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Your city has decided to build a new library. The projected cost is $2 million. A bond issue for $1.2 million has been authorized, and the remainder is supposed to come from a contribution of $800,000 from the general fund. The bonds sold for $1.3 million, a premium of $100,000. Create the required journal entries for the following transactions:
In general terms, compare and contrast how expenditures are controlled in the general fund and in debt service funds. Explain why differences would occur.
Examine the concept of financial risk by answering the following questions: (a) How does the risk of a portfolio change as the number of assets in the portfolio increases?
If Hoffman accepts the special order, the company would not have to pay its salespeople their normal commission of $2 per unit, but the company would incur a shipping cost of $3 per unit on the items in the special order. If Hoffman accepts the sp..
A corporation borrowed money from a bank to build a building. The long-term note signed by the corporation is secured by a mortgage that pledges title to the building as security for the loan. The corporation is to pay the bank $80,000 each year fo..
In 2009, Slimon Corporation began selling a new line of products that carries a two-year warranty against defects. Based upon past experience with other products, the estimated warranty costs related to dollar sales are as follows:
Questions about accounting problems on payroll, reciepts and sales.
There was no inventoryat the beginning of the year. What is the value of ending inventory, assuming the use of direct costing?
chose an organization that will serve as the focal point of individual project part 2 due in unit 5. create a 1-page
In a job-order costing system, the entry to record depreciation on manufacturing equipment would include:
Financial statement users often liken accounting standard setting to a political process. One user asserted that: My view is that the setting of accounting standards is as much a product of political action as of flawless logic or empirical findin..
The City of Southern Pines reported the following at year-end, prior to closing entries: Revenues, $11,000,000; Expenditures, $10,100,000; Other Financing Uses, $500,000;
the baldwin company currently has the following balances on their balance sheettotal assets 244667total liabilities
A potential control for managing the risk of employee fraud is to send employees on mandatory vacations. Explain the relation of that control with the payroll function.
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