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The Police Department of Ramser Falls signed a noncancellable lease for computer equipment on January 1, 2012. The lease was for 5 years, the economic life of the property. The fair market value of the equipment (and present value of the minimum rentals) is $ 21,198, and the city incremental borrowing rate is 9 percent. The annual lease payments are $ 5,000 and are due on the first day of the year beginning on January 1, 2012. Assuming the equipment is delivered when the lease is signed, prepare all journal entries necessary to record the lease transaction for 2012 and the payment made in 2013.
The books of EZ Company, a calendar year taxpayer, had the following assets and related information as of December 31, 2011. EZ's policy is to record depreciation on December 31 by way of a journal entry.
if preparation of a periodic scrap report is essential in order to maintain adequate control over the manufacturing
Compare and contrast the methods used to control expenditures in the General Fund and in Debt Service Funds. Be sure to explain the reasons for any differences.
hamilton company had the following inventory balances at the beginning and end of the
a virtual company just hired you. your salary your reputation and your grade are all dependent on the job you do.a.
for each of the following cases indicate a to what rate columns and b to what number of periods you would refer in
Do you believe that it is appropriate that we have a single, global set of accounting standards as well as one conceptual framework that has global applicability?
Prepare the adjusting entry (if any) for 2008, assuming the securities are classified as available-for-sale.
you were recently admitted to college and your aunt tillie has agreed to fund the tuition for your education. the
Salvage value is estimated at $50,000. Actual activity was 180,000 units in 2004, and 200,000 units in 2006. Compute the annual depreciation expense for 2006.
Prepare journal entries to record Tasha's income tax expense for the current year. Show well-labeled supporting computations for the income tax payable, the valuation allowance, and the change in the deferred tax asset account.
Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover. Which divisional manager seems to be doing the better job? Why?
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