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1. Lessor Entries, Sales-Type Lease Watkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2011. The lease is for an 8-year period and requires equal annual payments of $38,514 at the beginning of each year. The first payment is received on January 1, 2011. Watkins had purchased the machine during 2010 for $170,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Watkins. Watkins set the annual rental to ensure an 11% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Watkins at the termination of the lease.
(a) Compute the amount of the lease receivable.
(b) Prepare all necessary journal entries for Watkins for 2011.
Would you expect a publishing company to use a strict cost-plus pricing system for all its books? How might you find some indication about whether a publishing company actually was using cost-plus pricing for all its books?
determine the stockholders equity for the given info.a the stockholders equity of a corporation has assets of 445000
this company see saw co. pays a weekly payroll. assume that the social security tax rate is 6.0 on the first 100000 of
Equipment that cost $80,000 and has accumulated depreciation of $63,000 is exchanged for similar equipment with a fair value of $35,000 and $15,000 cash is received. The exchange lacked commercial substance.
Suppose a large aerospace engineering firm has immediately hired you as a consultant to investigate a potential violation of corporate policy and data theft. You have been informed that an employee may have been using corporate email to send confi..
An engineering firm is evaluating their back charges, and from this they claim that their average back charge is $1800. They randomly select 42 customers, and calculate the sample mean back charge to be $2010.
you have started a business that has now been going for a couple of years. due to the increased volume in sales you
the following are the transactions for smiley inc.lt?xmlnamespace prefix o ns urnschemas-microsoft-comofficeoffice gt
Prepare the statement of cash flows for the current year ended December 31 using the indirect method. Use the statement of cash flows to evaluate the company's cash flows.
there are three main parts to this case that requires you to prepare and submit a three to five page paper. please make
Miles Co. had these transactions during the current period. Prepare the journal entries for the preceding transactions.
1. how is the income statement of a service company different from the income statement of a merchandising company?2.
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