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The SAS Co. entered into a lease on 1/1/09 with semiannual payments beginning 6/30/09. The leased equipment had a cost/FMV at inception of $1.2 million. Further assume that SAS knew the lessor's implicit rate of 6%. SAS has treated this as an operating lease from the very beginning. Their auditors barely looked at this lease at 12/31/09 (SAS year-end). SAS has new auditors for their 12/31/10 audit, and the auditors are telling SAS that this lease should have been recorded as a capital lease on 1/1/09. How are you going to fix this mess? It must be a correction of an error, but how are you going to do this since the 2009 books were closed a long time ago? Assume that the 12/31/10 books are still open and that SAS has made their rental payments all on time.
Tell the class how you would go about correcting this error.
What portion of the unrealized intercorporate profit is eliminated in a downstream sale? In an upstream sale? Explain.
Calculate the profitability ratios that can be computed from the above information.
Objective questions in accounting, Accounting is an information and measurement system that identifies, records, and communicates financial information to users. External users of accounting information include
Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its fin..
Calculate the average total cost per unit for the 16,000 units manufactured in May. Explain why this figure would not be useful to a manager interested in predicting the cost of producing 19,200 units in June.
Oxford company had sales of $3 000 000, variable expenses of $1 800 000, and fixed expenses of $800 000. what would be the amount of saleas dollar at the break even point.
The flotation cost is 2% of the par value. Similar issues of preferred stock are currently providing a yield of 12%. What can the company expect to receive for each share of stock sold.
At the time of the notification, the note had a balance due of $15,500. What is the amount of loss, with respect to the note, that Hank's Auto may claim on the current year tax return?
Swanson Inc. purchased $400,000 of Malone Corp. ten-year bonds with a stated interest rate of 8 percent payable quarterly. At the time the bonds were purchased
Which of the following best describes an opportunity cost?
Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities.
Jeremy's Desks is approached by Mr. Harry Hood, a new customer, to fulfill a large one-time-only special order for a product similar to one offered to regular customers. The following per unit data apply for sales to regular customers.
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