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On July 1, a city issued, at par, $100 million in 6 per-cent, 20-year general obligation bonds. It established a debt service fund to account for resources set aside to pay interest and principal on the obligations.
In the year that it issued the debt, the city engaged in the following transactions involving the debt service fund:
1. It estimated that it would make interest payments of $3 million and have interest earnings of $30,000 from investments. It would transfer from the general fund to the debt service fund $2.97 million to pay interest and $500,000 to provide for the payment of principal when the bonds mature. Further, as required by the bond proceeds from the capital projects fund to the debt service fund to be held in reserve until the debt matures. Prepare appropriate journal entry in debt service fund, including budgetary and closing entries.
Compute the weighted average number of shares to be used in computing earnings per share for 2010.
How much gain or loss must barry recognize, and how is it characterized. Account receivable fmv 90,000 three partners.
What is the rate structure of the U.S. federal income tax? Analyze the progressive nature of the U.S. tax system and its consequences.
The differences between the book basis and tax basis of the assets and liabilities at the end of 2008 are as follows: What is the journal entry to record income tax expense, deferred income taxes, and income tax payable for 2008?
Consider that the Millers' adjusted gross income was $50,000, how much of a medical expense deduction may the Millers claim on their joint return
Lisa's School Supplies suffered a fire loss. The company needs to estimate the cost of the goods destroyed. Beginning inventory was $500,000, purchases totaled $700,000, and sales came equaled $1,000,000.
Why is it important to understand the difference between an originating temporary difference and permanent difference in a company? Explain if this concept is relevant for personal finance. ( Intermediate Accounting)
Greetings Online disposed of a van that cost $22000 with accumulated depreciation of $15000. The journal entry would be to:
What are the primary reasons for a country to sometimes withhold goods or put price controls on exports to international markets? What are possible outcomes of this practice? What are your feelings about price controls?
The company also purchased treasury stock that had a cost of $7,000. The financing section of the statement of cash flows will report net cash inflows of:
How do you describe the continued existence of counter trade? Under what scenarios may its popularity increase still further by the year 2015?
Elaine owns an unincorporated manufacturing business. In 2011, she purchases and places in service $250,000 of qualifying five-year equipment for use in her business. Her taxable income from the business before any section 179 deduction is $70,000..
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