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On July 1, the first day of its fiscal year, the Ovid City levied a $1,000,000 property tax which is payable in full on December 1 of the same year. On September 15, the City decided to borrow $200,000 in 90 day tax anticipation notes to cover operating expenditures until the tax revenues are collected. The journal entry on September 15 to record the issuance of tax anticipation notes will include:
A) A credit to Proceeds of Tax Anticipation Notes.
B) A credit to Tax Anticipation Notes Payable.
C) A credit to Tax Anticipation Revenue.
D) Either B or C is acceptable if consistently applied.
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
Please allocate the costs and advise, what is the taxable income for year 1 and 2, noting there are no other expenses outside the allocation of costs.
Starling Coating produces weatherproofing coatings that protect metal from oxidation. One of Starling's patented coatings, zurtan, is composed of two inputs, magna45 and zelon. While both inputs are required, they can be substituted for each other..
What is the age limitation for a student and a non student? What is the income limitation for a dependent? Who is a qualified child?
Strong Wood Company is a distributor of patio furniture. Data concerning the next month's budget appear below. What is the company's margin of safety? What is the company's margin of safety as a percentage of sales?
Barry's Steroids Comapny has $1,000 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:
Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?
Prepare the appropriate journal entries on January 1 for the issuance of the bonds and on December 31 for the first interest payment assuming straight-line amortization.
In response to these problems, Congress passed the Sarbanes-Oxley Act of 2002. Recommend internal controls that would satisfy the Sarbanes-Oxley Act.
What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.
A financial manager is planning two projects, A and project B. A is expected to add $2 million to profits this year while B is expected to add $1 million to profits this year.
Frenchy's Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows: determine the expected costs for Utilities in August. B. Using the data calculated above, e..
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