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Question 1: On January 1, Year 5, Company A leased a customized forklift to Company B (lessee) for a lease term of 10 years. The lease includes an option for the lessee to purchase the leased asset at the end of the lease term. The expected residual value of the forklift at the end of Year 10 is minimal and is not guaranteed. The present value (PV) of the sum of the lease payments is $70,000. Company A has classified the lease as a sales-type lease. Which of the following is not a criterion for the lessor to classify the lease as a sales-type lease?
Option 1: The lessee is not expected to exercise the option to purchase the leased asset.
Option 2: The forklift's remaining economic life is 11 years on the lease commencement date.
Option 3: The forklift is expected to have no alternative use to Company A at the end of the lease term.
Option 4: The fair value of the forklift at the time of lease commencement is $75,000.
Using the balance sheets, prepare a vertical common-size analysis for 2011 and 2010. Use total assets as a base.
Bill Hooper opened a software consulting firm that immediately paid $6,000 for a computer. Was Hooper’s computer an expense of the business? If not, explain.
Calculate the equity method balance in Corgan's investment in smashing, inc., account as of december 31, 2011. prepare the worksheet adjustment for the december 31, 2011, consolidation of corgan and smashing.
Gray Company produces and sells a single product. The information about their operation for the last month is given below. How many units did they sell during the last month ?
On March 1, Phonic Corporation had office supplies on hand of $1,000. During the month, Phonic purchased additional supplies costing $500. Approximately $200 of unused office supplies remain on hand at the end of the month. Prepare the necessary adju..
These funds could count toward meeting any compensating balance requirements. What is the annual rate of interest on this loan?
fixing transfer pricing with and without idle capacity.the frames n more corporation has three divisions frames
egger manufacturing company is a small bookbinder using machine-hours mh as the single indirect-cost rate to allocate
Cash-related production costs are budgeted at $5 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred.
Quality Brand Products uses standard costing to manage its directs and overhead costs. Overhead costs are allocated based on direct labor hours. In the first quarter, Quality Brand had an unfavorable efficiency variance for their variable overhead co..
The practice of directing executive attention to important deviations from budgeted amounts is called manangment by: Why is the pubic budget different from other institutional sector budgets i.e. business? define and explain each. Describe the three ..
After performing a physical count of inventory at the end of the accounting period, it was discovered that the amount of inventory on hand was less than the accounting records reported. The entry to record this inventory shrinkage includes:
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