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Computer Geeks are leasing computer networking equipment to Romeo that costs them $700,000, this is the market price for the equipment. They didn't produce it and are not a dealer. It is a 7 year lease with the annual payment due on July 1 & the equipment has a useful life of 9 years. The implicit interest rate is 7% and the first payment is due at the inception of the lease on July 1, 2013. No guaranteed residual value to Computer Geeks. Computer Geeks will attempt to regain the entire cost through lease payments. Romeo uses straight-line depreciation. Provide the journal entry for Computer Geeks to record the lease. What type of lease, financing type or sales-type lease for Computer Geeks? What type of lease for Romeo, capital or operating lease? Why? What is the annual lease payment? Provide the journal entry for 12/31/13 for Romeo.
Compute the breakeven point in sales dollars and find the new breakeven point in sales units if the fixed costs go up by $10,125.
yarrow county engaged in the following debt-related transactions during the year. required assume that the county
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which of the following is true about a cash flow statement using the indirect method of determining cash from
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Why is cost accumulation simpler in a process costing system than it is in a job-order costing system?
Determine the amount of the completed gift, if any, arising from each of the following occurrences.
Brown Company has $30,000 of ending finished goods inventory as of December 31, 2008. If beginning finished goods inventory was $25,000 and cost of goods sold was $40,000, how much would Brown report for cost of goods manufactured?
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