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Capital leases show higher expenses in the early years of the lease which reduces net income and the company needs to record the lease as an asset and liability in the balance sheet. For these reasons, many companies try to avoid the lease asset capitalization and at times can get creative when it comes to interpreting a lease contract agreement.
So what is the effect of a bargain purchase option on accounting for a capital-lease transaction by a lessee?
G Corporation purchased a truck at the beginning of 2012 for $90,000. The truck is estimated to have a salvage value of $3,600 and a useful life of 120,000 miles. It was driven 18,000 miles in 2012 and 32,000 miles in 2013. What is the depreciatio..
Equivalent units for materials total 20,000. There were 16,000 units completed and transferred out. Equivalent units for conversion costs equals 18,000. How much are the physical units for conversion costs if ending work in process is 50% complete..
Francisca wants to give its sales staff a $60,000 increase in salary but still wants to make the same net operating income. If Francisca gives this increase, by how much would sales at Francisca have to increase in order for the company to maintai..
From the standpoint of the stockholders of a company, the ratio that measures the overall performance of a company would be calculated using which of the following?
An appraisal showed that the fair market value of inventory was $300,000 and that the fair market value of the plant assets was $1,250,000. The fair market value of the receivables is equal to book value. The agreed purchase price was $2,200,000 m..
A process with no beginning work in process, completed and transferred out 14,000 units during a period and had 7,000 units in the ending work in process that were 50% complete. How much is equivalent units of production for the period for convers..
Prepare a pro forma balance sheet dated December 31, 2008. Discuss the financing changes suggested by the statement prepared in part A.
Illustrate the effect on the account and financial statements of paying and recording the March 17th payroll. Determine the following amounts of the employer payroll taxes related to the March 17th payroll: a) FICA tax payable b)state unemployment t..
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
Companies that use a process-cost accounting system would:
Kyle sold land on the installment basis for $100,000. His basis in the land was $70,000. Kyle received a $40,000 down payment and a real estate installment sale contract calling for $60,000 in additional payments in future years.
To which group can a CPA provide audit documentation without being subpoenaed and without the client's consent?
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