User Account

All Pages

Compute interest expenditure mike report in fund statement

Assignment Help Accounting Basics
Reference no: EM131704075

Question: (Interest expense adjustments for government-wide financial statements) Mike Village sold $1,000,000 of general obligation bonds on October 1, 2012, maturing at the rate of $100,000 every 6 months starting April 1, 2013, and paying interest at the rate of 4 percent per annum on the unpaid balance. Compute

(a) the interest expenditure Mike will report in its fund statement of revenues, expenditures, and changes in fund balances for the calendar years ended December 31, 2012, and 2013 and

(b) the interest expense Mike will report in its government-wide statement of activities for the same calendar years. Also, prepare journal entries needed to adjust Mike's 2013 fund financial statements so government-wide statements can be prepared.

Reference no: EM131704075

Questions Cloud

Discuss granted a security interest on the same sailboat : Both banks want to repossess the boat. If the boat can be sold for $1,200, how much of the $1,200 would each bank be entitled to receive
Liability for zanni juries : Analyze and discuss whether Coffee Corner has any liability for Zanni's juries, and why or why not.
Handle global training and development for their employees : Why do you think there is so much variation in how companies handle global training and development for their employees?
Results of the initial evaluation the supplier : Discuss the following statement: 'If a purchaser decides to select a supplier based on the results of the initial evaluation the supplier
Compute interest expenditure mike report in fund statement : Mike Village sold $1,000,000 of general obligation bonds on October 1, 2012, maturing at the rate of $100,000 every 6 months starting April 1, 2013, and paying.
Managing business unit following differentiation strategy : What skills should a person have for managing a business unit following a differentiation strategy? Why?
Review your outline and organize your information : Review your outline and organize your information into a shorter outline that communicates your thesis and your three claims.
Describe what you thought you saw, heard or felt : Think of a time when your senses deceived you. Describe what you thought you saw, heard, or felt
Expression of warmth might be inappropriate : Also, notice situations where the expression of warmth might be inappropriate, such as hugs that are too close at work, someone staring at you

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd