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St. George County has entered into a contract for the demolition and construction of a six-lane bridge. It is expected that the project will take three years to complete. The terms of the contract indicate that the county will retain 5 percent (retained percentage) from each progress billing. The contract also requires that the retained percentage be invested and accounted for in a separate fund. Investment of the retained percentage is for the benefit of the contractor, who will received the retained percentage and investment earnings upon successful completion and acceptance of the bridge. a. What type of fund should St. George County use to account for the retained percentage? Explain your answer.
Explain the advantage of using a flexible budget. Also, why are flexible overhead budgets based on an activity measure, such as hours or process time or machine time?
Prepare journal entries in the General Fund of the Brownville School District.
Compute the company’s after- tax cost of borrowing on this bond issue stated as a percentage of the amount borrowed. Describe briefly advantage of raising funds by issuing bonds as opposed to stocks.
Straight-line amortization is used for discounts and premiums. On September 1, 2014, $1,800,000 of the bonds are called at 102 plus accrued interest. What gain or loss would be recognized on the called bonds on September 1, 2014?
The building originally cost $600,000 and had an adjusted basis of $200,000 due to the $400,000 depreciation taken when it was sold. What is Caldwell’s Section 1231 gain on the sale of the property?
Find all selling and administrative expenses on the full costing statement. Tell us where you find these. What do they total? Now find all selling and administrative expenses on the variable costing statement. Tell us where you find these. What do ..
Multiple choice question based on Variance Analysis - The direct material price variance for May is (note that the purchase price variance is based on the amount purchased
Asset cost allocation - Prepare a single journal entry to record all the incurred costs assuming they are paid in cash on January 1, 2013 and use straight line method, prepare the December 31 adjusting entries to record depreciation for the 12 month..
If the company borrows money at 12% to pay for the purchase on the last day of the discount period and pays the loan off on the last day of the credit period, what would be the net savings for the company?
Net income for Sparis was $912,000 during 2011. What was the noncontrolling interest's share of Sparis' net income for 2011?
What information do the government-wide financial statements present and What information do the fund financial statements present?
During the current year, Patricia sells activity C for an $18,000 taxable gain. Patricia's salary for the year is $100,000. What is the amount of Patricia's deduction against salary income?
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