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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.
Sales-volume, sales-mix, and sales-quantity variance. Lexota, Inc., an auto manufacturer, reported the following budgeted and actual sales of its vehicles.
The County Commission of Brook County adopted its General Fund budget for the year ending June 30, comprising estimated revenues of $3,200,000 and appropriations of $2,900,000. Brook County utilizes the budgetary accounts required by GASB stan..
a b per unit of direct material cost 0.61 1.67 per unit of direct labor cost 2.44 0.83 sales volume in units 82000
Explain the influence of environmental issues of diversity on accounting practices. Evaluate the impact of the chosen country's culture on their financial accounting standards.
Received inventory valued at $16,000 and equipment with market value of $9,500 for $3,700 shares of the $2.00 par common stock. Journalize the transactions and Prepare the stockholders equity section
katherine company sales budget has thefollowing unit sales projections for each quarter of calendar
What are some factors that could explain the predominant use of the straight-line depreciation method?
Evaluate the internal control procedures that have been implemented in the business - In theory, you should be able to expect these things. In practice, however, you must establish an internal control framework to make sure your business objectives..
We're using a different fictitious company for the last two modules, Determine the number of units the company must sell to break even for the year
how to findannual net cash inflowsdoughboy bakery would like to buy a new machine for putting icing and other toppings
galehouse gas stations inc. expects sales to increase from 1550000 to 1750000 next year. mr. galehouse believes that
liability entries and adjustments listed below are selected transactions of schultz department store for the current
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