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On January 2, 2011, the Wilcox Studios leased six computers for use in the engineering department. The lease period is for 13 years and the estimated economic life of the leased property is 15 years. The lease does not contain automatic title transfer or a bargain purchase option. Lease payments are $9,000 per year, payable each December 31. The incremental borrowing rate for Wilcox is 12 percent and the implicit interest rate (known by Wilcox) is 10 percent. The company uses straight-line depreciation for this type of equipment.
Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.
Prepare the current liability section of Howell Company's balance sheet, assuming $25,000 of the mortgage is payable next year. Comment on Howell's liquidity, assuming total current assets are $450,000.
Trin Company needs to reduce the selling price of its product in order to be competitive. Currently, Trin has fixed costs of $346,400 and variable costs per unit of $2.50. If Trin can sell 80,000 units, what price should it charge in order to bre..
Describe the defenses the company could maybe assert against this third party's lawsuit. Include in your explanation the applicability of these legal defenses to the facts of this particular case.
GST's federal-plus -tax rate is 40%. Illustrate what is the total dollar call premium required to call the old issue?
Assuming the employee's time value of money is 9% annually, what lump sum at employment date would make him indifferent between the two options.
assuming that the errors were discovered after the 2011 financial statements were issued, analyze the effect of the errors on 2011 cost of goods sold, net income, and retained earnings.
Identify the substantive test that should detect each misstatement. For each test, indicate the financial statement assertion(s) to which it pertains.
Company owner Abel Terrio has reviewed the 2011 financial statements you prepared for Jackson Company as accountant, and questions the $6,000 loss reported on sale of its investment in Blackhawk Co. common stock - Draft a one-half page memorandum t..
Based a variable costing approach, how would you maximize profits and Based on a throughput costing approach, how would you maximize profits?
Do you think that users of financial statements would be aided if there were a distinction between financial reporting standards for public vs. non public companies? What about between big and little companies?
Compute the depreciation expense for year 2011 on the building using the straight-line method, assuming a 15-year life and a $25,650 salvage value.
Calculate the labor price and quantity variances, assuming standard is 3.94 hours of direct labor at $12.37 per hour.
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