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Pisa, Inc. leased equipment from Tower Company under a four-year lease requiring equal annual payments of $86,038, with the first payment due at lease inception. The lease does not transfer ownership, nor is there a bargain purchase option. The equipment has a 4-year useful life and no salvage value. If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the amount recorded for the leased asset at the lease inception?
PV Annuity Due PV Ordinary Annuity
8%, 4 periods 3.57710 3.3121310%, 4 periods 3.48685 3.16986
A) $307,767
B) $272,728
C) $284,969
D) $300,000
Albert is in the 35% marginal tax bracket. He sold a building in the current year for $450,000. Albert received $110,000 cash at closing, the buyer assumed Albert's mortgage for 120,000, and the buyer gave Albert a 6% note for $220,000 due in two ..
Tandum Bicycles, Inc. collects 25% of its sales on account in the month of the sale and 75% in the month following the sale. If sales are budgeted to be $150,000 for March and $200,000 for April, what are the budgeted cash receipts from sales on a..
In general, which of the following statements is correct with respect to unemployment compensation?
Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of $100 per pound and 0.5 hour of direct labor at $12 per hour.
At an activity level of 6,000 units the cost for maintenance is $7,200 and at 10,000 units the cost for maintenance is $11,600. Using the high-low method, the cost formula for maintenance is:
The proper amount to be reported on Imperial Foods' balance sheet for cash at December 31, year 1 is:
Bentz Corporation bought and sold several securities during 2006. Listed below is a summary of the transactions. Prepare the journal entries for the above transactions. Show calculations.
A favorable cost variance of significant magnitude: A) Is strong evidence of tight financial control. B) Does not need to be investigated as to its underlying cause.
What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales). Will the income statement necessarily report a net income? Explain"
the solution of this exercise 16-27 Alternative methods of joint-cost allocation, product-mix decisions. The Southern Oil Company buys crude vegetable oil.
Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
Prepare journal entries for investments using the fair value and the equity method. How does it relate to the practice of accounting and its uses in business?
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