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Based purely on assets, how many funds should be displayed as major funds?
Bunson Township was incorporated on Jan. 1, yr 1, and is preparing its government wide financial statements for the year ended Dec 31, yr 1. The governmental funds displayed a combined change in fun
What income and deductions will Monte and Allie report from Raider's current year activities
As of December 31, 2009, a supplies inventory shows $750 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense a
Gate Corp. acquired all of Way Corp's assets in a Type C reorganization on August 7, 2010. On the date of acquisition, Way Corp. had an unused net capital loss of $80,000. Gate Corp. had a net capit
The entire amount of $765,000 was charged to rent expense in 2011. What amount should Goetz have charged to expense for the year ended December 31, 2011? A. $90,000 b. $94,125 c. $184,125 d. $495,00
Joan purchases a government bond for $10,000 that pays 7 percent annual interest. Jim purchases $20,000 worth of corporate bonds that pay 10 percent annual interest. Joan's goal is to earn $700 per
On the first day of the fiscal year, a company issues a $1,000,000, 7%, 5 year bond that pays semi-annual interest of $35,000., receiving cash of $884,171. Journalize the entry to record the issuanc
When cash is received from customers in the form of a refundable deposit, the cash account is increased and there is a corresponding increase in:
Prepare the stockholder's equity section of the balance sheet in proper form for Vicario Corporation as of December 31, 2012. Account for treasury stock using the cost method.
Wilson Corp. purchased its own par value stock on January 1, 2007 for $20,000 and debited the treasury stock account for the purchase price. The stock was subsequently sold for $12,000. The $8,000 d
When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?
In January 2007, Castro Corporation, a newly formed company, issued 10,000 shares of its $10 par common stock for $15 per share. On July 1, 2007, Castro Corporation reacquired 1,000 shares of its ou
Amy is the sole shareholder of Garnet Corporation. During the year, Amy leases a building to Garnet for a monthly rental of $40,000. If the fair rental value of the building is $30,000, what are the
The marketing manager has recommended that the selling price be increased by 25%, with an expected decrease of only 11% in unit sales. What would be the company's net operating income if the marketi
Mel is not quite sure whether an expenditure he made is a deduction for AGI or a deduction from AGI. Since he plans to choose the standard deduction option for the year, does the distinction matter?
Loss on sale of camper (purchased 4 years ago and used for family vacations) What is David's AGI for the current year?
Calculate the amount to be debited or credited for equipment during the preparation of the 2008 consolidated financial statements.
Suppose you borrowed $20,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much would you still owe at the end of the first year, after you
Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
a. Explain why the two product cost are different. b. How would you respond to the president when asked to recommend one allocation base or the other?
The Ronowski Company has three product lines of belts- A, B, and C with contribution margins of $3, $2, and $1, respectively. The president foresees sales of 200,000 units in the coming period, cons
On June 30, the inventory of work in process consisted of 4600 units which were 85% completed. Inventories are costed by the first in first out method and all materials are added at the beginning o
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method?
Crocket Corp issues $200,00 of its 10percent bonds payable on April 1, 2030. The bonds were issued at face value, Interest is payable semi-annually, on 10/1 and 4/1. give the journal entries to issu