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John Roesch Inc. was incorporated in 2013 to operate as a computer software service firm with an accounting fiscal year ending August 31. Roesch's primary product is a sophisticated online inventory-control system; its customers pay a fixed fee plus a usage charge for using the system. Roesch has leased a large, Alpha-3 computer system from the manufacturer. The lease calls for a monthly rental of $40,000 for the 144 months (12 years) of the lease term. The estimated useful life of the computer is 15 years. All rentals are payable on the first day of the month beginning with August 1, 2014, the date the computer was installed and the lease agreement was signed. The lease is noncancelable for its 12-year term. Roesch can purchase the Aplpha-3 system from the manufacturer at the end of the 12-year lease term for 75% of the computer's fair value. This lease is to be accounted for as a capital lease by Roesch, and it will be depreciated by the straight-line method with no expected salvage value. Borrowed funds for this type of transaction would cost Roesch 12% per year (1% per month). Following is a schedule of the present value of $1 for selected periods discounted at 1% per period when payments are made at the beginning of each period. Periods Present Value of $1 per Period (months) Discounted at 1% per Period 1 1.000 2 1.990 3 2.970 143 76.658 144 76.899
The City of Southern Pines reported the following at year-end, prior to closing entries: Revenues, $11,000,000; Expenditures, $10,100,000; Other Financing Uses, $500,000;
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000; prepaid expenses, $360,000; noncurrent assets, $2,400..
Suppose her marginal tax rate is 40 % this year and next year, and that she can earn an after-tax rate of return of 8% on her investments.
The budgeted variable manufacturing overhead rate is $4 per direct labor-hour. During July, the company incurred $39,100 in variable manufacturing overhead cost. Compute the variable overhead spending and efficiency variances for the month.
You're an IT auditor working for $15 million sales per year speciality chocolate candy manufacturer. The company is planning to engage in e-commerce over Internet. What would be your five biggest concerns regarding risk and why?
Crown Industries has the following information about its standards and production activity for December-Assume the allocation base for fixed overhead costs is the number of units to be produced.
Required: Were the analysis prepared by Cincinnati Flow Technology's engineering, manufacturing, and accounting departments and their recommendation to continue purchasing the pumps correct? Explain your answer and include any supporting calculatio..
Wilson's Meats has computed its fixed costs to be $.60 for every pound of meat it can sell given an average daily sales level of 500 pounds. It charges $3.89 per pound of top-grade ground beef. The variable cost per pound is $2.99. What is the con..
In addition to the accounts listed above, Truex also had a Cash account. What is the amount of that Cash account as of May 1?
Reisner Company assembled the following information in completing its March bank reconciliation: balance per bank $11,460; outstanding checks $2,325; deposits in transit $3,750; NSF check $240; bank service charge $75; cash balance per books $13,200...
On January 1, 2008, Michelle Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%.
State the null hypothesis. What statistical test should you use? What are the degree of freedom associated with the test statistic?
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