Falmouth city owns and operates a mini-bus system

Assignment Help Accounting Basics
Reference no: EM13670999

Falmouth City owns and operates a mini-bus system which it accounts for in an enterprise fund. Prepare journal entries to record the following transactions, which occurred in a recent year within Microsoft Excel.

The mini-bus system issued $5 million of 8 percent revenue bonds at par and used the proceeds to acquire new mini-buses.
As required by the bond covenant, the system set aside 1 percent of the gross bond proceeds for repair contingencies.
The system accrued 6 months interest on the revenue bonds at year-end.
The system incurred $30,000 of repair costs and paid for them with cash set aside for repair contingencies.

Reference no: EM13670999

Questions Cloud

What sources should o''neil consult in order to prepare : What sources should O'Neil consult in order to prepare for this review?
The inventory account of olympic sports wear : The inventory account of Olympic Sports Wear
Roberts corporation and william company : Roberts Corporation and William Company
Assess the external and internal factors : Assess the external and internal factors
Falmouth city owns and operates a mini-bus system : Falmouth City owns and operates a mini-bus system which it accounts for in an enterprise fund. Prepare journal entries to record the following transactions, which occurred in a recent year within Microsoft Excel.
Pre-closing trial balance for the town of freaz : Following is the governemental activities pre-closing trial balance for the Town of Freaz.
Manufacturing costs are typically classified : Manufacturing costs are typically classified as: direct materials or direct labor. product costs or period costs. direct materials, direct labor, or selling and administrative. direct materials, direct labor, or manufacturing overhea..
Variable manufacturing costs : Variable manufacturing costs $ $ $
What is true cash value : What is true cash value?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Expected sales for tents at sandys camping gear are 4200

expected sales for tents at sandys camping gear are 4200 6100 2200 3400 and 5300 for the next five quarters. at the end

  Funtime inc makes small toys in a one-department production

funtime inc. makes small toys in a one-department production process. plastic is added at the beginning of the process

  If fixed costs are 700000 and the unit contribution margin

if fixed costs are 700000 and the unit contribution margin is 14 what amount of units must be sold in order to realize

  Company involving in a tax dispute

During 2011, Jackson Company became involved in a tax dispute with the IRS. At December 31, 2011, Jackson's tax adviser believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was $500,000 but could be as mu..

  David and lilly fernandez have determined their tax

david and lilly fernandez have determined their tax liability on their joint tax return to be 1700. they have made

  Leach company invested 80000 in a certificate of deposit

leach company invested 80000 in a certificate of deposit onjune 1 2008. the certificate had a 6 annual interest rate

  Davids capital account began the year with a balance of

davids capital account began the year with a balance of 45900. during the year davids share of the partnership income

  A company typically earns a contribution margin ratio of

a company typically earns a contribution margin ratio of 25and has current fixed costs of 80000. the general manageris

  A proposed new investment has projected sales of 832000

a proposed new investment has projected sales of 832000. variable costs are 57 percent of sales and fixed costs are

  Purchasing merchandise on account

When purchasing merchandise on account for say $88,000, but you pay $67,000 cash on the $88,000 due. Your sales are $145,000, and the ending inventory is $24,000 what would the gross profit be?

  Statement concerning variable and fixed costs

Which of the following statements is correct concerning variable and fixed costs?

  A local municipality is planning to convert some vacant

a local municipality is planning to convert some vacant acreage into a community park. the land has acted a a funnel

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd