change in net working capital is a. a decrease of $40,000.
b. a decrease of $120,000.
c. an increase of $120,000.
d. an increase of $60,000.
It is sometimes said that in debt service funds, the accounting for interest revenue is inconsistent with that for interest expenditure. Explain. What is the rationale for this seeming inconsistency?
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Using the following information, prepare the statement of revenues, expenditures, and changes infund balance for the General Fund of the City of Savannah for the fiscal year
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Using this information, with all other information the same, determine the carrying value [book value] of the bonds at June 30 of the current year?
You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly descrube the steps you might take.
The office equipment has a 5-year life with no salvage value. It is being depreciated at $295 per month for 60 months. Invoices representing $1,005 of services performed during the month have not been recorded as of June 30. (a) Prepare the adjusting..
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Compare the so called test for detemining US residence in section 7701 (b) and the myraid of exceptions and special rules used in applying such tests with the facts and circumstances approached used under prior law..
Note and installment note with unrealistic interest rate
The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable?..
Several years ago Polar Inc. purchased an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values. Polar paid an amount corresponding to the underlying book ..
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