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As of the fiscal year ending September 30, 2013, Crystal Beach had $10,000,000 in 5 percent serial bonds outstanding. The serial bonds pay interest semiannually on March 1 and September 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of principal are transferred from the General Fund, and the debt service fund levies property taxes annually to cover interest payments. Any excess is reserved for future debt service payments.
Prepare debt service fund and government-wide entries in general journal form to reflect, as necessary, the following information and transactions for FY 2014.(1) The operating budget for FY 2014 consists of estimated revenues of $500,000 and estimated other financing sources equal to the amount of principal to be paid in FY 2014. Appropriations must be provided for interest payments and bond redemptions on March 1 and September 1.(2) Property taxes in the amount of $500,000 were levied (no estimate for uncollectible accounts has been made).(3) Property taxes in the amount of $500,000 were collected.(4) Cash was received from the General Fund and checks were written and mailed for the March 1 principal and interest payments.(5) Cash was received from the General Fund and checks were written and mailed for the September1 principal and interest payments.(6) At the fund level, entries were made to close budgetary and operating statement accounts. (Ignore closing entries in the government activities journal.)
Puckett Co. has office furniture that cost $75,092 and that has been depreciated $49,709 - Record the disposal under the assumptions.
She receives a proportionate nonliquidating distribution from the partnership consisting of $10,000 of cash, unrealized accounts receivable (basis of $0, fair market value $30,000), and inventory (basis of $10,000; fair market value of $20,000). A..
On a multiple-step income statement, gain or losses on sale of equipment would be shown:
A comparison of expected cash flows for the trucks indicates the exchange lacks commercial substance. What is the entry to record the trade-in?
The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.
A majority-owned subsidiary that is in legal reorganization should normally be accounted for using
Which of the following requires recognition in the auditor's report as to consistency?
problem 1. aunt ethels fancy cookie company manufactures and sells three flavors of cookies macaroon sugar and
ermaine owns all 200 shares of peach corporation stock valued at 50000. kenya a new shareholder receives 200 newly
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
Compute equivalent units production for both materials and conversion costs.
Leary Corporation had net credit sales during the year of $900,000 and cost of goods sold of $540,000. The balance in receivables at the beginning of the year was $120,000 and at the end of the year was $180,000. What was the accounts receivable t..
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