Prepare all journal entries that should have been made

Assignment Help Accounting Basics
Reference no: EM132604269

Question - Brand City sold bonds in the amount of $45,000,000 to finance the construction of a public library. The bonds are serial bonds and were sold at par on January 1, the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $42,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $22,000,000.

Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information in the capital projects fund. (No closing entry is required).

Reference no: EM132604269

Questions Cloud

Evaluate the credibility and reliability of emc : There is greater potential for deception with electronically mediated communication (EMC) than with face-to-face communication. What other ethical issues arise.
Strategic Management Action Plan : You will be developing what is known as a strategic management action plan (MAP).
Define privacy concerns in employing intelligent systems : What are some of the major privacy concerns in employing intelligent systems on mobile data? Identify common violations of user privacy from current literature.
Determine the fundamental value of a stock of abc : Determine the fundamental value of a stock of ABC (i.e., the fair stock price). ABC Pharmaceuticals (ABC) is expected to pay a dividend of $4 per share
Prepare all journal entries that should have been made : Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information
Research one topic and analyze the current trends : The networking and telecommunication industry comprises devices, systems, and technologies that make communication over a distance possible.
Explain dar es salaam stock exchange structure : Explain Dar es salaam stock exchange structure. Explain the procedure in dar es salaam stock exchange. Effects of not having stock exchange markets
Health care law : What workplace laws or regulations are in place? How does law impact healthcare professionals of that country?
What was the total premium : If the amount in Insurance Expense is the January 31 adjusting entry, and the original insurance premium was for one year, what was the total premium

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd