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Consider a lessor that sells the right to use a depreciable asset, with a book value of $1,500, to a customer for two years for $1,000 per year, payable at the beginning of the year. At the end of the lease term, the rights to the asset revert to the seller. Assuming a discount rate of 10 percent, the present value of the lease payments is $1,909. What are the financial statement effects of this transaction if (a) revenue is recognized under the sales-type lease approach, and (b) revenue is recognized using the operating lease method? What forecasts, if any, do you have to make to complete the recording of this transaction? What factors would determine which of these two approaches is appropriate? As a financial analyst, what questions would you raise with the firm's CFO.
Prepare a direct materials purchases budget of fabric for ht last quarter of the year showing purchases in units and in dollars for each month and for the quarter in total.
a company has total assets of 20000 debt of 7500 and equity of 12500. sales are 10000 amp costs are 7000 the dividend
Nolan Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows an $20,621 debit balance. Nolan's June 30 bank statement shows $1..
armstrong company manufactures three models of paper shredders including the waste container which serves as the base.
Define average accumulated expenditures and explain how it is computed.
Discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages provide a clear recommendation to your client.
an investor purchased 500 shares of common stock 25 par for 21750. subsequently 100 shares were sold for 47.50 per
control activities in payroll processing as part of the audit of manor company you are assigned to review and test the
To report useful financial information on a timely basis, accountants must make estimates of future results, such as salvage value and useful life of depreciable assets and uncollectible accounts expense (Edmonds, olds & McNair, 2012).
on december 31 2011 l inc. had a 1500000 note payable outstanding due july 31 2012. l borrowed the money to finance
Net short-term capital gain or loss before consideration of the prior year loss carryforward;
Carleton Service Center just purchased an automobile hoist for $15,000.The hoist has a 5-year life and an estimated salvage value of $1,080. Installation costs were $2,900, and freight charges were $820. Carleton uses straight-line depreciation.
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