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Assume that Lennox Co. leases equipment from Joey Co. with the following terms: Lease Period: 5 years, beginning 1/1/11. Noncancelable. First payment due 1/1/2011. Remaining Lease payments made on each January 1. Rental Amount: $65,000 payable in advance INCLUDES $5,000 to cover Executory costs for property taxes. Estimated Economic Life of equipment: 10 years. Expected Residual value: None Lessee’s incremental borrowing rate (Lessor’s implicit rate is unknown): 10% Bargain Purchase Option $75,000 Requirements: 1). Prepare a Lease Amortization schedule for the entire lease. 2). Prepare the journal entries for the period 1/1/11 to 1/1/2012 3) Prepare the journal entry to record the exercise of the Bargain Purchase Option at the end of the lease term.
Evaluate the unit material cost for the period? Evaluate the unit conversion for the period?
Jan receives no reimbursement from her employer. Jan has an AGI for year of $50,000 and no other itemized deductions.
Computation of predetermined overheads using job order costing and At year-end the Work-in-Process Inventory controlling account showed a debit balance of $28,750.
then 200 for $7 and finally 150 units for $8. at the end of the month 180 remained. Calculate the amount of phantom profit that would result if the companyused FIFO rather than LIFO periodic method
What characteristics of expenditures distinguish them from expenses in the financial accounting sense?
the rental cost for a large bus is800 and 600 for the small bus compute how many buses of each type should be used for the trip for the least possible cost
identify which recognition criteria (separability and legal/contractual) may or may not apply in recognizing the intangible on the acquiring firm's financial statements.
Fielder co obtained land by issuing 2,000 shares of its 10 par value common stock. The land recently appraised at 85,000 the common stock is actively traded at 40 dollars per share. Prepare journal entries to record acquisition of the land.
Determine the annual pretax return to Slimware if the firm can earn 9% on any funds released from employing the zero-balance system? Assume the company has 52 weekly pay periods each year.
explain and Identify the reason for any two of the five components of internal control and provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices..
Which of the costs would be explained as an opportunity cost? Which is a sunk cost?
$9,000 of goods received on consignment from Westwood Company. What is Howell's correct ending inventory balance at December 31, 2010?
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