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What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund? How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain. Why do the balance sheets of agency funds contain only assets and liabilities, but no fund balances? Why is it often unclear whether the resources relating to a particular activity should be accounted for in an agency fund or a governmental fund?
Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
Calculate Suzy's recognized gain or loss on the distribution, if any. Calculate Suzy's basis in the inventory received. Calculate Suzy's basis in land received. The land is a capital asset. Calculate Suzy's basis for her partnership interest after th..
Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is due on June 30, 2012. On September 30, 2011, Ireland discounted the note at Cloverdale bank. The bank's discount rate ..
a. What is the net present value of this investment opportunity? b. Based on your answer to (a) above, should Axillar go ahead with the new conditioning shampoo?
What was the average issue price of the common stock shares?
Jennifer Company reports the following amounts for 2010: Net income $135,000 Average stockholder's equity 500,000 Preferred dividends 35,000 Par value preferred stock 100,000 The 2010 rate of return on common stockholders' equity is ?
Non-Controlling interest in a selling subsidiary affects only the allocation of the eliminated unrealized gain or loss and not the amount eliminated?
In late June, the Everest Construction Co. submitted a progress billing on a construction contract for $500,000. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. The amount that should..
Which of the following statements is correct regarding the taxation of C corporation?
Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is ?
Maria Chevas bought a GIC (guaranteed investment certificate) on June 1 for $3,200. The certificate reached maturity on December 1 (it was a six-month certificate). On December 1, she cashed in the certificate and received her original $3,200 back..
1) What would Washington report for service revenue for 2011? 2) What would Washington report for salaries expense for 2011? 3) What would Washington report for supplies expense for 2011?
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