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Prepare the general journal entries required to record the following transactions and information in the General Fund of a county.
Ruben Company purchased $100,000 of Evans Company bonds at 100 plus $1,500 in accrued interest. The bond interest rate is 8% and interest is paid semi-annually. The journal entry to record the purch
Why do most governments and not-for-profits budget on a cash or near-cash basis even though the cash basis does not capture the full economic costs of the activities in which they engage?
The Milk Chocolate Division of Mmmm Foods, Inc. had the following operating results last year: sales (150,000 pounds of chocolate) $60,000. Variable expense $37500, contribution margin $22500, Fixed
Distinguish between the circumstances when an auditor might give an unqualified opinion with an explanatory paragraph, a qualified opinion, and an adverse opinion. Do you think a disclaimer is an ac
In Shannon Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $110,000, and a cash purchase o
Matthew co. reported $350,000 in income before income tax for financial reporting book purposes in year 3 its first year of operation the tax depreciation exceeded its book depreciation by $30,000 t
Prepare the consolidated journal entries, the consolidated worksheet and the consolidated financial statements for the year ended 30 June 2012.
Matthew Company reported #350,000 in income before income tax for financial reporting book purposes in year 3 its first year of operation the tax depreciation exceeded its book depreciation by $30,0
The firm had two consultations with this client and required 130 administrative labor hours. What additional costs will be charged to this customer?
Gordon paid the $10000 balance of his federal income tax three months late. Ignore daily compounding of interest. Determine the interest rate that applies relative to this amount, assuming that:
Assume that the Milk Chocolate Division is currently operating at its capacity of 200,000 pounds of chocolate. Also assume again that the Peanut Butter Division wants to purchase an additional 20,00
Tangerine Company plans to sell 20,000 units next year and has budgeted sales of $500,000 and profits of $60,000. Variable costs are projected to be $15 per unit.
Assume that Hazel Ltd manufactured the plant itself at a cost of $29 500 and sold the plant to Cherry Ltd for $ 31 864. Hazel Ltd then leased it back under the original terms of the finance lease, w
A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life
Staley company has 30 order operators with associated costs of $1,000,000 per year. Staley calculated that each operator worked about 2,000 hours per year. Allowing for time off, each operator provi
Matthew co reported $350,000 in income before income tax for financial reporting (book) purposes in year 3 its first year of operation the tax depreciation exceeded its book depreciation by $30,000.
Briefly explain the significance of the acquisition date and the date of exchange and outline how the consideration (in a business acquisition) is calculated when the acquisition of the target compa
Compute Trikeco's deemed paid foreign tax credit, as well as the residual U.S. tax, if any, on the dividend Trikeco received from Trike1. Assume the U.S. tax rate is 35%.
The stockholders' equity section on the December 31, 2009, balance sheet of Chemfast Corporation reported the following amounts: Assume that no shares of treasury stock have been sold in the past.
At March 31, the loan balance is $2,000. Prepare a master budget (round all dollar amounts to the nearest whole dollar) for each of the months of April, May, and June that includes the: Sales budget