Budgetary accounting for regular serial bond debt service funds differs somewhat from that for deferred serial bond or term bond debt service funds. Explain these differences. Note: Cite the sources
For items reported in the Restricted Assets section of an enterprise fund balance sheet, how are the related items reported in the liability and fund equity sections of the balance sheet? Note: Cite the sources
Practice the following: Assume the entity is using U.S. GAAP, accrual-basis accounting. For each of the following independent situations, determine the effect of that transaction on: net income; cash; total assets; total liabilities. Complete the primer exercise by filling in the chart, showing in each area either I (increas
1) P19-9 (Five differences, Compute, taxable Income and Deferred Taxes, Draft Income Statement. King Company began operations at the beginning of 2007. The following information pertains to this company. 1- Pretax financial income for 2007 is $100,000. 2- 2- The tax rate enacted for 2007 and future years is 40%
Janson Co. purchased all of the common stock of BR Inc. on January 1, 2005, paying slightly more than the fair market value of BRs' net assets. At that time, BR had buildings with a twenty-year useful life, a book value of $600,000, and a fair market value of $696,000. On December 31, 2006, BR had buildings with a book value of $620,000 and a fair market value of $648,000. On that date, Janson had buildings with a book value of $2,000,000 and a fair market value of $2,160,000. What amount should be shown for buildings on the consolidated balance sheet dated December 31, 2006?
Janson Co. purchased all of the common stock of BR Inc. on January 1, 2005, paying slightly more than the fair market value of BRs' net assets. At that time, BR had buildings with a twenty-year useful life, a book value of $600,000, and a fair market value of $696,000. On December 31, 2006, BR had buildings with a book value o
Durango and Verde formed a partnership with capital contribution of $150,000 and $190,000, respectively. Their partnership agreement called for Durango to receive a $50,000 annual salary allowance. They also agreed to allow each partner a share of income equal to a 10% of their initial capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $120,000, what are Durango's and Verde's respective shares?
8. Durango and Verde formed a partnership with capital contribution of $150,000 and $190,000, respectively. Their partnership agreement called for Durango to receive a $50,000 annual salary allowance. They also agreed to allow each partner a share of income equal to a 10% of their initial capital investments. The remaining incom
My professor presented me with this study guide for an upcoming exam. I'd like to double check my answers against yours. Any help would be greatly appreciated! Thanks! 4. Increasing an asset is a a) debit b) credit 5. What are the four basic categories of financial ratios? 6. Assets = Owner's Eq
4. What restrictions are placed on an S corporation to be able to make a valid S election? 5. What is included in investment income? What is the limit on the deduction for investment interest?
1. Wriglee, Inc. went to court this year and successfully defended its patent from infringement by a competitor. The cost of this defense should be charged to patents and amortized over the legal life of the patent. legal fees and amortized over 5 years or less. expenses of the period. pat
3. Information concerning the debt of Emig Company is as follows: Short-term borrowings: Balance at December 31, 2007 $525,000 Proceeds from borrowings in 2008 325,000 Payments made in 2008 (450,000) Balance at December 31, 2008 $400,000 Current portion of long-term debt: Balance at December 31, 2007 $
What would you suggest are the most effective tax strategies available and why? I have heard of many different ways to approach taxation and realize that trust are one avenue a person((s) can take? But without proper advice, this can prove to be difficult at times. I also know that there are different types of trust available
1. Burch Company has $12,000 cash at the beginning of June and anticipates $30,000 in cash receipts and $34,500 in cash disbursements. Burch Company maintains a cash balance of $10,000 at the end of each month. The firm has an agreement with its bank to borrow or repay funds necessary to maintain the required ending balance. As
Taxation: depreciation, non-taxable, business purpose, statute of limitations and innocent spouse relief
1. During the year, Garbin Corporation (a calendar-year corporation that manufactures furniture) purchased the following assets: Date Asset Cost February 15 Tools $40,000 March 3 Machines 50,000 October 6 Office Building 110,000 In computing depreciation of these assets, which of the following averaging conventions will
1. Stan and Billie have decided to divorce. As part of the divorce settlement, Billie received stock valued at $200,000 that had a basis of $120,000; Stan received their home that had a basis of $240,000 but a fair market value at the time of the divorce of $400,000. Two years after the divorce, Billie sells the stock for $300,0
Question One: Discuss the pros and cons of implementing ISO 9000. Question Two: Distinguish between predatory pricing and penetration pricing. How are they similar and/or different? Question Three: In your opinion, has Sarbanes-Oxley effectively accomplished what the lawmakers intended when they wrote the law? Support y
On July 1, the first day of their fiscal year, the City of Marshall sold bonds with a face value of $10,000,000 at 102 percent of par. The bonds bear annual interest at 6 percent; interest is payable semi annually. The bonds will mature in equal installments over 20 years. (Bond premium must be used for eventual bond redempti
Attached please find a problem that I need help with. Based on the attached problem, please answer the following question: 1) Unfortunately, by October of the next year it had become clear that the company would not be able to make the $2,000,000.00 target profit. In fact, it looked like the company would wind up the year a
CASE 8-31 Contrasting Activity-Based Costing and Traditional Costing "Wow! Is that X-20 model ever a loser! It's time to cut back its production and shift our resources toward the new Y-30 model," said Darrel Karter, executive vice president of Cutler Products, Inc. "Just look at this income statement I've received from acco
Trouble Company purchased equipment of January 1. 2006, for $60,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5- year useful life. It is also estimated that the equipment will produce 1000.000 units over is 5-year life. 1. Compute the amount of depreciation expense for the year e
The fund equity section of the interim balance sheet of the Freeman Town's General Fund, as of June 30, 2005, was: Fund Equity: Appropriations $2,551,600 Less: Expenditures $1,349,000 Encumbrances 112,000 1,461,000 Available Appropriations $1,090,600 Reser
Decision Models: Professor Tillerman's Tonic Tea produces its three blends in the manner outlined below. Since their introduction, the two new flavors have been extremely popular with customers (especially the Kyoto Blend), and account for 85 percent of our current production. See attached file for full problem description.
Product-Mix Information Prepared by the Marketing Department Professor Tillerman's Tonic Tea produces its three blends in the manner outlined below. Since their introduction, the two new flavors have been extremely popular with customers (especially the Kyoto Blend), and account for 85 percent of our current production. S
Two years ago, Herbert, a widower, made a gift of marketable securities to his 35-year-old daughter, Sabrina, on which he paid a Federal gift tax of $3 million. Herbert dies in the current year and his estate is greatly reduced in value due to his having given away most of his assets over his lifetime. Herbert's executor files a
Supervisor Micro Production uses the weighed -average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department.The cost of beginning inventory and the costs added during January amounted to $599,780 in total. The endi
I have attached the problem (5-48). I do not need the answers on the attachment but the two below. 1. Utilizing ABC, how much overhead is assigned to the order for men's razors? 2. Utilizing ABC, how much overhead is assigned to the order for women's razors?
See attached file for full problem description. 1. "Generally accepted" in the phrase generally accepted accounting principles means that the principles a. are proven theories of accounting. b. have substantial authoritative support. c. have been approved by the Internal Revenue Service. d. have been approved for us
You are in the 28% income tax bracket and pay long-term capital gains taxes of 15%. What are the taxes owed or save in the current year for each of the following sets of transactions a) You buy 100 shares of ZYX for $10 and after seven months sell it on 12/31,200x, for $23. You buy 100 shares of WER for $10 and after 15 month
Mugs and More sells a large variety of coffee mugs. Larry Hooper, the owner, is thinking of expanding his sales by hiring local high school students, on a commission basis, to sell coffee mugs bearing the name and mascot of the local high school. These coffee mugs would have to be ordered from the manufacturer six weeks in a
Use the following information for questions 18-19. Becker Company developed the following data for the current year: Beginning work in process inventory $ 60,000 Direct materials used 36,000 Actual overhead 72,000 Overhead applied 54,000 Cost of goods manufactured 66,000 Total manufacturing costs 180,000
Two years ago, Micro Corporation granted its employee, Alisa, 20,000 incentive stock options with an exercise price of $15 per share. The stock is currently trading at $40 per share, but Alisa expects that it will continue to increase. She wants to exercise her options this year and can either exercise them now or wait until lat
The following information is for employee Mary Ryan for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social