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On January 1, 2011, Foley Company (as lessor) entered into a noncancelable lease agreement with Pinkley Company for machinery which was carried on the accounting records of Foley at $4,530,000 and had a market value of $4,800,000. Minimum lease payments under the lease agreement which expires on December 31, 2020, total $7,100,000. Payments of $710,000 are due each January 1. The first payment was made on January 1, 2011 when the lease agreement was finalized. The interest rate of 10% which was stipulated in the lease agreement is the implicit rate set by the lessor. The effective interest method of amortization is being used. Pinkley expects the machine to have a ten-year life with no salvage value, and be depreciated on a straight-line basis. Collectibility of the rentals is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor.
The estimated litigation expense of $1,000,000 will be deductible in 2011 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $500,000 in each of the next three years. The income tax rate is 30% for all ..
Providing language and cultural training for employees is big business. If you were going to write a class on how language affects intercultural business communications, what would your lesson plan look like?
Joey parked his car on the top of a hill when he went to watch the Superbowl games in San Diego. He did not properly set his brakes or curb the wheels when he packed the car.
Discuss the costs of quality associated with the mass production of a product. At the least, address the following question.
What are some examples of basic entries to record transactions used in your organization? In your response, you are not required to journalize these entries.
A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?
Your meeting with the CEO and other officers of the distance learning investment company will last for 35 minutes. You must get them to buy into your idea or the project will fade away.
If computed based on direct labor hours, the overhead rate for machining costs would be $20 per direct labor hour.
What do you think is the more accurate basis of accounting?
Suppose instead that SSC has just made a $50 million distribution in the form of a stock repurchase. Now what is SSC's intrinsic value of equity? How many shares did SSC repurchase? How many shares remained outstanding after the repurchase? What i..
Prepare the related consolidated journal entries if 30% of the goodwill is to be written off as impairment loss?
Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system and applies overhead to jobs the basis of direct labor-hours. Prepare journal entries to record Quark's transaction for the month of January. Do not close out..
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