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On 1/1/14, ABC Corporation signed a 5-year noncancelable lease for a delivery vehicle. The terms of the lease called for ABC to Corporation to make annual payments of $10,503 at the beginning of each year, starting January 1, 2014. The delivery vehicle has an estimated useful life of 6 years and a $7,000 unguaranteed residual value. The delivery vehicle reverts back to the lessor at the end of the lease term. ABC Corporation amortizes the delivery vehicle. ABC Corporation's incremental borrowing rate is 10%, and the Lessor's implicit rate is unknown. No entries have yet been made concerning this lease arrangement.
Problem 1: After determining the type of lease arrangement (financing or operating), prepare the necessary multiple-part journal entry for 2014 for ABC Corporation.
Which is a key difference between EVA and residual income? Net profit is used to calculate residual income but is irrelevant for EVA.
Do you agree with the CFO? If so describe how SOX 404 and CEO/CFO certification removes the need for an internal audit function. If you don't agree, describe what an internal audit function adds beyond SOX 404 and CEO/CFO certification.
What are the advantages and disadvantages of liabilities, stocks, and profitable operations? What are examples of each
Determine whether each of the following cost should be classified as direct materials (DM), direct labor (DL), or manufacturing overhead (MO).
southland industries has 60000 at 16 annual interest bonds outstanding 1500 shares of preferred stock paying an annual
In 2013, Tarlo Company agrees to construct a highway for Brice County over a 3-year period (2013 through 2015). The contract price is $1,500,000, and the construction costs (both actual and estimated) total $660,000 for the 3 years. Prepare a schedul..
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Job Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $4.50 $11..
Analyze changes in the gross accounts receivable account to calculate the amount of cash received from customers during 2017.
The Company contributed P1.5 million to the symphony, how XYZ's stockholders might view each of these actions and how the actions might affect the stock price.
A sales commission of 5% of sales is paid for each of the two product lines. Direct fixed selling and administrative expense was estimated to be $20,000 for the sweater line and $50,000 for the jacket line.Common fixed overhead for the factory was es..
BUACC2606 - FINANCIAL ACCOUNTING - Discuss the problems of measurement in the context of the present AASB / IASB standards and conceptual framework using your selected annual report to provide examples.
Calculate ending inventory using the average cost perpetual method for the month of February. Round $/unit values to four decimals where necessary
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