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Watson Township plans to build an auditorium. The plans were drawn for $ 100,000 by an architect who will complete the plans and bill the city after the bonds are issued. The township accepted a bid from Forrester Contractors for $ 8,000,000 for the entire project, which should take 2 years to build. It will not be started until October 1, 2012, so the projected completion date is September 30, 2014. The township, accounting supervisor plans to establish a Debt Service Fund to accumulate resources for repaying the bonds that will be issued to finance the project. These bonds will be serviced from property tax revenues and are expected to be issued at a face amount of $ 8,000,000. During 2012, $ 100,000 of investment revenue earned on the bond proceeds is expected to be available for construction purposes. The bonds will pay interest on April 1 and October 1 of each year, beginning in 2013. Prepare the journal entries needed to record the budget and the encumbrance in the appropriate funds for calendar year 2012, based on the preceding budgetary information.
marc price co. uses the gross profit method to estimateinventory for monthly reporting purposes. presented below
kyle worked as a free-lance software engineer for the first three months of 2013. during that time he earned 44000 of
Trepid Manufacturing Company prepared a static budget of 40,000 direct labor hours, with estimated overhead costs of $200,000 for variable overhead and $60,000 for fixed overhead. Trepid then prepared a flexible budget at 38,000 labor hours. How m..
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Charlie Brown, controller for the Kelly Corporation, is preparing the company's income statement at year-end. He notes that the company lost a considerable sum on the sale of some equipment it had decided to replace.
Prepare journal entries (1, 2, and 4) and show proper disclosure (3) to reflect the following treasury stock transactions showing how each is accounted for under the cost method. (Show computations.)
if a company issued 500000 5 year 8 bonds and the market rate at time of sale was greater than 8 and sold at 93. the
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