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On July 1, a city issued, at par, $100 million in 6 per-cent, 20-year general obligation bonds. It established a debt service fund to account for resources set aside to pay interest and principal on the obligations.
In the year that it issued the debt, the city engaged in the following transactions involving the debt service fund:
1. It estimated that it would make interest payments of $3 million and have interest earnings of $30,000 from investments. It would transfer from the general fund to the debt service fund $2.97 million to pay interest and $500,000 to provide for the payment of principal when the bonds mature. Further, as required by the bond proceeds from the capital projects fund to the debt service fund to be held in reserve until the debt matures. Prepare appropriate journal entry in debt service fund, including budgetary and closing entries.
The trial balance of Fink Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate
Assume that on July 1, 2012 Venzuela Co. retires half of the bonds at a cost of 1,065,000 plus accrued interest. Prepare the journal entry to record this retirement."
Review the educational and experience requirements to sit for the Uniform CPA Examination published by the Board of Accountancy for the State in which you intent to pursue licensure, in addition to licensure and continuing professional education r..
Government Auditing Standards published by the United States Government Accountability Office define standards associated with the following types of engagements:
When property is transferred, the gift tax is based on:
Illustrate out the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? Have you heard of and do you know the meaning of IFAS and GAAP?
Explain why it might make sense for this company to award bonuses based on sales growth. How might this approach encourage poor business decisions when compared to a bonus plan tied to earnings?
The Working Families Tax Relief Act of 2004 changed the definition of a qualifying dependent. Why was this changed? What other provisions were included in this Act? How did the provision impact working families?
Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month.
repayments of long-term borrowings of $3.5 million, interest payments of $780,000, repurchase of treasury shares of $500,000 and cash dividends declared of $1.1 million. Net cash flow from financing activities equals.
Norm did not file a claim against the insurance policy because of a fear that reporting the accident would result in a substantial increase in his insurance rates. His adjusted gross income was $14,000 (before considering the loss). What is Norm's..
The Walstore Shoe Market had $1,875,000 of shoe sales and its cost for these shoes was $688,000. In addition, the Shoe Market received $5,000 of corporate bond interest and $6,000 of interest on State of California bonds.
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