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Question :
On 1st January, 2008, the SAS Company entered into a lease for a high-tech printing press where SAS agreed to build five annual payments of $224,000 starting 31st December, 2008. They properly evaluated that the PV of the minimum lease payments was $894,000. The lease particular a $1 purchase option so they knew the lessor's implicit rate of 8 percent. SAS treated this lease as an operating lease, even though they thought that a $1 buy option was a really good deal!
SAS's auditors did not even look at this lease last year. Thus, at 12/31/09 its new auditors looked intimately, and they told SAS that this could have been recorded as a capital lease, because the buy option was a bargain.
Purpose the entries that fix this error. SAS usually depreciates assets like printing presses over five years. The 2008 books have long been closed, but the 2009 books are still open.
Prepare a flowchart documenting the sales/collection process for ELM Corporation
Purpose a schedule comparing depreciation for financial reporting and tax purposes. Evaluate the deferred tax asset or liability at the end of 2012.
Gladstone Company tracks the number of units purchased and sold all through each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system.
Prepare the essential entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2015, recording any essential amortization.
Draft the appropriate audit opinion provided the subsequent scenarios.
Determine the expected full cost of the Surenex engagement, including an allocation of overhead. Determine the lowest amount that Connie can bill on this engagement without hurting company profit?
Evaluate Becky's bad debt deduction for 2012? For 2013? What forms are used to record the bad debt on her tax return?
Evaluate the total cost of the potential job using traditional overhead application (i.e. direct labor hours to assign overhead)
Which of the subsequent situations is not need in order to use the completed-production technique of revenue recognition?
Are the depreciation techniques used in the company's financial statements evaluated by existing income tax laws? If not, who is responsible for choosing these methods? Describe.
Administrative and Selling expenses
Evaluate the predetermined overhead rate for the year. Break the rate down into fixed and variable components.
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