Q: On January 1, 2015, Metropolis City issued a 7%,
On January 1, 2015, Metropolis City issued a 7%, 5-year, $100,000 general obligation bond for $96,007. The bond pays interest annually (on December 31) and was issued to yield 8%. The bond was issued...
See AnswerQ: The following schedule of capital assets was prepared for Capital City.
The following schedule of capital assets was prepared for Capital City. All capital acquisitions were made in a capital projects fund (and paid for with cash). An asset was sold by the general fund...
See AnswerQ: Apple Company was incorporated in Delaware in 2012. On November 2
Apple Company was incorporated in Delaware in 2012. On November 2, 2014, the controller of the company entered into a forward contract to sell 50,000 British pounds for $1.5920 on March 1, 2015. The f...
See AnswerQ: The following information is available about items that differ between the governmental
The following information is available about items that differ between the governmental funds and the government wide statements. Assume that there are no internal service funds. The schedule of capit...
See AnswerQ: The following information was available about items that differed between the governmental
The following information was available about items that differed between the governmental funds and the government-wide statements. Assume that there are no internal service funds. The schedule of ca...
See AnswerQ: The following events take place: 1. The Special Revenue
The following events take place: 1. The Special Revenue Fund transfers $8,000 to the Internal Service Fund as a temporary loan. 2. The Internal Service Fund bills the Special Revenue Fund $20,000 for...
See AnswerQ: On May 24, 2011, Invitel Holdings announced its financial results
On May 24, 2011, Invitel Holdings announced its financial results for the quarter ended March 31, 2011. The results reflect the consolidated financial results of Magyar Telecom B.V. and its subsidiari...
See AnswerQ: The following events take place: 1. Hector Madras died
The following events take place: 1. Hector Madras died and left 100 acres of undeveloped land to the city for a future park. He acquired the land at $100 an acre, but at the date of his death the land...
See AnswerQ: The following transactions take place: 1. The General Fund
The following transactions take place: 1. The General Fund repaid the Special Revenue Fund a loan of $10,000 plus $900 in interest on the loan. 2. On January 1, the city issued 9% general obligation b...
See AnswerQ: On January 1, 2015, Allentown issued $800,000
On January 1, 2015, Allentown issued $800,000 of 9% serial bonds at par. Semiannual interest is payable on January 1 and July 1 and principal of $80,000 matures each January 1 starting in 2016. The de...
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