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What are some of the views on capitalization of leased assets? In what situations do you think leased assets should be reported as capital? Why? Select an asset that does not meet the GAAP requirements for capitalization on a technical basis (either the 75% or 90% test), would it be capitalized under IFRS? Which is more in keeping with the needs of investors?
After using the concession stand for 4 years, Six Flags determines that the building will remain useful for only 2 more years. Record Six Flags' depreciation on the concession stand for year 5 by the straight line method.
If you purchased a new model of a digital camera right after it is released, you will likely pay more than if you purchase it six months after release. Explain why this is an example of price discrimination on the part of the firm.
On jan 1 07 daniels company contained these liability accts. Accts payable 42,500 Sales tax payable 6,600 Unearned service revenue 19,000 During january
Use the purchases journal and the cash disbursements journal to record these transactions. Prepare a schedule of accounts payable. There were no accounts payable on May 1.
Which of the following is recorded in the cash payments journal?
What is the "kiddie tax" all about? What is its purpose? What "scheme" does it seek to prevent? Do you think it is really necessary? If so, why do you think it cuts off at 14?
One criticism not normally aimed at a balance sheet prepared using current accounting and reporting standards is
The allocated general overhead represents fixed costs of the entire company, none of which would be avoided if the part were purchased instead of produced internally. If management decides to buy part 114 from the outside supplier rather than to c..
Hedging Exchange Rate Risk. An importer in the United States is due to take delivery of silk scarves from Europe in 6 months. The price is fixed in euros.
A change in estimate was made in 2011 to reflect these additional data. What amount should Wolverine record as the balance of the accumulated depreciation account for this machine at December 31, 2011?
an auditing course.
On June 1 of the current year, Tab converted a machine to rental property. At the time of the conversion, the machine was worth $90,000. Five years ago Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. ..
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