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Simons Company leased a machine from a recognized machine dealer, Machine Guarantee Limited. The dealer acquired the machine at a cost of $180,000. The cost of repairing the machine to make it appropriate for other owners will be $40,000. Simons Company plans to stay the machine after the lease but has not made any commitment to the lesser to purchase it. The terms of the lease are as given:
Required:
(i) Purpose the journal entries to account for the lease transaction in the books of the lessor, Machine Guarantee Limited.
(ii) Purpose the journal entries to account for the lease transaction in the books of the lessee, Simons Limited.
Evaluate which of the operating segments are reportable segments for Bennett. Your determination should include all needed tests and the results of those tests for all of Bennett's five segments.
Use the income statement equation approach to evaluate the dollar revenues needed to earn a target monthly operating income of $12,600. Evaluate the new breakeven point in trades. How does this affect the breakeven point?
Net fixed manufacturing overhead cost incurred throughout a period
Review the companies' balance sheets, statements of income/operations, and statements of cash flows. Identify and describe five similarities
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Prepare journal entries for 2010 using the Completed-contract method.
Prepare the new etching machine an acceptable investment?
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