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Lessor rents a building to Lessee for 5 years at an annual rental of $20,000. Lessor's cost of this building was $90,000 and the building has a life of 6 years. The applicable interest rate is 10%. There are no uncertainties regarding costs and collections.
(a) Is this a capital lease or operating lease? Why? Assume the annuity is an annuity due.
(b) If the rentals were only $12,000 per year, would your answer to part (a) be any different?
If the life of the building was 9 years, the annual rental was $12,000, and there was a BPO option, how would your answer to part (a)change?
You are preparing taxes for Tim, a business investor, and must calculate his adjusted gross income. Tim invested $10,000 in a business (only slightly less than the other investors) but is claiming a loss of $24,000.
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The first payment was made on December 31, 2001. The normal sales price of the equipment is $220,000, and cost is $176,000. For the year ended December 31, 2002, what amount of income should Slice report from the lease transaction?
Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)?
Which of the following entities would not require accounting information pertaining to their economic activities?
Which of the following should not be used as the allocation base in a company that appropriately uses a single plant wide rate?
Identifies price variances at the earliest possible point in time.
On January 1, 2004, Digital, Inc. leased heavy machinery from Young Leasing Company. The terms of the lease require semi-annual payments of $20,000 every six months for ten years beginning on June 30, 2004. The annual interest rate on the lease is..
Gamma Corporation, as S corp. has a fiscal year ending 03-31. It is required to switch to a calendar-year tax year. How many months of income would a calendar-year taxpayer be required to report in the year of change?
Revson Corporation purchased land adjacent to its plant to improve access for trucks making deliveries. Expenditures incurred in purchasing the land were as follows:
the e.n.d. partnership has the following capital balances as of the end of the current
at the beginningof the year caples co had total assets of 800000 and total liabilities of 300000. if during the year
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