payment of principal and interest. On June 30, 2004, Finch ' s debt service fund should include interest payable on the general obligation bonds for
Question 12
A company used the percentage-of-completion method of accounting for a four-year construction contract. Which of the following items would be used to calculate the income recognized in the second year?
Question 13
During 2004, Mitchell Corp. started a construction job with a total contract price of $ 600,000. The job was completed on December 15, 2005. Additional data are as follows: Under the completed contract method, what amount should Mitchell recognize as gross profit for 2005?
Question 14
Which of the following would be reported as program revenues on a local government ' s government-wide statement of activities?
Question 15
Alinas County manages an endowment of $ 500,000, the earnings from which are required to be used to maintain the walking trails in the county parks. During the year, the endowment received $ 20,000 in investment earnings, $ 3,000 of which was related to earnings from the previous year which were not received 80 days after the fiscal year end. At the end