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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.
Resource use is one characteristic used to differentiate between batch and real-time systems. Describe.
The company's retained earnings are adequate to provide the common equity portion of its capital budget. Its expected dividend next year (D1) is $3 and the current stock price is $35. Determine the company's expected growth rate?
Prepare all journal entries required through June to record the above transactions and events.
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The unjustified portion of the grant was refunded to the state the remaining cash was transferred to the General Fund, and the Capital Projects Fund was terminated
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4) Comment on the degree to which the statement of revenues, expenditures and other changes in fund balance captures the district's cost of services. How can you validate such a financial statement
Monthly sales are sold 10% for cash, 90% for credit. Credit sales are collected 40% in the month of sale and 60% the following month. Sales for the first quarter are as follows: Compute cash collections for February.
Prepare a statement of cash flows for 2013, using the indirect method. Assume that current assets (excluding cash) and current liabilities have remained the same on December 31, 2013.
Determine the total equity for Fong's business at year-end and What is the equity at the end of the year
Cayenne Corporation, an accrual basis taxpayer, has struggled to survive since its formation, six years ago. Calculate E&P for the year and determine Marty's tax consequences, assuming his basis is $65,000
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