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On January 1 st, 2006, the SAS Company entered into a lease where they agreed to make five annual payments of $224,000 beginning December 31 st, 2006. They correctly calculated that, the PV of the minimum lease payments was $894,000. The lease asset, a high printing press, had a fair market value of $1 million at 1/1/06. There was a $1 purchase option so they knew the lessor's implicit rate of 8%. SAS treated this lease as an operating lease, even though they thought that a $1 purchase option was a really good deal! SAS's auditors did not even look at this lease last year. However, at 12/31/07 their new auditors looked closely, and they told SAS that this should have been recorded as a capital lease, because the purchase option was a bargain.
Prepare the entries that fix this error. SAS normally depreciated assets like printing presses over five years. Assume that the 12/31/07 books are still open.
How much profit or loss, if any, does Shawna realize on the transfer? Does Shawna recognize any profit or loss? If so, how much? What is Shawna's basis in her LLC interest?
questionproblem 1consider you want to purchase a million dollar home in twenty five yearshow much money should you
annual fixed costs of $4,000,000 and variable costs of $400 per unit and estimates that it can sell 40,000 pumps annually and marks up cost by 30 percent. Using cost-plus pricing, what is the cost per unit and the price What are advantages and dis..
Match each situation with fraud triangle factor that best explain it an employee's monthly credit card payments are nearly 75 percent of their monthly earnings
Evaluate the price if a markup of 40% on total cost is used to determine the price
Calculating EAC. You are evaluating two different silicon wafer milling machines. The Techron 1 costs $240,000, has a three-year life, and has pretax operating costs of $63,000 per year.
On January 1, 2007, Didde Co. leased a building to Ellis Corp. for a ten-year term at an annual rental of $80,000. At inception of the lease, Didde received $320,000 covering the first two years' rent of $160,000 and a security deposit of $160..
statement of cash flows using the indirect method.
Why aren't the activity unit costs equal across all three products since they require the same machine time per unit?
qswensons meats is taken whether it could replace a meat grinder patty shaper machine. the new machine will produce 25
Identify the internal control strengths in PEI's system and identify the internal control weaknesses in PEI's system, and suggest ways to correct them.
Find a statement of cash flows using the indirect method for the Windsor Corp for the year 2008 - Show the Analysis of the Retained Earnings
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