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On January 1, 20x7, Clyde County issued $100 million of 5%,20-year bonds at 102. Interest is payable semiannually. Theproceeds were restricted for the construction of a new county waterpurification plant for its Water Enterprise Fund.Assume that as of the end of the fiscal year the capitalproject had not yet begun, thus the debt proceeds were stillunspent. What classifications of net assets would be affected by this fact?
A. Invested in capital assets, net of related debt, would bereduced as no capital assets have been added to offset the newcapital related debt.
B. Restricted net assets would include the unspent cash as wellas the outstanding liability.
C. Unrestricted net assets would reflect an increase due to the cash received from the debt issuance, but invested in capitalassets, net of related debt, would decrease by the amount ofunspent debt proceeds.
D. None-net asset classifications are not affected by theissuance of long-term debt.
Last year, Gransky Corporation's variable costing net operating income was $52,100 and its ending inventory increased by 400 units. Fixed manufacturing overhead cost was $7 per unit. What was the absorption costing net operating income last year?
Regarding the gift-splitting provision of 2513, comment on the following.
To which group can a CPA provide audit documentation without being subpoenaed and without the client's consent?
Disclosure usually is not required for: A) contingent gains that are probable and can be reasonably estimated. B) contingent losses that are reasonable possible and cannot be reasonably estimated.
Soap Corporation issued a $350,000, 6% 15-year mortgage note to obtain needed financing for new office. The terms of the note call for semiannual payments of $17,857 each. Prepare the entries to record the mortgage loan and the first installment.
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 328 units at $7, (2) 438 units at $8, and (3) 219 units at $9. Assuming there are 394 units on hand, compute the cost of the ending ..
Journalize the entries to record the liquidation outlined below,using Assets as the account title for the non cash assets and Liabilities as the account title for all creditors' claims.
An error was made by ABC Company in computing the percentage of completion of the current year's ending Work-in-Process Inventory. The error resulted in the assignment of a lower percentage of completion to each component of the inventory than act..
Khalid Company began business on January 1, 20X1, with assets of $150,000 cash and equities of $150,000 capital stock. In 20X1, it manufactured some inventory at a cost of $60,000 cash.
Brown Corporation, an accrual basis corporation, has taxable income of $150,000 in the current year. Included in its determination of taxable income are the following transactions.
Which of the following is correct about the effective interest method of amortization?
What is the primary difference between modified accrual basis accounting and standard accrual basis accounting? Why is modified accrual basis accounting appropriate for government agencies?
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