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Beachfront property owners of the Town of Eden Beach requested a seawall be constructed to protect their beach. The seawall was financed through a note payable, which was to be repaid from taxes raised through a special assessment on their properties. The Town guarantees the debt and accounts for the special assessment through a debt service fund. Assume the special assessments were levied in 2019, recording a special assessment tax receivable and deferred inflow in the amount of $450,000. One-third of the assessment is to be collected each year and used to pay the interest and principal on the note. Problem 1: Record the following transactions that occurred in 2020: 1. June 30, $150,000 of the assessments became due and currently receivable. (Hint: The special assessment tax is recorded as revenue in the debt service fund when it becomes due.)
2. July 31, the $150,000 was collected.
3. September 30, interest of $22,500 and principal of $127,500 were paid.
4. December 31, the books were closed.
Riders Corporation had only one interest bearing long-term debt with a book value of $7,500,000. Determine the initial valuation of each of the assets
Calculate the amount of Net Income For Tax Purposes and Taxable Income for both Felipe and Martina under each of the two alternatives.
Prepare an income statement for the year using absorption costing. Prepare a contribution format income statement for the year using variable costing
Duval Co. issues four-year bonds with a $111,000 par value on January 1, 2019, at a price of $106,880. Make a straight-line amortization table for these bonds
What would his profit be if he cleared his positions when the stock price dropped to $40 and IBM had paid $5 dividends per share in the mean time?
Henry purchased the building on January 2, 2011 for $800,000. The building is to be depreciated using the straight-line method over a period of 40 years with no salvage value. Depreciation for year 1 is?
The real estate was acquired with the intention of demolishing
The stock warrants will expire on December 31, 2008. Select the total value that Chase Corp should use to record the detachable warrants issued on March 1, 2006.
Find which the opportunity cost of making an investment is? the cost of forgoing a benefit from an alternative investment. / equal to the required discount rate
Using the Annual Report of your selected company (WALMART Annual Report 2017), What is the value of the company's inventory at year end
What is the amount of cash dividends
Which Channel type would require the least overhead? Why? Which type are you selecting for your own web store?(slides 4-7)
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