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On Jan. 1,2006 a corporation leased equipment to another corporation. the lease is for 8 yrs. The first payment of $450,000 was made on Jan 1, 2006. the remaining payments are made on Dec. 31 for each following year, beginning with Dec. 31, 2006. The equipment cost the issuing company $2,400,00.the present valve of the minimum lease payments is $2,640,000. The lease is appropiately classified as a sales-type lease. Asuming the interest rate for the lease is 10% what will the balance reported as a liability be by the lessee on dec 31, 2007?
A. Prepare a trial balance in U.S. dollars at the date of acquisition. B. Prepare the journal entry to recognize the acquisition of LRB by Micro Electronics. C. Prepare the worksheet elimination, in journal entry form, at the date of acquisition.
Suppose that you've a short investment horizon (less than one year). You're considering two investments: a one-year Treasury security and 20-year Treasury security.
Carrie Overwood works fluctuating work schedules. Besides her fixed salary of $1050 per week, her employment agreement provides for overtime pay at an extra half-rate for hours workded over 40.
Mikor has an account payable of 7,700$ due to Smiley Inc. one of its suppliers. The amount was due to be paid on October 15, 2007. Use the horizontal model, or write the journal entry to show the effect of :
P Company continued to depreciate the equipment over its 9 year remaining life using the straight-line method. This equipment was sold to a third party on January 1, 2011 for $1,440,000. What amount of gain should P Company record on its books in ..
In an Excel spreadsheet: Provide a dollar range of costs to reduce budgets (worst and best case analysis). She needs to cut $94,000 in cost. Prioritize those cuts that can be made without impacting the operation or quality care of the organization.
The following facts are available regarding the Personal Computer (PC) Division. Selling price of standard circuit board $57 Variable cost of standard circuit board 30 Additional variable cost of special circuit board 21 Determine minimum transfer pr..
How do the requirements originally established by SFAS N. 157 affect the use of fair value measurement in financial statements?
What are some advantages and disadvantages of each: (a) team-based, (b) network-based, and (c) boundaryless organizations?
Arnold Corp has a selling price of $20, variable costs of $15 per unit, and fixed costs of $25,000. If Arnold sells 12,000 units, the contribution margin ratio will equal:
List three weaknesses in the existing system of internal control. For each weakness, state the risk to the company if the control is not improved, and recommend improvements. Format your answer as follows: (9 marks) Weakness Risk Recommended improvem..
An introduction to internal controls, explaining in your own words the two primary goals of internal control.
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