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This problem is a continuation of Continuing Problem 2 at the end of Chapter 9. The following additional information is furnished to complete this part of the problem.1. Croton has no activities other than governmental activities. The city government wide statement of net position for the year ended December 31, 2012, showed general capital assets of $ 14,000 and related accumulated depreciation of $ 6,400.2. Depreciation expense on Croton general capital assets for 2013 (including assets acquired in 2013) was $ 700, all of which was applicable to public safety.3. The city government wide statement of net position for the year ended December 31, 2012, showed bonds payable of $ 5,500. All the debt had been issued to finance capital assets. Analysisof Croton debt service requirements showed that $ 700 of the total bonds payable as of December 31, 2013, should be reported as current because it is due to be paid during 2014.4. The city government wide statement of net position for the year ended December 31, 2012, showed accrued interest payable of $ 120 on its outstanding long- term debt. Analysis of the city debt service requirements showed accrued interest payable of $ 135 on all outstanding long term debt as of December 31, 2013, including the debt sold by the city during 2013.5. Croton government wide statement of net position for the year ended December 31, 2012, showed accrued vacation pay of $ 75. Vacation leave records showed that, as of December 31, 2013, accumulated vacation leave had increased to $ 87, exclusive of the $ 10 due to be paid to retired police officers early in 2014. (Assume vacation leave applies only to the public safety function.)Use the preceding information to do the following:a. Prepare journal entries needed to convert the governmental funds financial statements to the governmental activities columns of the government wide financial statements. Post the journal entries to a six column work sheet similar to that shown in Table 10- 8.b. Prepare Croton City government wide financial statements a statement of net position and a statement of activities.c. Prepare Croton financial statement reconciliations the funds balance sheet to the government wide statement of net position and the funds statement of revenues, expenditures, and changes in fund balances to the government- wide statement of activities.
schefter mining operates a copper mine in wyoming. acquisition exploration and development costs totaled 8.2 million.
Assume that you must make a presentation to the marketing staff explaining the difference between product and period costs. Your supervisor tells you the marketing staff would also like clarification regarding prime and conversion costs and an exp..
prior to recording adjusting entries the office supplies account had a 359 debit balance. a physical count of the
Are there any ethical problems in utilizing Cash flow statement? Please bring an example of the company that has faced ethical problems in using Cash flow statement.
The credits to the Manufacturing Overhead account as a consequence of the raw materials transactions in April total:
Explain the purpose of and method of depreciation for partial years.
Primo Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Primo incurred $42,000 of expenses in 2014, which will not be paid until 2015.
A company can account for gains or losses from early extinguishment of debt in three ways:
Hazel purchased a new business asset (five-year property) on November 30, 2009, at a cost of $100,000. This was the only asset acquired by Hazel during 2009. On January 7, 2010, Hazel placed the asset in service. She did not elect to expense any o..
refer to deana inc. if deana inc. had 20000 in beginning inventory and sold goods costing 300000 what is the ending
Moon uses the effective interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2004, Moon's unamortized bond discount should be:
supreme sales company which sells only on account had a 100000 balance in its accounts receivable and a 4000 balance in
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