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On January 1, 2011, Franklin Industries leased equipment on an eight-year term at $15,000 annual rental payments, paid in advance. There is a bargain purchase option on December 31, 2018 (end of lease), of $24,000. The economic life of the equipment is estimated to be 15 years. The interest rate is 12 percent.
(1) Give the necessary entries for 2011 assuming all payments after the initial payment are made on December 31.
(2) Give the entry at December 31, 2018, assuming the option is permitted to lapse and that there is no residual value because of obsolescence. Assume 2018 amortization entries have been made.
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.
An introduction to internal controls, explaining in your own words the two primary goals of internal control.
Thelma's reported net income for 2006 was $119,000. What is the noncontrolling interest's share of Thelma's net income?
Discuss each request below for a budget revision, putting what you see as both sides of the argument and reach a conclusion as to whether a budget revision should be allowed.
Prepare an analysis for ED management that compares processing the butter further with selling the product immediately at split off.
Of those started, 80,000 were finished and the remaining 40,000 were left 20% complete. Calculate the equivalent units of production for the year using the weighted average method.
What is the reason behind the FASB requiring the Allowance method for Bad Debt accounting? Why not use the Direct Write-Off method?
Modern Mother Magazine has received cash subscriptions on April 1, 2009 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2009.
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
a. Determine the budgeted manufacturing overhead rate for each department. b. Prepare the necessary journal entries to summarize the March transactions for Department 100. c. What is the total cost of Job A?
The machine would have no salvage value. The machine would reduce labor and other operating costs by $76,000 per year. The internal rate of return on the investment in the new machine is closest to:
Assuming that specific identification costs are impracticable and that Jamison allocates the purchase price on the basis of the relative fair values, what amount would be allocated to the Trucks?
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