(Effect of different measurement focuses and bases of accounting)Following are some of Vista Village’s events during calendar year 2019. For each event, state (a) the amount the Village would report as expenditures if the event occurred in a governmental‑type fund and (b) the amount it would report as expenses if the event occurred in an Enterprise Fund (1) An invoice in the amount of $26,000 for electricity services for the month of December was received and paid in January, 2020.
(2) The amount owed to employees for compensated absences increased from $720,000 to $765,000 during the year. Employees are permitted to receive payment for unused compensated absences when they retire; at year‑end, however, none of the employees had retired.
(3) At December 31, 2019 interest accrued on outstanding long‑term debt amounted to $63,000. The interest was due to be paid on May 1, 2020

Salvador county issued $25 million of 5% demand bonds for construction of a county maintenance building. the county has no take-out agreement related to the bonds. it estimates that 20% of the bonds would be demanded (called) by the buyers if interest rates increased at least 1%. at year-end rates on comparable debt were 7%. how should these demand bonds be reported in the government-wide financial statements at year-end? a) $25 million in the long-term liability section of the governmental activities column. b) $5 million in the current liability section of the governmental activities column and $20 million in the long-term liabilities section of the governmental activities column. c) $5 million in the governmental activities column and $20 million would be reported in the schedule of changes in long-term debt obligations. d) $25 million in the current liability section of the governmental activities column

What is an example of a good stock to buy in a recession? a) cyclical stock b) defensive stock c) income stock d) bond

9. tax types: taxes are classified based on whether they are applied directly to income, called direct taxes, or to some other measurable performance characteristic of the firm, called indirect taxes. identify each of the following as a “direct tax,” an “indirect tax,” or something else: a. corporate income tax paid by a japanese subsidiary on its operating income b. royalties paid to saudi arabia for oil extracted and shipped to world markets c. interest received by a u.s. parent on bank deposits held in london d. interest received by a u.s. parent on a loan to a subsidiary in mexico e. principal repayment received by u.s. parent from belgium on a loan to a wholly owned subsidiary in belgium f. excise tax paid on cigarettes manufactured and sold within the united states g. property taxes paid on the corporate headquarters building in seattle h. a direct contribution to the international committee of the red cross for refugee relief i. deferred income tax, shown as a deduction on the u.s. parent’s consolidated income tax j. withholding taxes withheld by germany on dividends paid to a united kingdom parent corporation