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Question: (Budgetary journal entries for a capital project and the related bond issue) 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's 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.
Jennifer Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value.
Determine the amount of credit available under the borrowing agreement - What are the business implications of your observation?
Why do we need to categorize costs into these categories? Which costs adjust based on production and why
amy dyken controller at fitzgerald pharmaceutical industries a public company is currently preparing the calculation
Answer the following: What is the after-tax return on Bill's corporate bonds for the current year? What is the after-tax return on his municipal bonds for the current year? Which investment earns more returns: corporate or municipal bonds
Frankfurt Company has a 5 year $1,000,000, 5% note payable to Deutsches Bank International. Record any restructuring of the loan on books of Frankfurt Company
(1) Issuance of bonds. (2) Payment of first semiannual interest on December 31, 2009. (3) Amortization by straight-line method of bond premium on December 31, 2009.
What is service cost, and what is the basis of its measurement?
Ivanhoe Company issues $320,000, 20-year, 9% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2017
The following information was taken from Grain Company's balance sheet:
Harna, Inc. uses a job order cost system. During the year the company decreased Manufacturing Overhead by $400,000. Which of the following most likely should be recorded at the same time?
Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities column of the government wide financial statements.
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