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Southern Airlines has leased an aircraft from BAL Aircraft Company. The annual pay- ments are $1,000,000, and the life of the lease is 18 years. It is estimated that the useful life of the aircraft is 20 years. The present value of the future lease payments is $8,755,630.
1. Would Southern Aircraft record the lease as an operating or capital lease? Why?
2. Provide the journal entry to record the acquisition.
Evaluate what will Accounts Receivable be at end of February and find what will cash payment for administrative and selling expenses be in February including fixed and variable cash expenses?
Upon adoption of FAS 159, may a reporting entity apply the fair value option to derivative contracts for which the normal purchases and normal sales (NPNS) exception has been applied under FAS 133?
Calculate the interest expense Gunderson reports in 2011 for these bonds.On June 30, 2011, Gunderson Electronics issued 8% stated rate bonds with a face amount of $300 million. The bonds mature on June 30, 2031 (20 years).
Assume that a radiologist group practice has the following cost structure: What is the group’s base projected P&L statement? What volume is required to provide a pretax profit of $ 100,000? Pretax profit of $200,000?
What action can you take in the futures market to hedge any adverse movements in bond yields and prices until you actually can buy the bonds? Will you be long or short? Why?
Ramirez Corporation sells two types of computer chips. The sales mix is 30% (Q-Chip) and 70% (Q-Chip Plus). Q-Chip has variable costs per unit of $36 and a selling price of $60. Q-Chip Plus has variable costs per unit of $42 and a selling price of $7..
A firm reported salary expense of $232,000 for the current year. The beginning and ending balances in salaries payable were $42,000 and $10,000, respectively. What was the amount of cash paid for salaries?
Nikennis Corporation has outstanding at December 31, 2012, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. Calculate Nikennis’s 2012 net inco..
Purpose inventory return portion of the entry for this sales return on Randy's books and Record this return of purchases on Janet's books.
In planning the audit of a client's inventory, an auditor identified the following issues that need audit attention. Inventories are properly stated at the lower of cost or market. Inventories included in the balance sheet are present in the warehous..
Projected sales for December of 20x0 are $300000. Credit sales typically are 70 percent of total sales. Intercoastal's credit experience indicates that 20 percent of the credit sales are collected during the month of sale, and the remainder are co..
A company issues a 5-year, 4% coupon bond with a face value of $100,000. The effective market interest rate at the time of issuance is 6%. What are the proceeds from issuing the bond?
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