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The controller of a school district had recorded the entireproperty tax levy, $20M, as revenues when levied during the firstmonth of the year. At year-end the auditor states that $3M must bereclassified as deferred (unearned) revenues because the propertylevy for that amount will not be collected before the end of thesecond month of the next accounting period. The controller objects,noting that the property tax receivables are as available as cashbecause the school district regularly uses them as the basis forborrowing on tax anticipation notes at local banks. Furthermore,the penalties and interest charged on delinquent taxes exceed the interest charges on the tax anticipation notes.
Who's right? Why?
Nicole, an accountant, agrees to contribute her services (worth $25,000) in organizing Indigo. The corporation's stock is distributed equally to Kevin and Nicole. As a result of these transfers:
The Fashion Statement Inc. distributed perfumes and cosmetics.The following account changes were made in the company's accounting records during March. For each item, describe the transaction that caused the changes. The first item has beencomplet..
Standard variable manufacturing costs were $15 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, net income under absorption costing would be:
A trust has net accounting income and distributable net income (DNI) of $60,000, all from taxable sources. The trustee is required to distribute $40,000 of current income to Harry.
Barry's Steroids Company has $1000 par value bonds outstanding at 12 percent interest .The bonds will mature in 50 years. Compute the current price of the bonds if the percent yield to maturity is:
Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. On July 1, 2011 Quirk retired $150,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.
Net income for the year ended December 31, 2004 was $775,000. What should be Reese's 2004 earnings per common share?
Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?
Determination of Beneficiary's Income. A trust is authorized to make discretionary distributions of income and principal to its two beneficiaries, Roy and Sandy.
All other fixed manufacturing overhead costs represent current cash flows. The January cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:
Under the lease agreement, a security deposit of $15,000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 10% per year. What amount will the company receive at the time the lease expires?
ABC Corporation has assets of $1.35 million, common stock of $351,000, and retained earnings of $214,000. What are the creditors' claims on their assets?
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