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Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should be recorded in the General Fund and governmental activities general journals. Indicate whether the following revenues would most likely be classified as program revenues or general revenues on the government-wide statement of activities. 1)Unrestricted operating grants that can be used at the discretion of the city council. 2)Capital grants restricted for highway construction. 3)Charges for building inspections. 4)A special assessment for snow removal. 5)Fines and forfeits. 6)Motor vehicle fuel taxes restricted for road repair. 7)Unrestricted investment earnings.
Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
Zagnut Industries finds itself with a need for a new packaging machine for its candy products. They prefer to lease the asset. The company finds that the market value for the equipment is $211,600.
Debt guarantees are: a) are considered to be a contingent liability. b) are never disclosed in the financial statement c) are a bad business practice. d) are recorded as a liability even though it is highly unlikely that the original debtor will defa..
ABC Company has a beginning Work-in-Process Inventory of 25,000 units (40% complete). During the period, 110,000 units were started and the ending Work-in-Process Inventory consisted of 20,000 units (80%). What are the equivalent units for convers..
What is the formal definition in the glossary of the term "Inventory?" What is the Codification topic number for inventory? What types of entities are not covered by the guidance in the Inventory Topic? (Provide the Codification reference for your ..
Compute the budgeted profit at the expected volume of 600,000 units under both the old and the new production environments.
How would you use the financial statement to determine when to the need for the purchase of inventory?
Where on the balance sheet should a 20 year, 12% bond, due 1/1/2013 for $500,000 be listed. Is it a current liability or a long term liability?
Prepare journal entries to record the treasury stock transactions. Prepare the equity section of the balance sheet for Cosmo Company.
I can be almost as accurate, at virtually no cost, using the random walk model to forecast earnings." What is the random walk model? Do you agree or disagree with John Right's forecast strategy? Why or why not?
Explain what is meant by determining the degree of correspondence between information and established criteria. What are the information and established criteria for the audit of Jones Company's tax return by an internal revenue agent? What are th..
Calculate the gain or loss on the sale of the spray painter. Calculate the income statement effect, assuming that XYZ instead decided to give the spray painter to a charitable foundation.
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