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Archambault Township authorized a bond issue for a parking garage wish an estimated cost of $ 4,000,000. The garage would be financed through a $ 2,500,000 bond issue and a $ 1,500,000 contribution from the General Fund. The General Fund made its contribution, and the bonds were sold for $ 2,700,000, which included a $ 200,000 premium over the face amount of the bonds. Prepare journal entries to record the budget for the parking garage, the payment and receipt of the General Fund contribution, and the issuance of the bonds, assuming the premium remained in the Capital Projects Fund. Identify the fund(s) used to record the transactions. Also, identify alternate methods of disposing of the bond premium.
If overhead costs are allocated on the basis of activities, the amount of overhead allocated to a particular product can be reduced by increasing the number of activities required by the product, thereby spreading the overhead costs over more u..
List the numbers of the preceding transactions and describe the effect of each transaction on assets, liabilities, and stockholders' equity. For example, the first answer is: (1) Increase in assets and increase in stockholders' equity.
buzz inc. has 8000 shares of 5 50 par cumulative preferred stock and 50000 shares of 3 par common stock outstanding. no
charlie corp sells it products on both credit and cash basis. monthly sales are sold 20 for cash 80 for credit. credit
in the manufacture of 9656 units of a product direct materials cost incurred was 154137 direct labor cost incurred was
What information is contained in the statement of cash flows and which activities are generally included in operating activities?
the fox company uses the weighted average method. the beginning work in process consists of 20000 units 100 completed
food to go delivery service disposed of one of their delivery cars after using it for two years. the records of the
Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved.
june 16 a company purchased a building and the land it is on for 119000 to house its repair facilities and to store
deschambault inc. is working on its cash budget for december. the budgeted beginning cash balance is 21000. budgeted
jester company issues bonds with a par value of 600000 on their stated issue date. the bonds mature in 10 years and pay
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