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Fund accounting is very different from commercial accounting, but has a lot of similarities as well. Discuss the similarities and differences between these two types of GAAP accounting methods.
Company acquires a delivery truck at a cost of $28,000 on January 1, 2009. The truck is expected to have a salvage value of $3,000 at the end of its 5-year useful life. Compute annual depreciation for the first and second years using the straight-..
The company's Land account had a $5,000 balance. Dividends amounted to $300. There was $1,000 of common stock issued. What accounts are permanent and which ones are temporary?
Fred deals with more than one supplier and often places orders for multiple items at the same time. Fred takes inventory and places orders every Monday.
On January 2 of the current year, Gamma liquidates and distributes all property to Marsha except that Gamma retains cash to pay the accounts payable and any tax liability resulting from Gamma's liquidation. Assume that Gamma has no other taxable i..
Anne sold her home for 290,000 in 2010. Selling expenses were $17,400. She had purchased it in 2003 for $290,000. During the period of ownership. Anne had done the following:
Delta Company's flexible budget formula for overhead costs is $100,000 per month foxed costs plus $26.00 per unit variable costs. Standard volume is 5,000 units a month. Actual overhead costs for June were $280,000, and output was 6,000 units.
Interest was payable semiannually on July 1 and January 1. On July 1, 2011, Goll called all of the bonds and retired them. Bond premium was amortized on a straight-line basis. Before income taxes, Goll's gain or loss in 2011 on this early extingui..
If the recorded value of a note differs from the face value: a. Explain how the company should account for the difference. b. Explain how the company should present this difference in the financial statements.
A house worth $70,000 is purchased with a down payment of $20,000 and a mortgage amortized over 20 years. If the interest rate is 14% compounded semi- annually;
Calculate the payback period and the net present value for each investment. Show your calculations.
Explain the rationale for recognizing costs as expenses at the time of product sale.
On the basis of the information above, determine the present value of the pension obligation (liability).
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