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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.
To what level of the IRS are C-Ment's returns sent if it is determined that it will be necessary to contact the corporation during the audit process?
Bubble Corporation manufactures two products, I and II, from a joint process. A single production costs $4,000 and results in 100 units of I and 400 units of II. To be ready for sale, both products must be processed further, incurring separable co..
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
If the current level of oil changes is 6600, by what percentage can the number of oil changes decrease before Jim has to worry about having a net loss?
The equipment cost $540,000, had accumulated depreciation of $240,000 at the end of the year after recording annual depreciation, and had a fair value of $330,000. After the revaluation, the accumulated depreciation account will have a balance of:
The Central Valley Company is a merchandising firm that sells a single product. The company's revenues and expenses for the last three months are given below:
On August 1, 2010, Dambro Co acquired 200, $1,000, 9% bonds at 97 plus accrued interest. The bonds will be added to Dambro's available for sale portfolio. The bonds were dated May 1, 2010, and mature on April 30, 2016, with interest paid each October..
Which of the following statements concerning the Ultramares Corp. v. Touche case is not true?
Sherman Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction.
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
Specific identification method (62 of the units sold were purchased on April 9, and the remaining units were purchased on May 1).
Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts.
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