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1. Delight City Bus System is accounted for in an enterprise fund. Delight City Bus System had the following transactions for 2015.
Delight City Bus System issued $10,000,000 is 8 percent revenue bonds. The bonds were issued at par.
Delight City Bus System used the proceeds from the bond issue to acquire new buses.
Delight City Bus System accrued nine month’s interest ($600,000) at year end.
Delight City Bus System incurred $50,000 of repair costs paying for them with cash.
2. Which financial statements would be required for Delight City Bus System for the year end June 30, 2015? State the titles and show the general format of the classifications that would be reported in each of the required financial statement.
Accounting and Cash Flows: Why might the revenue and cost figures shown on a standard income statement not represent that actual cash inflows and outflows that occurred during a period?
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The firm’s financial leverage was of 2.15. What is the firm’s degree of combined (total) leverage of La Cucaracha Pest Control, Inc. ?
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You have just completed the first year of operation for your business and have the following information: sales, $200,000; cost of goods, $140,000; rent, $18,000; utilities, $8,400; insurance, $2,000; equipment, $3,500; and interest, $10,000. Using t..
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Residual dividend model Axel Telecommunications has a target capital structure that consists of 70% debt and 30% equity. The company anticipates that its capital budget for the upcoming year will be $3,000,000. If Axel reports net income of $2,000,00..
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Slingerland borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method?
After reflecting on what you have learned and how you have benefited by taking AC430: Advanced Tax—Corporate, write a minimum 1-page response to the questions below. Make sure to address the critical elements so you will be successful in completing t..
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