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Matthew County issued a six month, 6%, $1,000,000 bond anticipation note on march 31, 20X5, to provide temporary financing for a major general government capital project. The issuance of long-term bonds had not yet received the legally required voter approval when the financial statements were issued, but most agree the voters will approve the referendum. However, in the event that the voters reject the long-term bond issue, the county has other sources it can use to finance the project.
Assuming the county has incurred $800,000 of construction costs on the project by the end of its fiscal year (June 30,20x5), the fund balance of the capital projects fund used to account for this project would be?
A. Low Carb Diet Supplement, Inc. has two divisions. Division A has a profit of $100,000 on sales of $2,000,000. Division B is only able to make $25,000 on sales of $300,000. Based on the profit margins (returns on sales), which division is superior?
Build up an income statement in good form for Sanford Company for the first three months of 20x3. Provide journal entries for each of the transactions. The numbers in the journal entries can be rounded to the nearest dollar.
A city's Enterprise Fund issued revenue bonds with a face value of $10,000,000-the Enterprise Fund will report total other financing sources in the amount of
Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR
Virginia, who was experiencing financial difficulties, was able to adjust her debts as follows. Determine the tax consequences to Virginia.
Compute the day’s sales uncollected for both companies as of the end of current period. Which company is doing a better job in managing the collection of its receivables?
The company's net income for the year was $12,000 higher under variable costing than under absorption costing. Given these facts, the number of units of product in inventory at the beginning of the year must have been:
During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
Develop a memo to Texaco Inc’s chief accountant indicating the appropriate income tax allocation required for the above items, comprising the appropriate balance sheet presentation.
Werner Chemical, Inc., leased a protein analyzer on September 30, 2013-Depreciation is recorded on a straight-line basis at the end of each fiscal year. The useful life of the equipment is five years.
How much income must Dave report for the tax year and what is the character of the income? What is Dave's basis in his partnership interest at the end of the tax year?
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