Which of the following statements is true?
A. Debt limit represents the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time.
B. Overlapping debt is a calculation of the difference between the amount of debt limit calculated as prescribed by law and the net amount of outstanding indebtedness subject to limitation.
C. Debt margin is reported in the governmental activities column of the government-wide statements.
D. All of the given statements are true.
Answer: A
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The Designer Company issued 10-year bonds on January 1 . The 6% bonds have a face value of $800,000 and payinterest every January 1 and July 1 . The bonds were sold for $690,960 based on the market interest rate of8%. Designer uses the effective interest method to amortize bond discounts and premiums. On July 1, of the firstyear, Designer should record interest expense (round to the nearest
dollar) of a. $27,638 b. $24,000 c. $48,000 d. $55,277
The body of legal rules of today that were derived from fundamental usages and customs of antiquity, particularly as they appeared in medieval England, and from modern judgments of appellate courts that recognize and apply those customs in specific cases, is called the _________
Fill in the blank(s) with correct word
Swift Software operates stores within five regions. Regional managers are held accountable for marketing, advertising, and sales decisions, and all costs incurred within their region. In addition, regional managers decide whether new stores will open, where the stores will be located, and whether the stores will lease or purchase the facilities. Store managers, in contrast, are accountable for marketing, advertising, sales decisions, and costs incurred within their stores. Ideally, on the basis of this information, what type of responsibility center should the software company use to evaluate its regions and stores? RegionsStoresA.Profit centerProfit centerB.Profit centerCost centerC.Profit centerRevenue centerD.Investment centerProfit centerE.Investment centerCost center
A. Choice A. B. Choice B. C. Choice C. D. Choice D. E. Choice E.
A corporation sold 14,000 shares of its $1 par value common stock at a cash price of $13 per share. The entry to record this transaction would include:
A. A credit to Paid-in Capital in Excess of Par Value, Common Stock for $196,000. B. A debit to Cash for $14,000. C. A credit to Common Stock for $14,000. D. A debit to Paid-in Capital in Excess of Par Value, Common Stock for $182,000. E. A credit to Common Stock for $182,000.