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Prepare the journal entries to record these transactions in the Street Improvement Fund and governmental activities journals.
Required: Prepare the journal entries to record the encumbrance, billing and the Vouchers Payable liability in the Street Improvement Fund and governmental activities journals as appropriate.
all from taxable sources. It distributes $60,000 to Roy and $40,000 to Sandy. How much gross income should each beneficiary report?
Barry is a 30% partner in partnership capital, profits and losses. Assume the adjusted basis of his partnership liabilities for basis purposes.
Lake Shuttle has an average cost of capital of 14%. A. Calculate the net present value of the investment opportunity. B. Indicate whether the investment opportunity is expected to earn a return that
A company must repay the bank $10,000 cash in 3 years for a loan it entered into. The loan is at 8% interest compounded annually. The present value factor for 3 years at 8% is 0.7938. The present va
Compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of corporate distributions:
The following selected amounts are available for Sanders Company.What is its ending retained earnings balance?
Reacquired 8,000 of its own $10 par value common stock at $40 cash per share. The stock was originally issued at $15 per share.
A company issues 5% stock dividends, 15,000 shares, $2.00 par value, initially stock was $12, but current trading value is $20, what are the journal entries?
Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $190,000
What amount will be debited in the December 31, 2005 worksheet elimination for the machine account as a result fo this transaction?
Ben would like to use an inventory system that minimizes inventory cost and will satisfy 95 percent of his customers who order this wine.
Outrageous adventures Ltd is developing a cash budget for october, november and december.outrageou's sales in september were R200 000,sales of R300000,R200000,and R150000 have been forecast for octo
The building is depreciated using the straight-line method and an estimated remaining life of 10 years. In the preparation of the 2006 consolidated financial statements, what is the dollar amount of
Jennifer Stack acquired $50,000 of Oldtown Corp. 9% bonds on July 1, 2008. The bonds were acquired at 92; interest is paid semiannually on March 1 and September 1. The bonds mature September 1, 2015
During 2006 division sells inventory costing $50,000 to regional for $65,000.ALso during 2006 regional sells all the inventory pruchased in 2005 and 2006 to unrelated entities. What is the adjustmen
On December 31, 2011, Pesnya Company accepted a promissory note from Wena Enterprise for services rendered. The Note has a face value of $475,000 is due December 31, 2018, and pays interest annually
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what would be the debit in thi
Sparks company has a cash balance of $7500 on april 1. The company must maintain a minimum cash balance of $6000. during april, cash receipts of $48000 are planned. cash disbursements during the mon
Warner Company borrowed $25,000 cash on November 1, 1998, and signed a six-month 12% interest-bearing note payable with interest payable at maturity. what is the amount of accrued interest payable
This plan would use up most of the company's available cash, so that there will be no money available for a cash dividend. Earth Systems has paid cash dividends every quarter for over 10 years. Is M
Compute earnings per share data as it should appear on the income statement of Tkachuk Corporation.
What was the significance of the controversy in 1977 over the appropriate accounting principles to be used by oil and gas producing companies?