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D7- 1 Discuss what type of fund you would use to account for the following activities:A. A city is about to construct a new sports arena. It will use a Capital Projects Fund to account for the accumulation of resources to build the arena. The city council has passed a law calling for a special hotel motel occupancy tax to pay the debt service on the bonds issued to build the arena. In what fund should the occupancy tax be accounted for?B. Fed up with the poor response time in restoring power resulting from damages caused by recent storms, the city acquires the resources of a private electric power company. The city issues revenue bonds to pay for the power company assets the bonds are secured solely by a pledge of thenet revenues resulting from the charges for supplying power to the citizens of the city and to city government offices.C. To ensure that the city obtains the best possible price for its supplies and equipment, the city decides that all agencies within the government must obtain needed supplies through the city purchasing department. The purchasing department will obtain a warehouse for certain items used by all departments.
on january 1 2011 pride co. purchased 90 percent of the outstanding voting shares of star inc. for 540000 cash. the
What liability is reported on the fund financial statements at the end of 2011?
On April 1, 2007, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years and will have no residual value. M records depreciation expense of $9,000 for the calendar year end..
jack green established the jackson trust by a gift in 1999. the trust instrument requires that the trustee fifth-fourth
pete is the president of island enterprises. island enterprises began business on january 1 2008. the companys
An accounting firm, provides consulting and tax planning services. A recent analysis found that 55% of the firm's billable hours to clients resulted from tax planning and for many years, the firm's total administrative cost (currently $270,000) ha..
we can compare income of the current period with income of a previous period to determine whether the operating results
Assume Amy Filler has just been promoted to product manager at Kraft Foods. Although she is an accomplished sales representative and well versed in market research, her accounting background is limited to reviewing her paycheck, balancing her chec..
Compute the equivalent units for the month for the first department. Determine the costs per equivalent unit for the month.
most people have some exposure to an accounting information system but not all people have the same exposure or
Tandum Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $150,000 for March and $200,000 for April, what are the budgeted cash receipts from sales on a..
oceanaire amusement park is negotiating with an engineering firm in the planning design and construction of a new
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