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What journal entry should be made at the beginning of the fiscal year to reestablish the Encumbrances account of a capital projects fund for a multi-year capital project?
A) Debit encumbrances and credit fund balance.
B) Debit reserve for encumbrances and credit encumbrances.
C) Debit fund balance and credit encumbrances.
D) Debit encumbrances and credit reserve for encumbrances.
Prepare the entry for May 1, 2007. The bonds are sold on August 1, 2008 for $425,000 plus accrued interest. Prepare all entries required to properly record the sale. (Show all calculations).
The IRS allows CPAs, lawyers, and Enrolled Agents (EA) to prepare taxes for compensation. Debate how this affects the accounting profession as a whole, and how you think this change will impact the accuracy and cost of tax preparation.
The Mejicano company is planning to purchase a piece of equipment that will reduce annual cash expenses over its 5-year useful life by equal amounts.
Monthly demand for an inventory item currently averages 160 units. The annual carrying cost is $10 per unit. Ordering cost is $60 per order. This information applies to all of the questions on this page.
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
You read in the wall street journal that 30 day US treasury bills are currently yielding 8%. your brother in law, a broker, a broker at Kyoto Securities, has given you the following estimates of current interest rate premiums:
What are the advantages of loan agreements that contain covenants tied to accounting numbers? Are there any disadvantages? Please explain.
A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally??
A local finance company quotes a 16.8 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,040. Because you must repay a total of $35,040 in one year, the finance company requires you to pay $35,..
You have recently hired several new members to your team who will be assisting with financial statement analysis for your clients. As part of their training, you want to make sure that they fully understand the requirements of the SEC regarding fi..
Colaw Supply purchased machine at a cost of $72,000 on January 2, 2000. It originally had an estimated life of 10-years and a salvage value of $12,000.
Globe uses a traditional costing system and assigns overhead based on direct labor hours. Each unit of B2 would be assigned overhead of:
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