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1. Irrespective of how capital assets are aquired, they are recorded differently in overnmental funds than in business. In a recent year, Ives Township acquired six police cars at total cost of $200,000. The vehicles are expected to have a useful life of four years.1. Prepared the journal entries that the township would make in its general fund in the year of acquistion if:a. It paid for the cars in cash at the time of acquisition.b.It leased the cars, agreeing to make four equal payments of $63,095 starting the year of acquisition, an amount that reprepsents the annuity required to liquidae a loan of $200,000 at 10% interest. The lease would satify the cirteria necessary to be accounted for as a capital lease .c. It issued $200,000 in installment notes to the car dealer, agreeing to repay them in four annual payments of $63,095, starting in year of acquisition.
2. Comment on how any assets or obligations that are not included in the governmental fund balance sheet would be reported.3. Comment on any adjustments that would have to be made to report the assets on government-wide statements.
When such an event occurs and is appropriately reflected in the financial statements, what are the auditor's alternatives with respect to dating the audit report and the conditions applicable to each alternative?
Explain to him the rules of debits and credits for the balance sheet and income statement - journal entry that would be recorded that impacts the balance sheet.
llyod inc. has sales of 200000 a net income of 15000 and the following balance sheetcash 10000 accounts payable
A company uses a process cost accounting system.
Explain the impact of occupational fraud and abuse on the company. Explain the four potential corruption schemes to be aware of within the company?
The fixed overhead volume variances is due to:
During 2010, Highlander Corp., had the following income and expenses: What is the amount of Highlander's Corp. charitable deduction for 2010?
for the year ended december 31 2013 fidelity engineering reported pretax accounting income of 977000. selected
The LAN partnership had $15,000 in outstanding liabilities on December 31, 2010. Assuing there were no distributions to the partners, what total amount of income will Jaay report for 2010 as a result of his partnership interest?
The bookkeeper at Tony Company has asked you to prepare a bank reconciliation as of February 28, 2006. The February 28, 2006, bank statement and the February T-account for cash showed the following (summarized):
assume that the average firm in your companys industry is expected to grow at a constant rate of 4 and that its
elgin battery manufacturers had sales of 1000000 in 2009 and their cost of goods sold represented 70 percent of sales.
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