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Question: Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:
1. The budget for the library
2. The payment and receipt of funds from the general fund
3. The issuance of the bonds
a. Assume that the premium remained in the capital projects fund.
b. Identify all of the funds required for these entries.
c. Discuss how the bond premium could be disposed.
In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.
Differences between Managerial Accounting and Financial Accounting Jenna Suarez, the controller for Arben Company, has faced the following situations.
Bill Goggans died and left passive activity property to his nephew, Travis. Bill's basis in the activity was $30,000, while Travis' basis was stepped up to $50,000. Suspended losses amounted to $22,000. How much is the passive loss deduction that ..
Which types of adjusting entries are natural opposites? Which of the following statements about accrual and cash-basis accounting is most accurate?
the asset and liabilities of the pension plan istself are included in the financial statements of the plana.
if the company transferred 234000 of completed goods from work in process to finished goods inventory during april what
on the first day of the current fiscal year 2000000 of 10 year 7 bonds with interest payable annually were sold for
Jerold is the executor of his wife's estate. He maintains the household where he, Travis, and Macy live, and Jerold furnished all of their support. During 2014 and 2015, Travis is a full-time student, while Macy earns $7,000 each year from a part-..
Carolina Products sells a unique item with the following information available.
Assume the following information was available for the current year's operations of the shoe company founded by Blake Mycoskie, TOMS. Use these data to calculate the cash paid for merchandise.
Lake Stevens Marina has estimated that fixed costs per month are $350,000. What is the break-even point per month in sales dollars
Instructions: Prepare the journal entry for these transactions under the cost method of accounting for treasury stock
Sales 307,750 Sales discounts 5,850 Sales returns 11,690 Total administrative expenses 15,700 Total selling expenses 37,240 How much is net sales
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