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A corporation paid $104,000 to retire bonds with a face value of $100,000 and an unamortized premium balance of $3,000. The entry to record the early retirement of the bonds will include the recogni
When the debt service fund makes a payment of principal and interest on an outstanding long term debt, the governmental activities accounts:
what amount should be recorded as capital assets in the cites governmental activities accounts if Bearville follows GASB Standards?
In the footnotes, LIFO reserve at the end of 2006 is $3,000 and LIFO reserve at the end of 2005 is $2,500. JJ Co. uses FIFO and reported 10,300 of net earnings on the 2006 I/S. Which company has a h
Which of the following is not a control that generally is established over cash transactions?
Prepare a cost of goods manufactured schedule for the quarter. Explain why product costs are classified in different ways for different purposes. Use examples to support your explanation.
Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw
Encumbrances outstanding at year end in a cites general fund should be reported as a:
Alaska Co began constructing a warehouse for its own use in March 2005. During 2005, Alaska incurred interest of $75,000 on specific construction debt, and $30,000 on other borrowings. Interest comp
On January 2, 2010, Lake Mining Co.'s board of directors declared a cash dividend of $400,000 to stockholders of record on January 18, 2010, payable on February 10, 2010. The dividend is permissible
The net income for the year ended December 31, 2013, was $3,000,000. Assuming the income tax rate was 30%, what should be the diluted earnings per share for the year ended December 31, 2013, rounde
Milo Co. had 800,000 shares of common stock outstanding on January 1, issued 126,000 shares on May 1, purchased 63,000 shares of treasury stock on September 1, and issued 54,000 shares on November 1
Woody s cost incurred during 2005 on the project and the salvage proceeds were:Demolition of old building:$75,000,Legal fees for the purchase:20,000,Title insurance:2,000,Proceeds from sale of salva
Holmes Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $70,000. A count of its ending inventory determined t
Henry company purchased a piece of property that included a building, a parking lot, and land for a lump sum amount of $800,000. The insurance company appraised the components as follows: Land-$200,
Escape Inc. exchanged a tractor with a carrying amount of $36,000 and a fair value of $60,000 for another tractor and $15,000 cash. The exchange is deemed to lack commercial substance. The fair valu
Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.
AIG needs an addtional $50 million in working capital to pay retention bonuses to key corporate executives. It takes out a one year loan with a 20% compensating balance. The stated rate of interest
Allen is considering the purchase of new equipment that would increase fixed costs to $84,000, but decrease the variable costs per unit to $60. At that level Allen Company expects to sell 3,000 unit
Top management of PFC International would like the Heating Division to transfer 15,000 heating units to another division within the company at a price of $29. The Heating Division is operating at fu
Chudzick Small Engine Repair charges $45 per hour of labor. It has a material loading percentage of 40%. On a recent job replacing the engine of a riding lawnmower, Chudzick worked 10.5 hours and us
During the current year Dunham Corporation expects to produce 10,000 units and has budgeted the following: net income $300,000; variable costs $1,100,000; and fixed costs $100,000. It has invested a
Ivory Corporation, a calendar year, accrual method C corporation, has two cash method, calendar year shareholders who are unrelated to each other. Craig owns 55% of the stock, and Oscar owns the rem
Adjusted Basis Fair Market Value Food (held as inventory) donated to the Ohio Children's Shelter $3,500 $8,000 Passenger van to Ohio Children's Shelter, to be used to transport children to school
During 2011, Ivory paid a salary of $200,000 to each shareholder. On December 31, 2011, Ivory accrued a bonus of $50,000 to each shareholder. Assuming that the bonuses are paid to the shareholders o