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Zagnut Industries finds itself with a need for a new packaging machine for its candy products. They prefer to lease the asset. The company finds that the market value for the equipment is $211,600. They find that the economic life of the asset is 10 years with no expected salvage value. Since the equipment is specialized and requires installation, the lessor insists that the ownership of the equipment be transferred to Zagnut at the end ofthe lease term. The lease term is for 8years. Zagnut agrees to monthly payments of$3,100, beginning at the end of the first month. Zagnut's interest rate is currently 9%. Zagnut acquires the equipment on June 30. Show the journal entries required on June 30, July 31, and December 31for the equipment. Zagnut's fiscal year end is December 31. Zagnut uses the mid-year convention and only records depreciation at fiscal year end.
What is the current ratio? What does the current ratio measure? What are reasons for using the current ratio analysis?
Arthur operates a part-time auto repair service. He estimates that a new diagnostic computer system will result in increased cash inflows of $2,100 in Year 1, $3,200 in Year 2, and $4,000 in Year 3.
The new method. Williams Company experiences a 40% tax burden. Which one of the following entries would the company make to record this change?
Using the FIFO assumption, calculate the amount charged to cost of goods sold for March. (Show computations), Using the LIFO assumption, calculate the value of ending inventory for March
To measure controllable production inefficiencies, which of the following is the best basis for a company to use in establishing the standard hours allowed for the output of one unit of product?
Investigate the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult to execute correctly. Discuss possible ways to address the difficulties yo..
Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance.
Pauk Corporation has provided the following data from its most recent income statement: The times interest earned ratio is closest to:
Budgeted sales and merchandise purchases for the three most recent months follow. (1) Prepare the merchandise purchases budget for the months of July, August, and september.(2) Compute the ratio of ending inventory to the next month's sales for ea..
Sanding and Bending Inc. will pay no dividends for the next seven years. In the Year 8, it will pay a dividend of $6 and maintain a constant growth of 6 percent thereafter. If the required rate of return is 12 percent, what is the value of the sto..
Briggs & Stratton Corporation is the world's largest maker of air-cooled gasoline engines for outdoor power equipment. The company's engines are used by the lawn and garden equipment industry.
Gilkey Construction Company writes of the account of Arthur Blanks of $78,000. The journal entry to record this under the direct write off method is:
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