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Describe the governmental funds. Specifically describe the characteristics of the general fund, the special revenue fund, the capital projects fund, the debt service fund, the permanent fund. Also discuss why these funds use modified accrual accounting and the financial resources measurement focus.
Joe Carry-out Coffee began the year with $89,000 in retained earnings, and 61,000 shares of $0.50 par value common stock originally issued at $10 per share. The board of directors declared $24,000 of cash dividends on June 30. On July 1, Joe Carry-ou..
What are the NAL and IRR of the lease and assume now that the bank loan would cost 15 percent, but all other facts remain the same. What is the new NAL? The new IRR?
A company discarded a computer system originally purchased for $8,500.
Prepare the entry to record the uncol- lectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment?
Landmark Coal operates a mine. During July, the company obtained 500 tons of ore, which yielded 250 pounds of gold and 62,800 pounds of copper. The joint cost related to the operation was $500,000. Gold sells for $325 per ounce and copper sells for $..
Big Joe’s Super Cars, Present Value (Revised Revenue Guidance) Big Joe’s Super Cars has just sold a luxury car to customer Tim. The purchase contract establishes a base price of $60,000, plus a contractual interest rate of 4%, payable in 60 monthly..
Beginning December 31, 2014, ten equal annual withdrawals are to be made. Using appropriate tables
Two years ago, your best friend Scott Adams started a home business selling custom made chairs and tables. His original designs quickly became popular, and he began selling in large quantities. To take advantage of the upcoming holiday season, Scott ..
Some have suggested that neural networks could be applied to people to indicate how likely they are to develop a disease or even become criminals. The idea is to add a child’s personal characteristics, demographics, and genealogy into a neural networ..
A current dividend preference means that:
The president of Lowell Inc. has asked you to evaluate the proposed acquisition of a new computer. The computer's price is $60,000, and it falls into the MACRS 3-year class (33% in year 1, 45% in year 2, 15% in year 3, and 7% in year 4). What is the ..
Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason. If the partnership suffers a $15,000 loss, by how much would Jasons capital account increase?
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