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Sales Type versus Direct Financing Leases
Part 1: Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.
Required:
a. Describe how a capital lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lease transfers ownership of the property to the lessee by the end of the lease.
b. Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lessee makes equal monthly payments at the beginning of each month of the lease. Describe the change in accounting, if any, when rental payments are not made on a straight-line basis. Do not discuss the criteria for distinguishing between capital leases and operating leases.
gomez corporation a manufacturer of household paints is preparing annual financial statements at december 31 2011.
Suppose the opportunity cost of capital is 10 percent and you have just won a $1 million lottery that entitles you to $100,000 at the end of each of the next ten years.
Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).
Kettle Company has sales of $450,000, operating income of $250,000 average invested assets of $800,000, and a hurdle rate of 10 percent. Calculate Kettle's return on investment and its residual income.
1 What is the FASB Codification System? 2 What is the purpose of the FASB Codification System?
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
flagg industries reported the following data for the year just ended sales revenue 800000 cost of goods manufactured
the management of freshwater corporation is considering dropping product c11b. data from the companys accounting system
Within two months of the sale, Bela moved into a new residence she purchased for $700,000. What is Bela's basis in her new residence?
the panel below reports cash flows and earnings for wal-mart from 1988 to 1996 in millions of dollars except per share
weinberg canning produces fi llet smoked salmon and salmon remnants in a single process. the same amount of disposal
financial statement analysis is used by investors creditors and managers of business to evaluate the operation and
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