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Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
A) A debit to cash for $11,000.
B) A debit to accumulated depreciation of $20,000.
C) A credit to equipment for $30,000.
D) A debit to loss on sale of equipment of $1,000.
A corporation's taxable income before the divdends received deduction (DRD) is $40,000. Included in this amount is dividend income of $60,000 from another corporation in which the taxpayer owns 90 percent of its stock outstanding.
Bond Valuation. A tax- exempt bond was recently issued at an annual 7 percent coupon rate and matures 30 years from today. The par value of the bond is $5,000.
Emerson Electronics had the following information related to its September inventory. Sales were made at $20 per unit and Emerson uses the perpetual inventory system. What is the value of ending inventory under FIFO?
Examine different types of organizational illegal activities, including cybercrimes and the impact to the organization. Use technology and information resources to research issues in forensic accounting.
Suppose the company changed its depreciation calculation procedures (still within GAAP) such that its depreciation expense doubled. How would this change affect Brandywine's net income, total profit margin, and cash flow?
Describe what is meant by Incremental Analysis? Briefly describe an example from a situation you know or have read about?
When Congress passes a statute with language such as, "The Secretary shall prescribe such regulations as he may deem necessary," the regulations ultimately issued for that statute are:
Annual common fixed expenses for the company totals $100,000. During the year Greenville Goober sold 35,000 units of Product A and 20,000 units of Product B.
On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five years. The cost of the equipment was $40,000 with a residual value of $5,000.
Prepare an incremental analysis for the special order and should Pro Sports Inc. accept the special order? Explain your answer. What is the minimum selling price on the special order to produce net income of $4.10 per ball?
Birch Company normally produces and sells 45,000 units of RG-6 each month. RG-6 is a small electrical relay used as a component part in the automotive industry. The selling price is $49 per unit, variable costs are $21 per unit, fixed manufacturin..
Determine the amount of the completed gift, if any, arising from each of the following occurrences.
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