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For a capital lease the lessee records the lease payments as rent expense, but for an operating lease the lessee reports the lease payments as depreciation expenseFor an operating lease the lessee depreciates the asset acquired under lease, but for the capital lease the lessee does notOperating leases create a long-term liability on the balance sheet, but capital leases do notOperating leases do not transfer ownership of the asset under the lease, but capital leases often doOperating lease payments are generally greater than capital lease payments
The family next door just received a $300,000,000 cash payout after winning the lottery. You talked with them and are trying to convince them to let you manage a portfolio of inves
On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainde
Adjusting Entries Clapton Guitar Company entered into the following transactions during 2013. [The transactions were properly recorded in permanent (balance sheet) accounts unless
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Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet w
Time tickets for factory employees during the month of August are summarized as follows. Prepare a journal entry to record the total factory payroll, the indirect payroll and the d
what the meaning of the economic consequences of accounting information quality with examples?
ACC2200 Financial Accounting Assignment Trimester 2, 2013 DUE DATE: Monday, 9th September 2013 VALUE: 15% of OVERALL ASSESSMENT REQUIRED: (1) This research question consists of a
Pre-acquisition losses in subsidiary company on date of acquisition If the subsidiary company has a loss on the date of acquisition i.e. a debit balance in the retained profits
On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows: Common stock, par value $10; authorized 30,000 shares; issued and outstanding 9,000 shares $
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