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On January 1, 20x7, Clyde County issued $100 million of 5%,20-year bonds at 102. Interest is payable semiannually. Theproceeds were restricted for the construction of a new county waterpurification plant for its Water Enterprise Fund.Assume that as of the end of the fiscal year the capitalproject had not yet begun, thus the debt proceeds were stillunspent. What classifications of net assets would be affected by this fact?
A. Invested in capital assets, net of related debt, would bereduced as no capital assets have been added to offset the newcapital related debt.
B. Restricted net assets would include the unspent cash as wellas the outstanding liability.
C. Unrestricted net assets would reflect an increase due to the cash received from the debt issuance, but invested in capitalassets, net of related debt, would decrease by the amount ofunspent debt proceeds.
D. None-net asset classifications are not affected by theissuance of long-term debt.
You have deposited $8,369 in a special account that has a guaranteed interest rate of 13% per year. If you are willing to completely exhaust the account, what is the maximum amount that you could withdraw at the end of each of the next 8 years?
How do you determine the filing date and extended filing date for income tax returns?
The transaction gain or loss to be recognized over the term of a forward exchange contract entered into to speculate in a foreign currency within a fiscal year is measured by the difference between the:
Sergo Games produces a variety of action games which sold more than 800,000copies. In 2011, the production plant prepared 3,000,000 CDs and incurred the following cost:
Set up the known information in a linear statement and find the missing cash sales by reversing the additive functions also complete an Accrual Income Statement.
The ABC company is facing a sitation where it has to decide whether to continue its production or stop it. The following is the detail of its production:
Prepare the journal entry to recognize the income tax benefit of the operating loss. Airparts elects the carryback option.
How could the foreign competitors profitably sell a similar product for less than manufacturing costs to Houston Electronic?
Caltron Computers, Inc. is a publicly held company with a total market capitalization in excess of $450 million. Caltron manufactures minicomputer systems that are designed to achieve the power of a mainframe at a fraction of the cost. The minicomput..
The variable overhead rate was $3 per hour. Actual fixed overhead was $360,000 and actual variable overhead was $170,000. Actual production was 11,700 units.
The Richmond Company uses the weighted-average method in its process costing system. The company has only a single processing department.
One problem with this plan is that the liabilities of his sole proprietorship exceed the basis of the assets to be transferred to the corporation by $70,000 ($20,000 - $130,000). Therefore, Joel would be required to recognize a gain of $70,000.
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