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Complete the following exercise. Submit journal entries in an Excel file and written segments in an MS Word document. Label each question clearly. For written answers, please make sure your responses are well-written, formatted per CSU-Global guidelines for APA Style, and have proper citation(s), if needed. Click here to download the Excel workbook containing the spreadsheets you will need for this exercise. Assume that the following facts pertain to a noncancelable lease agreement between Fifth-Third Leasing Company and Bob Evans Farms, a lessee. Inception date January 1, 2012 Annual lease payment due at the beginning of each year, beginning with January 1, 2012 $81,365 Residual value of equipment at end of lease term, guaranteed by the lessee $50,000 Lease term 6 years Economic life of leased equipment 6 years Fair value of asset at January 1, 2012 $400,000 Lessor's implicit rate 12% Lessee's incremental borrowing rate 12% The lessee assumes responsibility for all executory costs, which are expected to amount to $4,000 per year. The asset will revert to the lessor at the end of the lease term. The lessee has guaranteed the lessor a residual value of $50,000. The lessee uses the straight-line depreciation method for all equipment. Using the spreadsheet Lease Amort Schedule, prepare an amortization schedule that would be suitable for the lessee for the lease term. Using the spreadsheet Journal Entries, prepare the journal entries for the lessee for 2012 and 2013 to record the lease agreement and all expenses related to the lease. Assume the lessee's annual accounting period ends on December 31 and that reversing entries are used when appropriate.
The cost of capital is affected by a number of factors. Some are beyond the firm's control, but others are influenced by its financing and investment policies. A firm can affect its cost of capital through its capital structure policy, dividend po..
Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month. Illustrate the effect on the accounts and financial statements of the materials transferred in (a)
Prepare the entry in November for the receipt of the subscriptions. Prepare the adjusting entry at December 31, 2007, to record subscription revenue earned in December 2007. Prepare the adjusting entry at March 31, 2008, to record subscription revenu..
Solutions Corporation, a computer vendor and consulting company, uses the accrual method of accounting. Its tax year is the calendar year. The following are three of the corporation's transactions during the current year:
1. Usually, if a work of art carries a significant price tag, it requires a credible provenance. The task is different for stolen than for fake material. Please explain. 2. Discuss and explain how modern forensic techniques can be beaten or circumve..
The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its "normal" balance.
Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2014. Menke uses straight-line amortization. Ignoring income taxes, the amount reported in Menke's 2010 income statement from this investment should be?
Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
The Denim World sells fabrics to a wide range of industrial and consumer users. One of the products it carries is denim cloth, used in the manufacture of jeans and carrying bags.
The required rate of return is 15 percent and the tax rate is 28 percent. What is the net income from this proposed project?
Cynthia gives her son stock with a basis in her hands of $65,000 and a fair market value of $60,000. No gift tax is paid. Son subsequently sells the stock for $63,000. What is his recognized gain or loss?
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.
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