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William County opted to account for its duplication service center in an internal service fund. Previously the center had been accounted for in the county's general fund. During the first month in which it was accounted for as an internal service fund the center engaged in the following transactions: Five copiers were transferred to the internal service fund from the government's general capital assets. At the time of transfer the copiers had a book value (net of accumulated depreciation) of $70,000. The general fund made an initial cash contribution of $35,000 to the internal service fund. The center borrowed $270,000 from a local bank to finance the purchase of additional equipment and renovation of its facilities. It issued a three-year note. It purchased equipment for $160,000 and paid contractors $100,000 for improvements to its facilities. It billed the county clerk's office $5,000 for printing services, of which the office remitted $2,500. It incurred, and paid in cash, various operating expenses of $9,000. The fund recognized depreciation of $1,500 on its equipment and $900 on the improvements to its facilities. Prepare journal entries in the internal service fund to record the transactions.
If Lincoln Bank eliminated its compensating-balance requirement, would your answer change?
Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold. (The schedules may be in the appendix). Explain why some items have been excluded from the schedules.
He does remember that the machine has a projected life of 12 years. Based on these data, the annual cost savings are:
They made major capital improvements through their 10-year ownership, which totaled $50,000. What is their recognized gain
There were no other transactions between the two companies. Ignoring income taxes, Mets' statement of income for the year ended December 31, 2011, should include "Income From Investment in Pirates Corporation Stock" in the amount of:
Discuss the roles of the GASB, the FASB, and the AICPA in standards setting for G&NP organizations.
Which one of the following is not a way to deal with uncertainty in the budget-preparation process?
Explain the advantages and disadvantages of each set of performance measures. How do they must design the organizational architecture to control the agency problems?
Through hard work and careful saving, Hans and his family have152,000 to start a small business. The family estimates sales tocustomers will be about $4,500 per month during the first year. Onthe average, expected cost per month are budgeted as fo..
Sunrise Coffee estimated depreciation for office equipment as $100. The adjusting entry would include:
For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:
Would the answers to Part a change if the accounting firm reimburses Roberta for these expenses?
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