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Presented below are two independent situations.
1. Speedy Car Rental leased a car to Mayfield Company for one year. Terms of the operating lease agreement call for monthly payments of $500.
2. On January 1, 2010, Olsen Inc. entered into an agreement to lease 20 computers from Gage Electronics. The terms of the lease agreement require three annual rental payments of $30,000 (including 10% interest) beginning December 31, 2010.The present value of the three rental payments is $74,606. Olsen considers this a capital lease.
Instructions
(a) Prepare the appropriate journal entry to be made by Mayfield Company for the first lease payment.
(b) Prepare the journal entry to record the lease agreement on the books of Olsen Inc. onJanuary 1, 2010.
For the payroll period ended on June 25, 2013, gross pay was $14,300, net pay was $10,200, FICA tax with holdings were $1,000, income tax with holdings were $2,500, and medical insurance contributions were $600.
Prepare an analysis showing the annual dollar advantage or disadvantage of accepting the outside supplier's offer.
If so how? If your topic was not a cause, how did the crisis impact your topic? How did your topic adjust to the crisis?
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