ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.
18th Edition
ISBN: 9781260949766
Author: RECK
Publisher: MCG
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Chapter 7, Problem 17.11EP

The City of Tutland issued $10 million, 6 percent, 10-year bonds at 101 to finance refurbishment of its water utility fund equipment. The bond issuance is recorded in the water utility enterprise fund as

  1. a.      Other financing sources of $10.1 million.
  2. b.      Revenues of $10.1 million.
  3. c.       Bonds payable of $10.1 million.
  4. d.      Bonds payable of $10 million and premium on bonds payable of $100,000.
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On December 1, 20X1 a company bought a call option costing $100,000 as a speculative investment. The call option gave the company the right to purchase 100,000 barrels of oil for $110 per barrel during April 20X2. As of December 31, 20X1 the call option had a value of $125,000. The company liquidated the call option on April 15, 20X2 in exchange for $175,000. Which of the following accurately describes GAAP accounting for this call option? bok Multiple Choice The realized gain applicable to the year ending December 31, 20X1 is $25,000. The realized gain recognized on April 15, 20X2 is $75,000. The unrealized gain recognized on April 15, 20X2 is $50,000. The call option will be reported on the December 31, 20X1 balance sheet at $125,000 and a $25,000 unrealized gain will be reported as a component of income from continuing operations for the year ending December 31, 20X1.
[The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: The inventory at January 1, 2022, had a retail value of $45,000 and a cost of $27,500 based on the conventional retail method. Transactions during 2022 were as follows: CostRetailGross purchases$ 282,000S 490,000 Purchase returns 6,50010,000 Purchase discounts 5,000 Sales 492,000Sales returns 5,000 Employee discounts 3,000 Freight - in26, 500 Net markups 25,000Net markdowns 10,000 Sales to employees are recorded net of discounts. The retail value of the December 31, 2023, inventory was $56, 100, the cost-to-retail percentage for 2023 under the LIFO retail method was 62 %, and the appropriate price index was 102% of the January 1, 2023, price level. The retail value of the December 31, 2024, inventory was $48, 300, the cost-to-retail percentage for 2024 under the LIFO retail method was 61…
https://www.almaris.com/assess/materials/blank-a05-05-unlevered-comprehensive-practice.xlsx please help me fill out all the empty boxes for this excel FSA thanks

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ACCT GOV.+NFP ENTITIES LOOSELEAF W/CONN.

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