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On January 1, 2011, Dean Corporation signed a ten-year noncancelable lease for certain machinery. The terms of the lease called for Dean to make annual payments of $100,000 at the end of each year for ten years with title to pass to Dean at the end of this period. The machinery has an estimated useful life of 15 years and no salvage value. Dean uses the straight-line method of depreciation for all of its fixed assets. Dean accordingly accounted for this lease transaction as a capital lease. The lease payments were determined to have a present value of $671,008 at an effective interest rate of 8%. With respect to this capitalized lease, Dean should record for 2011.
Compute the issue price of a $1,500,000 bond issue and prepare the journal entries for the issuance and first years' interest payments (use the effective interest method). Assume the bonds are paid semiannually (June 30 and December 31).
in recent years there has been more of a shift towards more branding and advertising as opposed to focusing on product
Prepare the journal entries to record the income tax expense, deferred income taxes, and the income taxes payable for 2012, 2013, and 2014. No deferred income taxes existed at the beginning of 2012.
Raven Corporation owns three automobiles that it uses in its business. It no longer needs two of these cars and is considering the possibility of distributing them to its two shareholders as a property dividend.
Ratzlaff Company issues $2.2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2008
What are some ways in which accounting for health care organizations (HCOs), especially not-for-profit (NFP) ones, tend to differ from accounting in other industries?
hazel company has just purchased equipment that requires annual payments of 20000 to be paid at the end of each of the
the following activities occurred during the current year 2013 for the maverick law firm. on february 1 2013 received
the following items appeared in the accounting records of trigueros a retail music store that also sponsors concerts.
Garrison Company issued $500,000 bonds with a stated interest rate of 10% for $480,000 in 2009. The bonds pay interest annually and have a 10 year maturity. The amount of interest expense that should be recorded annually should be ?
Hannah Company maintains two separate accounts payable computer systems. One is known to all the users, and is used to process payments to vendors.
madison thorne works in a public accounting firm and hopes to eventually be a partner. the management of allnet company
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