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Draper Corp. leased a new building and land from Baylor Leasing Inc. for 25 years. At the inception of the lease the building and land have fair market values of $200,000 and $25,000, respectively. The building has an expected economic life of 30 years. Which of the following statements is correct regarding Draper's treatment of the lease?
a. Draper should treat the lease as a capital lease even though there is no bargain purchase option and no automatic transfer of ownership at the termination of the lease.
b. Draper should treat the lease as a capital lease only if there is either a bargain purchase option or an automatic transfer of ownership at the termination of the lease.
c. Draper should treat the lease as a capital lease provided that the land and building are recorded in separate asset accounts and accounted for separately.
d. Draper should treat the lease as a capital lease only if Baylor treats the transaction as a leveraged lease.
Assume that the company computes variances at the earliest point in time. Taylor's direct-material price variance was:
Assume a firm's inventory level of $13,500 represents 37 days' sales. What is the inventory turnover ratio? (Use 365 days in a year. Do not round intermediate calculations. Round your answer to 2 decimal places.)
Brian purchased 500 shares of the substantially identical stock for $3,000. What is the tax effect fir Brian as well as what will be the basis of each of four batches of new stock?
The amount of unrealized intercompany profit in ending inventory at December 31, 2006 that should be eliminated in the consolidation process is:
Rhoda, a calendar year taxpayer, files her 2010 return on November 4, 2012. She did not obtain an extension for filing her return, and the return reflects additional income tax due of $25000.
On January 1, 2012 JumpinJehosaPhats Inc. has been authorized to issue 1,000,000 common shares with a Par Value of $1. In the process of incorporating, the sole proprietor owner's equity accounts must be closed and the equity must now reflect a co..
What are Jamestown's options regarding the treatment of these three customers? Based on this initial customer profitability analysis, what action do you recommend Jamestown take with each of these three customers?
How much do external failure costs change if all changes are as anticipated with the new prevention procedures? Assume all units produced are sold and there are no ending inventories.
The common stock equivalents added to the company's weighted average shares outstanding used for basic earnings per share was computed using the treasury stock methods.
Prepare a paragraph of explanation/interpretation of the data as if this were a small part of a lengthy report to potential investors.
The following costs were incurred in August: Direct materials $37,000 Direct labor 14,000 Manufacturing overhead 38,000 Selling expenses 10,000 Administrative expenses 28,000 Conversion costs during the month totaled:
Since opening its dorrs in Hawaii two years ago, Oriental trading has enjoyed tremedous success. Oriental Trading purchases textiles from Asia and resells them to local retail shops.
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