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Which of these contractual terms would lead a company to account for a lease contract under the capital lease method? (check all that apply)
The present value of the lease payments is $89,000. The truck could be bought today for $100,000 cash.
The lessee can buy the truck at its current market value at the end of the lease
The lease runs for 2 years on a truck that is expected to have a 6 year life
Ownership stays with the lessor at the end of the lease
The IRS requires capital lease method for tax purposes for this contract
A company is considering the purchase of a new machine that will cost the company $30,000 and will be worth zero at the end of 3 years. Their current tax rate is 20% and they will depreciate the machine $10,000 over the next 3 years. The cost of capi..
Define and describe Net Present Value (NPV) as it pertains to the new cafe and define and describe the internal Rate of Control and define discounted cash flow and payback period
Create the journal entries needed on the books of Seminole Company to record the subsequent. (Round answers to 0 decimal places, e.g. $38,548. Credit account titles are automatically indented when amount is entered.
Beginning operations in Jan 1, 2012 A corporation completed number of transactions during 2012 and 2013 that involved credit sales, accounts receivable collections and bad debts. Prepare General Journal entries to record 2012 and 2013 transactions, a..
Grace Manufacturing Company needs to know its anticipated cash inflows for the next quarter by month. Cash sales are 25 percent of total sales each month. Historically, sales on account have been collected as follows: 50 percent in the month of the s..
On January 1, 2013, Mania Enterprises issued 12% bonds dated January 1, 2013, with a face amount of $20 million. The bonds mature in 2022 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on Ju..
Discuss why corporate bonds might be issued at face value, a discount, or a premium. Describe the accounting for bonds under each situation.
How to calculate depreciation for business of the home. Coles purchased their present residence in April 2010, they devoted 450 of the 3,000 square feet of living space to an office for David. The property cost $440,000 ($40,000 of which is attributa..
Which of the following shows only accounts that are increased by a debit to the account?
Money from these accounts could be mixed or further divided and sent to other accounts or individuals, who, in turn, would do the same, until several checks for $1000 or less eventually arrive at party headquarters.
the double-declining-balance method was selected. In the first week of the fifth year, the equipment was sold for $115,000.
Walt's Woodworking Company's Yearly expenses. Make appropriate assumptions about cost behavior and assume labor cost vary directly with the number of units produced. How many units must the company sell in order to earn a pretax profit of $500,000?
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