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FX Corporation leases new equipment on December 31, 2012. The lease transfers ownership to FX at the end of the lease. The present value of the lease payments is $240,000. After recording this lease, FX has assets of $2,000,000, liabilities of $1,200,000, and stockholders' equity of $800,000. (a) Prepare the entry to record the lease, and (b) compute and discuss the debt to total assets ratio at year-end.
Deana Moran is the owner of First Delivery Service. Recently, Deana paid interest of $3,600 on a personal loan of $60,000 that she used to begin the business. Should First Delivery Service record the interest payment? Explain.
Assume that on July 1, 2012 Venzuela Co. retires half of the bonds at a cost of 1,065,000 plus accrued interest. Prepare the journal entry to record this retirement."
Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?
appendix a the home depot inc. annual report in fundamentals of financial accountingdoes managements assessment of the
Prepare an analysis showing the annual dollar advantage or disadvantage of accepting the outside supplier's offer.
Wages expense for a period was $69,000. Wages payable increased during the period by $10,500. How much cash was paid to employees during the period?
How much of these amounts can Victoria deduct?
1.your brother is short on cash and cannot pay his rent this month. you pay his rent for him. is this taxable income
record the following transactions both budgetary and actual entries in the general ledger of a cpf of santiago county.
mike purchased a heavy-duty truck five year class recovery property for his delivery service on april 30 2008. the
Where Cost Accounting may be useful? How far the outcome can be relied upon? What might be the pitfalls
What is the total amount related to this loan that should be reported under current liabilities on the company's December 31, 2008, balance sheet?
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