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A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported expenditures of $30 million, including capital outlay expenditures of $2 million. Capital assets for that government cost $70 million, including land of $10 million. Depreciable assets are amortized over 20 years, on average. The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect a(an):
A. Decrease of $1 million
B. Increase of $l million
C. Decrease of $3 million
D. Increase of $2 million
What is the theoretical basis for requiring lessees to capitalize certain long-term leases? Do not discuss the specific criteria for classifying a lease as a capital lease.
Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.
What is the difference between accural-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis?
Stan's Wholesale buys canned tomatoes from canneries and sells them to retail markets. During August 2009, Stan's inventory records showed the following: Calculate the cost of goods sold and ending inventory using the following cost flow alternati..
Gold Company was experience financial difficulties, but was not bankrupt or insolvent. The National Bank which held a mortgage on other real estate owned by Gold, reduced the principal from $110,000 to $85,000.
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:
Grossman Products began operations in 2013. The following selected transactions occurred from September 2013 through March 2014. Grossman's fiscal year ends on December 31.
Discuss whether or not these additional disclosures will both have a positive impact on public confidence and influence investors' behavior. Support your position.
On March 17, Grady Company agrees to accept a 60-day, 9%, $10,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?
Effectiveness of communication - i.e.readability, legibility, grammar, spelling, neatness, completeness and presentation will be a minimum threshold requirement for all written work submitted for assessment.
In 2003, Roland, who is single, purchased a personal residence for $340,000 and took out a mortgage of $200,000 on the property. In May of the current year, when the residence had a fair market value of $440,000 and Roland owed $140,000 on the mor..
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