Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The City of Jamestown has agreed to get a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made: nine annual lease payments, each in the amount of $100,000 are to be made at the end of every year after the inception of the lease. The total amount to be paid under this lease, thus, is $1,000,000. The town could borrow this amount for nine years at the annual rate of 8 %: thus, the present value of the lease at inception, including the initial payment is $724,689. Suppose that the fair value of the building at the inception of the lease is $750,000.
a. Demonstrate the entry that should be made in a capital projects fund at inception of the lease after initial payment has been made.
b. Demonstrate the entry that should be made at the inception of the lease in government activities journal.
c. Demonstrate the entry that should be made in the debt service fund and governmental activities journal to record second lease payment.
How is the write-off of a bad debt handled on the tax return? How must the debtor handle the forgiveness of the debt? Why?
Tidwell, Inc. has weekly credit sales of $19,400, and the average collection period is 34 days. The cost of production is 75 percent of the selling price. What is the average accounts receivable figure?
On September 1, 2011, Triton Entertainment borrowed $24 million cash to fund a new Fun Park. The loan was made by Nevada Bank under a non-committed short-term line of credit arrangement. Prepare journal entry for the issuance of the note by Triton.
Imagine that you're the Senior Auditor on the Peach Blossom Cologne Company audit. The Partner on the engagement comes into your office and tells you she's not satisfied with the memo that Jasper Parsons (the former Senior) wrote on Understanding ..
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
Using Bank of America, research this international company. Conduct a brief organizational analysis by answering the following questions.
Johnston, Inc. engaged in the following transactions involving treasury stock: Prepare general journal entries to record these transactions. Compute the amount of retained earnings that should be restricted because of the treasure stock still owned a..
Evaluate the extent to which this audit conforms to that required by generally accepted auditing standards (GAAS). What GAAS requirements have been omitted or otherwise not complied with?
A Business report identifying auditing procedures and practices
Should rent new equipment and continue to make its subassemblies internally, or whether it should discontinue production of its subassemblies and buy them from an outside supplier.
Discuss how the concept of risk can be used to detect one of the financial statement fraud schemes. Ensure to include specific procedures to detect the fraud scheme of your choosing.
Describe the audit procedures you might use in order to assess the adequacy of the provision for bad debts?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd