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kicyunya [14]
4 years ago
6

A city borrows $800,000 in January because it does not receive property taxes until May. It borrows on a tax anticipation note,

which it will repay in May when taxes are collected. How would the city classify the proceeds from the note if it were to prepare governmental-type fund financial statements on March 31?
Business
1 answer:
Oduvanchick [21]4 years ago
4 0

Answer:

Liability

Explanation:

The city classify the proceeds from the note as a Liability if it were to prepare governmental-type fund financial statements on March 31.

Liabilities:

These are the debts which company has to pay. If company has liabilities it means company has to pay to some other entity/supplier or someone for its debts. It includes loans,account payable and many other accounts in financial statement.

In our case company has borrowed $800,000 in January and will repay in May after taxes are collected. If city has to prepare the financial statement before May then this $800,000 will be the liability in the statement.

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A manufacturing company had a balance in Finished Goods inventory of $200,000 on 12/31/2011. During 2012, the company transferre
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Answer:

the cost of goods sold during the year 2012 is $800,000

Explanation:

The computation of the cost of goods sold is shown below;

Costs of Goods Sold during 2012 is

= Transferred from Work in Process + Beginning Inventory - Ending Inventory

= $1,000,000 + $200,000 - $400,000

= $800,000

Hence, the cost of goods sold during the year 2012 is $800,000

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3 years ago
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During the final or phaseout stage of the project life-cycle, scope is the dominant goal of many project managers.
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Assume a $1,000 Treasury bill is quoted to pay 8% and matures in 3 months. 1. How much interest would an investor receive? (10 p
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Explanation:

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3 years ago
identify the red flags that help an organization assess if it needs to clarify or reinforce its values.
tino4ka555 [31]

The red flags that help an organization to assess if it needs to clarify or reinforce its values includes:

  • when top leaders send mixed messages about what is important
  • when different individuals and subgroups have fundamentally
  • when the organization has values but does not practice them .

<h3>What is a red flag?</h3>

It refers to a warning or indicator that is suggesting that there is a potential problem or threat with a company's stock, financial statements, news reports etc. It may be any undesirable characteristic that stands out to an analyst or investor.

Hence, in this case a red flag has occurred when members lack understanding about how they should behave as they attempt to meet goals, when different individuals and groups have different value systems, when top leaders send mixed messages about what is important, when day-to-day life is disorganized, when members complain about the organization and when organization has values but does not practice them.

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Uptown industries just decided to save $3,000 a quarter for the next three years. The money will earn 2.75 percent, compounded q
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Answer:

Uptown industries have to deposit today $4,145.

Explanation:

To find the final capital at the end of the third year, we use the compound interest formula:

Final Capital (FC)= Initial Capital (IC)*[(1+interest(i))]^(number of periods(n))

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Then, Uptown industries have to deposit today $4,145.

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