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Basile [38]
3 years ago
6

The City of Bamberg, which has a fiscal year end of December 31, issued a nine month $1,000,000 bond anticipation note on July 1

. The city is planning to renew or re-issue the bond anticipation notes for another six month period when they mature. What would the Capital Projects Fund liability for the note be on December 31?
Business
1 answer:
evablogger [386]3 years ago
5 0

Answer:

$1,000,000

Explanation:

The computation of the Capital Projects Fund liability for the note is shown below:

= Issued price

= $1,000,000

The time period should be ignored. As the question has asked about the Capital Projects Fund liability , so we consider only the amount i.e  $1,000,000 without considering its time period, and the dates which are mentioned in the question.

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During 2016, Moore Corp. had the following two classes of stock issued and outstanding for the entire year: 100,000 shares of co
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the amount to be used in the numerator is $900,000.

Explanation:

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The Preference dividend is <em>not</em> deducted from Net Income as it carries a potential voting right.

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16) If the supply of iPads increases, then
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Explanation:

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Since the costs of producing an intermediate product do not change regardless of whether the intermediate product is sold or pro
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Answer: a) true

Explanation:

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8 0
2 years ago
Rodriguez Company pays $363,285 for real estate with land, land improvements, and a building. Land is appraised at $198,000; lan
Irina18 [472]

Answer:

1.Land $163,478

Land Improvement $54,493

Building $145,314

2.Dr Land $163,478

Dr r Land Improvement $54,493

Dr Building $145,314

Cr Cash $363,285

Explanation:

1. Calculation to Allocate the total cost among the three assets

First step is to Add up all expenditure costs Total Expenditure costs =$198,000+$66,000+$176,000

Total Expenditure costs =$440,000

Second step is to divide each expenditure up by the total amount

Land=($198,000/$440,000= 0.45)

Land improvement=($66,000/$440,000= 0.15)

Building=($176,000/$440,000= 0.40)

Now let Allocate the total cost among the three assets

Land=0.45* $363,285

Land = $163,478

Land improvement=0.15*$363,285

Land Improvement=$54,493

Building=0.40*$363,285

Building=$145,314

Total $363,285

($163,478+$54,493+$145,314)

Therefore the total allocation cost among the three assets is:

Land $163,478

Land Improvement $54,493

Building $145,314

2. Preparation of the journal entry to record the purchase

Dr Land $163,478

Dr r Land Improvement $54,493

Dr Building $145,314

Cr Cash $363,285

(To record purchase)

3 0
3 years ago
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