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The following amounts were taken from the accounting records of Bontancia Services, Inc., as of August 31, 2011. Bontancia Services began its operations on September 1, 2010. Capital stock$ 23,000 Cash 50,000 Dividends 13,000 Fees earned 300,000 Interest expense 2,500 Land 100,000 The following amounts were taken from the accounting records of Miscellaneous expense 7,500 […]

The Town of Frostbite self-insures for some of its liability claims and purchases insurance for others. In an effort to consolidate its risk management activities, the Town recently decided to establish an internal service fund, the Risk Management Fund. The Risk Management Fund’s purpose is to obtain liability coverage for the Town, to pay claims […]

The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2012: 1. Beginning balances were: Cash, $150,000; Taxes Receivable, $200,000; Accounts Payable, $50,000; and Fund Balance, $300,000. 2. The budget was passed. Estimated revenues amounted to $2,000,000 and appropriations totaled $1,980,000. All expenditures are classified […]

Roberto Corporation was organized on January 1, 2011. The firm The firm was authorized to issue 00,000 shares of $5 par common stock. During 2011, Roberto had the following transactions relating to shareholders’ equity: Issued 10,000 shares of common stock at $7 per share. Issued 20,000 shares of common stock at $8 per share. Reported […]

Refinancing of Short-Term Debt Dumars Corporation reports in the reports in the current liability section of its balance sheet at December 31, 2010 (its year-end), short-term obligations of $15,000,000, which includes the current portion of 12% long-term debt in the amount of $10,000,000 (matures in March 2011). Management has stated its intention to refinance the […]

Refinancing of Short-Term Debt Andretti Inc. issued $10,000,000 short-term commercial paper during the year 2010 to finance construction of a plant. At December 31, 2010, the corporation’s year-end, Andretti intends to refinance the commercial paper by issuing long-term debt. However, because the corporation temporarily has excess cash, in January 2011 it liquidates $3,000,000 of the […]

What type of disclosure accounting do you believe is necessary for the following items? (a) Because of a general increase in the number of labor disputes and strikes, both within and outside the in- dustry, there is an increased likelihood that a com- pany will suffer a costly strike in the near future. What type […]

Premiums Presented below are three independent situations. 1. Ma Premiums Presented below are three independent situations. 1. Mar-quart Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Mar-quart’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed. […]

Payroll Tax Entries Below is a payroll sheet for Otis Company for the month of September 2010. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a […]

The following transactions relate to Newport City’s special reve 1. In 2012, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the […]