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Due to the population change, the Goose Creek School District has decided to close one of its high schools. Since it has no further need of the property, the school is listed for sale. It received two bids. One was from the United Methodist Church for $1,700,000; the other was from Planet Motors for $1,600,000. The United Methodist Church would use the property to establish a sectarian middle school. Planet, a well-known car dealership, would revamp the property and operate it as a branch location.
If you were a member of the School District board, what factors would you consider in evaluating the two bids?
Under a perpetual inventory system, record all of the journal entries required for the above transactions
Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007. Prepare the adjusting entry at March 31, 2008, to record subscription revenu..
What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?
What is generalized audit software? What are the tasks for which an auditor would use it? What are the advantages and disadvantages of using generalized audit software?
Let's discuss the various capital budgeting methods most often used, such as the payback method, the accounting rate of return, net present value, and internal rate of return. Which of these methods are discounted and which are not? What are some ..
Stan and Ollie are partners who share income in the ratio of 2:3 and have capital balances of $50,000 and $30,000 respectively. Ray is admitted to the partnership and is given a 40% interest by investing $20,000. What is Stan's capital balance aft..
Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):
Last month when Harrison Creations, Inc., sold 40,000 units, total sales were $300,000, total variable expenses were $240,000, and fixed expenses were $45,000.
Expenses paid during 2008 were $80,000. Expenses paid in advance were $4,000 as at December 31, 2007, and the balance of expenses paid in advance was $8,000 as at December 31, 2008.
A Club has food sales of $4,000,000 and a food cost of 40%. The club's current ratio is 2, its food inventoryturnover ratio is 16, and its average collection period is 45 days. assume a year has 360 days.
When making any type of business decision, one of the most difficult things to do is distinguish between relevant business .information to that decision and unimportant information. What distinguishes relevant business information from unimportant in..
The parent company's share of the fair value of the net assets of a subsidiary may exceed acquisition cost. How must this excess be treated in the preparation of the consolidated financial statements? What is the reasoning that supports this treat..
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