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Question
Crane Limited, a public company following IFRS 16, decided to upgrade the coffee machines in all of its office locations. Crane leased 45 machines from Coffee Tyme Ltd. on July 1, 2017 (to purchase the coffee machines instead would cost Crane $315 per machine, and the machines would have lasted an estimated five years).
The lease calls for semi-annual payments for the next three years, in the amount of $34 per machine. The payments start on July 1, 2017.
At the end of the three-year period, the machines will have to be returned to the lessor. What is the journey entries for the first payment on July 1, 2017?
Carrie owns a truck costing $13,000 and used for personal activities. The truck has a $9,900 FMV when it is transferred to her?business, which is operated as a sole proprietorship. What is the basis of the truck for determining?depreciation? What is ..
Summary financial information for Rapture Company is as follows. Compute the amount and percentage changes in 2014 using horizontal analysis, assuming 2013 is the base year.
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Last month when Holiday Creations, Inc., sold 42,000 units, total sales were $289,000, total variable expenses were $219,640, and fixed expenses were $39,900. What is the company’s contribution margin (CM) ratio? Estimate the change in the company’s ..
The journal entries related to this transaction using the gross method of recording purchases - record the journal entries related to this transaction using the net method of recording purchases.
Doris acquired a machine at a cost of $30,000 for use in her business, and she placed it in service on April 1, 2014. The machine is depreciated under MACRS, with a 7-year recovery period. This machine was the only asset Doris purchased this year. Ca..
An investment of $1000 is made. Over the next 5 years there will be income from the investment of $300 each year. The tax rate is 34%. The MARR for the company is 15%. Determine the after-tax rate of return using 5-year straight-line tax depreciation..
He guesses that the equipment could be sold at that time for 4 percent of its original cost. Jim uses a 16 percent discount rate.
Kennedy Manufacturing Company reported the following year-end information: beginning work in process inventory, $270,000; cost of goods manufactured, $1,074,000; beginning finished goods inventory, $380,000; ending work in process inventory, $330,000..
What is the term used to describe a debt due to be paid within one year or within the entity's operating cycle if the cycle is longer than a year
Compute the applied fixed overhead and the applied variable overhead. What is the total fixed overhead variance? Total variable overhead variance? Calculate the standard fixed overhead rate and the standard variable overhead rate.
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