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Equipment in general governmental service that had been acquired several years ago by a capital projects fund at a cost of $30,000 was sold for $11,000 cash. Accumulated depreciation of $20,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except
A) A debit to cash for $11,000.
B) A debit to accumulated depreciation of $20,000.
C) A credit to equipment for $30,000.
D) A debit to loss on sale of equipment of $1,000.
Evaluate taxable income and income taxes payable. Prepare the journal entries for income tax expense, income taxes payable, and deferred taxes.
The average remaining service period for employees expected to receive benefits is ten years. What is the amount of amortization to pension expense for year?
Mary is evaluating the risk (return deviation) of a model stock portfolio she has constructed. She knows that an ex ante set of returns is a more useful approach. However, she decides to examine ex post returns because she knows that for a well-di..
Inventory of finished goods on December 31 was 6,400 units. The company desires to have an ending inventory each month equal to one-half of next month's estimated sales.
Which of the following statements is true? Once adopted, an accounting period normally cannot be changed without approval by the IRS.
On January 2, 2011, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012.
Mary is an employee of Robert's CPA business who has earned a $50,000 bonus. GR Systems pays Mary $50,000 and also issues Mary Form 1099-Misc. How much gross income is reported by Robert? By Mary?
What is the income reported by Regal during 2012 pertaining to the Air investment?
Skipper, Inc., earns pretax book net income of $500,000 in 2011. Skipper acquires a depreciable asset in 2011, and first-year tax depreciation exceeds book depreciation by $80,000.
overhead costs applied to direct costs are 30%. a total of 3,500 meters were maintained. a private firm offers to do your PM for $10 a meter. Given the following information, should you contract out?
How have they been useful in your personal experience? Explain. -Should they consider a mix of the two concepts? answer with 500 words
Why is a statement of functional expenses considered an important financial statement for a voluntary health and welfare organization? How does a statement of functional expenses differ from the expense section of a statement of activities? Do the..
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