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On January 1, 20x7, Clyde County issued $100 million of 5%,20-year bonds at 102. Interest is payable semiannually. Theproceeds were restricted for the construction of a new county waterpurification plant for its Water Enterprise Fund.Assume that as of the end of the fiscal year the capitalproject had not yet begun, thus the debt proceeds were stillunspent. What classifications of net assets would be affected by this fact?
A. Invested in capital assets, net of related debt, would bereduced as no capital assets have been added to offset the newcapital related debt.
B. Restricted net assets would include the unspent cash as wellas the outstanding liability.
C. Unrestricted net assets would reflect an increase due to the cash received from the debt issuance, but invested in capitalassets, net of related debt, would decrease by the amount ofunspent debt proceeds.
D. None-net asset classifications are not affected by theissuance of long-term debt.
On January 1, 2010, Gant Corporation had $1,500,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on July 1 and earned net income of $400,000 for the y..
Assume you are the decision maker for IndustryWeek. Given the declining value of the reader response card to subscribers, originally designed as a value-enhancing service to IW readers and advertisers alike, what further research might be suggeste..
Unfortunately, both the rentals and the stocks have lost over half its value due to recent market crashes . As a sole beneficiary of his estate, how would you advise your dear uncle?
Merchandise is ordered on June 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on June 16
He doesn't understand why under the Generally Accepted Accounting Principles (GAAP) he is required to use absorption costing. Explain to your friend why absorption costing is required under GAAP and why that is the superior method for external rep..
Preppy Co. makes and sells a single product. The current selling price is $30 per unit. Variable costs are $21 per unit, and fixed expenses total $90,000 per month. Sales volume for July totaled 12,000 units.
Woody Corp. had taxable income of $8,000 in the current year. The amount of MACRS depreciation was $3,000 while the amount of depreciation reported in the income statement was $1,000. Assuming no other differences between tax and accounting income..
NPV Project K costs $52,125, its expected net cash inflows are $12,000 per year for 8 years, and its WACC is 12 percent. What is the project's NPV?
Mackinzie Consulting computes the cost of each consulting engagment by adding a portion of firmwide support costs to thelabor costs of the consultants on the engagment.
Assume that at the high point month of producing the most of production during a five month time period 50,000 units were produced at a cost of 550,000 and the low point month producingthe least of production during a five monthtime period 20,000 ..
Julia currently is considering the purchase of some land to be held as an investment.
The ledger of Salizar Company at the end of the current year shows Accounts Receivable $110,000, Sales $840,000, and Sales Returns and Allowances $40,000.
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