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Canarsie Company leased equipment to Fulton Inc. on January 1, 2014. The lease is for an eight-year period expiring December 31, 2021. The first of eight equal annual payments of $900,000 was made on January 1, 2014. Canarsie had purchased the equipment on December 29, 2013, for $4,800,000. The lease is appropriately accounted for as a sales-type lease by Canarsie. Assume that the present value at January 1, 2014, of all rent payments over the lease term discounted at a 10 percent interest rate was $5,280,000. What amount of interest revenue should Canarsie record in 2015 (the second year of the lease period) as a result of the lease?
Your father runs a small auto body shop. He has decided to computerize his records and has asked you to explain the basics of accounting to him so that he can enter the data into his accounting software.
Bradley is married, files a joint tax return, claims both children as dependents, and has a combined AGI with his wife of $114,000 for 2010. Determine Bradley's available education tax credit for 2010.
Design an audit program for the cycle in no more than 1,050 words. Consider using a checklist or flowchart to outline your process.
On May 1, 2010, a company purchased a new machine which it does not have to pay for until May 1, 2012. The total payment on May 1, 2012 will include both principal and interest. Assuming interest at 10% rate, the cost of the machine would be the t..
Warren Co. recorded a right-of-use asset of $900,000 in 8-year lease under which no profit was recorded at commencement by lessor-The balance in right-of-use asset after 2 years will be:
A bond issued by the State of Pennsylvania provides a 7% yield. What yield on a Synthetic Chemical Company bond would cause the two bonds to provide the same after-tax rate of return to an investor in the 35% tax bracket?
Silva Corporation reported net sales of $240,000, $420,000, and $540,000 in the years 2007, 2008, and 2009 respectively. If 2007 is the base year, what is the trend percentage for 2009?
louis gallo owns a small retail ice cream parlor. he is considering expanding the business and has identified two
Barr purchased the bonds at 102, paid brokerage costs of $6,000, and paid accrued interest for three months of $10,000. The amount to record as the cost of this long-term investment in bonds is
Compute the present value for each of the following amounts: $90,000 received 10 years hence if the annual interest rate is 8% compounded annually OR 8% compounded semiannually
Prepare the appropriate eliminating entries for this transaction which would appear on the year-end December 31, 2005 worksheet.
the following are preliminary financial statements for black co. and blue co. for the year ending december 31 2009.
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