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The city of McNeely sold bonds in the amount of $10,000,000 to finance the construction of a public health center. The bonds are serial bonds and were sold at par on July 1, 2008 the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $9,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $4,000,000.
Required:
Prepare in general journal form all journal entries that should have been made during the fiscal year ended June 30, 2009 to record the above information in the capital projects fund (including closing entry).
The average market price of Caruso's common stock was $25 during 2008. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2008?
The user has updated the question: User's response: Calculate the financial impact of buying a CT unit that would cost $3.0 million, would have a five-year useful life, would have a 10 percent salvage value.
In 30 years, what will your company's repayment be if you issue the coupon bonds? What if you issue the zeroes?
Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost:
ABC reported earnings before interest and taxes $600,000 for 2010 and was subject to a 40% tax rate. ABC paid dividends to all common and preferred stock shareholders during the year. Calculate ABC's basic earnings per share for 2010. Show your wo..
Case Study Question: As a reviewer of BC Securities Commission, you're in the procedure of reviewing the financial statements of public companies.
Many public universities are quite similar to their private counterparts. Indeed, some large state universities receive less than 25 percent of their resources from the state. How, then, can you account for the substantial differences in their rep..
Varton Corp. acquired all of the voting common stock of Caleb Co. on January 1, 2011. In 2011, Varton owned some land with a book value of $84,000 that was sold to Caleb for its fair value of $120,000. How should this transaction be accounted for ..
Jane's travel budget for October was $330, based on her plan to drive 1,500 miles at a cost of $0.22 per mile. During October, she actually drove 1,250 miles at a cost of $290. A flexed budget performance report would show a variance of:
Arnold and Barbara Cane were divorced in June 2011. Pursuant to the divorce decree, Arnold is obliged to perform as follows.
What is the purpose of depreciation? Does the book value of a fixed asset, cost minus accumulated depreciation, communicate to a user what the asset is worth? Should the financial statements reflect the value of fixed assets?
The consolidated cash flow from operations of Jones corporation and its subsidiary short manufacturing for 2012 decreased quite substantially from 2011 despite the fact that consolidated net income increase slightly in 2012.
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