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A construction company can lease an asset for the next four years by making lease payments that are equivalent to annual payments of $3,000 at year 0, $6000 at year 1, $7000 at year 2, $7000 at year 3 and $4000 at year 4. Use a 12% minimum acceptable rate of return. Determine the year 0 present worth lease payments, year 4 future worth lease payments and year 1 through 4 equivalent annual lease payments.
(a) Prepare the journal entry necessary to record the depreciation expense on the building in 2011. (b) Compute depreciation expense on the machinery for 2011.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
Cost Behavior when costs are semivariable: Data from the payroll department of Dominguez Company for the past two months follow: What is the apparent variable cost per employee paid?
Assume Coral Corporation makes an appropriate and timely election under § 248. What is Coral's deduction for organizational expenditures for 2010?
Your new client seeks your advice on setting up a new business. They do not know which form of entity they should establish and want your opinion. The facts are that the new client is composed of 2 best friends Sam and Pete seeking to operate a ic..
What is the net monetary advantage (disadvantage) of processing Product X beyond the split-off point? What is the net monetary advantage (disadvantage) of processing Product Y beyond the split-off point?
A company's 2010 income statement reported total sales revenue of $1,200,000; accounts receivable increased by $25,000 and the unearned revenue account decreased $15,000 during 2010. How much cash was collected from customers during 2010?
"The production department started the month with the beginning goods in process inventory of $350,000. During the month, it was assigned the following costs: direct materials, $192,000; direct labor, $90,000; overhead applied at the rate of 30% o..
Maris Co. purchased a machine on January 1, 2013, for $1,200,000 for the express purpose of leasing it. The machine is expected to have a five-year life, no salvage value, and be depreciated on a straight-line monthly basis.
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013 they switch back to the FIFO method and the following year switch back to LIFO again.
Assume the marina operator is unsophisticated in business. Explain the managerial significance of the accounting above to this person.
On December 31, 2011, the inventory at prices existing on that date was $195,500, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method.
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