What will be the long-term asset total

Assignment Help Cost Accounting
Reference no: EM13912607

JK company has the following balances on the 2008 B/S: current assets = 70,000, long-term assets = 250,000, current liability = 40,000, long-term debt = 130,000, and stockholders equity = 150,000. The company has an operating lease contract. It promises to pay a lessor $10,000 annually for the next three years. The company's average borrowing rate (discount rate) is 10%. If the lease is recorded as a capital lease, what will be the long-term asset total?

A) about 285,131
B) about 274,868
C) about 250,000
D) about 296,321

Reference no: EM13912607

Questions Cloud

Determine asset classes for the mutual fund : Determine asset classes for the mutual fund and compare its market performance to the Dow 30 organization. Explain how such classifications and the current investment environment affect decisions concerning portfolio composition.
Shery crow equipment company : Sheryl Crow Equipment Company sold 500 Rollomatics during 2014 at $6,000 each
Fixed manufacturing overhead costs : The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only product.
An organization receives a contribution : an organization receives a contribution in-kind. Prepare journal entries, as necessary, to give them accounting recognition
What will be the long-term asset total : JK company has the following balances on the 2008 B/S: current assets = 70,000, long-term assets = 250,000, current liability = 40,000, long-term debt = 130,000, and stockholders equity = 150,000. The company has an operating lease contract. It pr..
Western manufacturing produces a single product : Prepare an appropriate performance report for the manufacturing department.
Show how the box can be used to factor n : That is, given a quadratic residue y, the box outputs an x with x2 = y (equation is modulo n). Show how the box can be used to factor n.
Find both variance and standard deviation : Complete row 3 of the table and find the mean for the random variable, "mu". Complete row 4 of the table and find both variance, and standard deviation
Appropriation for bonded : Appropriation for bonded indebtedness 200,000-Retained Earnings 400,000

Reviews

Write a Review

 

Cost Accounting Questions & Answers

  Explain the causes of the increase in revenue

Use variance analysis to explain the causes of the increase in revenue from 2007 to 2008. Show your computations neatly, and clearly label the appropriate variances.

  How much total revenue should be recognize

Prepare the journal entry to record this transaction on January 2, 2012. How much total revenue should be recognized on this sale in 2012?

  What are the shortcomings of the allocation formula

Using revenue as an allocation base, how should the costs be allocated for 2010? What are the shortcomings of this allocation formula?

  Prepare any essential journal entry or entries

Prepare any essential journal entry or entries

  Calculate the number of hours of direct labor

Calculate the number of hours of direct labor used during November and actual manufacturing overhead costs incurred during November totaled $166, 425. Calculate the amount of over- or underapplied overhead for November.

  What is the total cost to be accounted for

Base your answer on the data from Paxton, Inc. for March.  Paxton uses the average costing method.

  Calculate abss average fixed cost per membership

Calculate Abs's average fixed cost per membership when there are 1,000 memberships. What is the average variable cost per membership when there are 1,000 memberships?

  The city of shipley maintains an employee retirement fund a

the city of shipley maintains an employee retirement fund a single-employer defined benefit plan that provides annuity

  Prepare a process flow analysis for the wic program

Prepare a process flow analysis for the WIC Program. What problems, if any, does it reveal? What is the cost of these problems? What other operational problems does the WIC Program have? What must it do well if it is to be successful?

  What actions should jorgenson take

Compute the price and efficiency variances of New Fashions for direct materials and direct manufacturing labor in June 2009 - Describe the types of actions the employees

  Prepare journal entry to record the transaction of december

Prepare the journal entry to record the transaction of December 31, 2009, for the Hurly Co and assuming Hurly Co.'s fiscal year-end is December 31, prepare the journal entry for December 31, 2010.

  Calculate the dividends declared during the year

Calculate dividends using the accounting equation At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,400 and liabilities of $7,000.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd