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The Biltmore Company leased new equipment on December 31, 2010. The lease agreement transfers the ownership of the equipment to the Biltmore Company at the end of the lease. The present value of the lease payments are $192,000. After recording the lease, the Company has assets of $1,800,000, liabilities of $1,100,000 and stockholder's equity of $700,000. (a) prepare the journal entry to record the lease, and (b) compute the and comment on the debt to total assets ratio at the year-end.
Post the above transactions to T-accounts. Determine the cost of goods sold for the period. Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories.
On October 31, the stockholders' equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action:
Work in Process consisted of two jobs, no. 101 ($20,400) and no. 103 ($14,800). During May, direct materials requisitioned from the storeroom amounted to $96,500, and direct labor incurred totaled $114,500.
The State limits the amount of general obligation debt that can be issued by a City to 20% of the assessed value of its taxable property. The assessed value of property in Southside City is $500 million. The legal debt margin for Southside City is
On December 31, 2013, the child crisis center establishes an endowment fund with a $5 million gift of securities. Income from the endowment is to be used exclsuively to support a nutrition program.
The Big Corporation expects next year's net income to be $20 million. The firm's debt ratio is currently 30%. Big has $18 million of profitable investment opportunities, and it wishes to maintain its existing debt ratio.
Leah, Inc. has machinery with a cost of $100,000. The machinery has an estimated useful life of 10 years, and an estimated salvage value of $10,000. The machinery is expected to be able to produce a total of 1,000,000 units during its estimated li..
Assume that the brand manager forecasts upcoming sales of SUSI to be 150,000 units, and that there are 35,000 units of SUSI in inventory
An introduction to internal controls, explaining in your own words the two primary goals of internal control.
Beginning inventory for September is expected to be $4,000 suits. What is the dollar amount of purchase of suits? Each suit has a cost of $75.
Patel and Sons, Inc., uses a standard cost system to apply overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine-hours per year, which represents 25,000 units of output.
Variable costs for Foley, Inc. are 25% of sales. Its selling price is $80 per unit. If Foley sells one unit more than break-even units, how much will profit increase?
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