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Holly County needs a new county government building that would cost $24 million. The politicians feel that voters will not approve a municipal bond issue to fund the building since it would increase taxes. They opt to have a state bank issue $24 million of tax-exempt securities to pay for the building construction. The county then will make yearly lease payments (of principal and interest) to repay the obligation. Unlike conventional municipal bonds, the lease payments are not binding obligations on the county and, therefore, require no voter approval.
1. Do you think the actions of the politicians and the bankers in this situation are ethical?
when long-lived assets are purchased with a loan, can a company report the net difference between the cost of the asset and the mortgage liability against the asset, instead of reporting the two amounts separately on the balance sheet?
What GASB statement requires government wide statements and why? This answer should include a comment on the measurement focus and basis of accounting used.
HOTco, a U.S. C corporation, invents a control panel to make furnaces heat up faster. HOTco sells these control panels exclusively in the U.S. HOTco does not wish to operate abroad and, therefore, HOTco licenses its control panel know-how to FORco..
Describe some considerations for observing physical inventory. Explain a fraud scheme that may be used for inventory.
The Florida Investment Fund buys 90 bonds of the Gator Corporation through a broker. The bonds pay 8 percent annual interest.
What do you consider to be the most important thing for a forensic accountant to remember about evidence? Why?
Explain why are companies with small levels of inventory usually unconcerned with the choice of variable or absorption costing?
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
From the standpoint of the stockholders of a company, the ratio that measures the overall performance of a company would be calculated using which of the following?
On March 1, 2005, Andrews Corporation issued $900,000, 8%, 5-year bonds dated January 1, 2005, for $834,500, including accrued interest. The bonds pay semi-annual interest on January 1 and July 1 and mature on January 1, 2010. The company uses the..
No Doubt Company includes one coupon in each box of soap powder that it packs and 10 coupons are redeemable for a premium (a kitchen utensil).
The Heymann company's bonds have 4 years remaining to maturity. Interest is paid annually; the bonds have a $1,000 at maturity. Bond L has a maturity of 15 years, and Bond S a maturity of 1 year.
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