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The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years. The bond principal and interest will be paid by a special tax levied on property in the City. The revenue received from this special tax should be accounted for in which of the following funds?
a) General fund.
b) Internal service fund.
c) Capital project fund.
d) Debt service fund.
A company provides services on account during the current year totaling $400,000. By the end of the year, $350,000 of this amount had been received on account from customers for services provided in the prior years. Determine the amount of operati..
Firms A and B are identical except for their level of debt and the interest rates they pay on debt. Each has $2 million in assets, $400,000 of EBIT, and has a 40% tax rate.
Record treasury stock transactions using cost method for: a) bought 300 shares of common stock as treasury shares@ 62 b) sold 80 shares of treasury stock at 60 c) sold 40 treasury shares at 68.
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
The cost of the measure is to be paid by a special tax. Although most of the townspeople believe the sea aquarium is a good idea, there is disagreement about how the tax should be levied.
The Digby team has just purchased $39,660,000 of plant and equipment that has an estimated useful life of 15 years. Suppose at the end of 15 years this plant and equipment can be salvaged for $3,966,000 (1/10th of its original cost). What will b..
Disney's variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?
Materiality is a function of the time, the situation, and the people involved. What is material from the point of view of a bank that lends money to the firm?
How is an auditors examination affected when a client has engaged in significant related party transactions? What measures should an auditor take to determine that such transactions have been properly recorded by the client?
Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible. Prepare the entry to record bad debt expense.
Management is having difficulty estimating the salvage value of the aircraft. To the nearest whole dollar how large would the salvage value of the aircraft have to be to make the investment in the aircraft financially attractive?
Describe the accounting rules and regulations you would introduce to ensure that these types of accounting irregularities do not occur in the future.
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