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During the year 2004-05 thecompany estimated the remaining life of the machinery to be five yearsinstead of four years. The break up value was re-estimated at Rs.20,000.
According to the double entry system of book keeping, the investment of Rs.10, 000 in the business made by the owner will effect:
The income statement of a corporation for the month ofNovember indicates a net income of $200,000. During the sameperiod, $225,000 in cash dividends were paid.
Widgets Inc, uses the straight-line method to depreciate assets in determining its finacials profit. Widgets also accrues an amount for warranty expense at the end of each year even though it normal
Big Lake Boat Tours sold off one of their tour boats that was toosmall to meet the current needs of business.The boat was sold toAbe's Used Boats for $25,000.
On January 2, 2001, the Wilcox Studios leased six computersfor use in the engineering department. The lease period is for 13years and the estimated economic life of the leased property is 15years.
A company issues $20,000,000, 7.8%, 20-year bonds to yield 8%on January 1, 2007. Interest is paid on June 30 and December31. The proceeds from the bonds are $19,604,145.
A company issues $5,000,000, 7.8%,20-year bonds to yield 8% on January 1, 2007. Interest ispaid on June 30 and December 31. The proceeds from the bonds are$4,901,036.
If the beginning balance in prepaid insurance was $500 and$2,500 was paid for an insurance premium during the year, the ending balance in the prepaid insurance account (after the aboveadjusting entr
On Nov. 4, 2005, Blue company acquired an asset (27.5 year residential real property) for $100,000 for use in its business. In 2005 and 2006, respectively, Blue took $321 and $2,564 of cost recovery
"Thirty-five years ago, young employees we hired wereambitious, conscientious, hardworking, and honest. Today'syoung workers don't have the same values."
Mercedes, an attorney with a leading Miami law firm, isconvicted of failing to file Federal Income Tax returns for2002-2004. Her justification for failing to do so was the pressuresof her profession
What minimum classifications must be used to report net assetsin the government-wide Statement of Net Assets? In the proprietary funds Statement of Net Assets?
What is meant by "major fund reporting"? How does this differ from reporting by fund type? For what fund types is major fund reporting required? For what fund types is fund type reporting required?
How does a government determine which governmental funds are major funds? How does a government decide which proprietary funds are major funds?
The Death Star Business is considering the manufacture of a newtype of tennis ball. Each tennis ball would sell for $3.75 andwould require $1.75 in variable costs.
Having been told repeatedly during his many years of servicethat depreciation was charged "in order to provide for thereplacement of capital asset," a member of a government'selectric utility.
The city of Cherokee Hills is adjacent to a freeway leading to anearby metropolitan area na has grown rapidly from a small villageto a city of 75,000. Its population is expected to double every 10ye
An asset costing $10,000 was reclassified from the GeneralCapital Assets accounts of a governmental unit to the governmentalunit's enterprise. What effect would this reclassificationhave on the Gen
The unassembled bikes are sold to retailers at $400each. Donkey currently has unused productive capacity that isexpected to continue indefinitely; management has concluded thatsome of this capacity
Shannon Inc has been manufacturing its own shades for itstable lamps. The company is currently operating at 100% ofcapacity. Variable manufacturing overhead is charged to productionat the rate of 50
Pete Corp. owns stock in Anna Corp. The board of directors of AnnaCorp. declared and paid a dividend to all shareholders.Inwhich section of the cash flow statement will this action appearfor both R
The town of Brittainville has two Enterprise Funds- one forits water and wastewater operations and another for its cabletelevision operation. The Water and Wastewater Enterprise Fundissued $11,000,0
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