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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.
In addition, due to a bearish stock market, the value of the entity's investment portfolio has declined 15% from its purchase price. What issues must you consider in advising Amy and the corporate trustee?
The income from the business before the cost recovery deduction and the 179 deduction was 810k. She takes additional first year depreciation. Determine the cost recovery deduction with respect to the asset for 2013.
Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November
Determine the EOQ before and after the change in the cash discount policy. Translate this into average inventory (in units and dollars) before and after the change in the cash discount policy.
What are controlling accounts and subsidiary ledgers? What is the relationship between them?
On January 1, 2010, Garner Corporation purchased 25% of the common stock outstanding of Landon Corporation for $250,000. During 2010, Landon Corporation reported net income of $80,000 and paid cash dividends of $40,000.
Prepare an appropriate journal entry to indicate the impact of the transactions on the city's fund financial statements for the year ending December 31, 2011.
When the present value analysis of a proposed investment results in an indication the proposal has a rate of return greater than the cost of capital, the investment may not be made because:
Prepare the adjusting entries using good form for each of the following situations as of January 31 (measurement date) for the one month of January
A corporation had stockholders' equity on January 1 as follows: Common Stock, $5 par value, 1,000,000 shares authorized, 500,000 shares issued; Contributed Capital in Excess of Par Value, Common Stock, $1,000,000; Retained Earnings, $3,000,000. Prepa..
This year the trust is terminated. Albert has a 40% interest in the trust, and Barbara has a 60% interest. Barbara receives a capital loss pass-through of:
Correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
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