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On July 1, Pine Region Dairy leased equipment from Farm America for a period of three years. The lease calls for monthly payments of $ 2,500 payable in advance on the first day of each month, beginning July 1. Prepare the journal entry needed to record this lease in the accounting records of Pine Region Dairy on July 1 under each of the following independent assumptions: a. The lease represents a simple rental arrangement. b. At the end of three years, title to this equipment will be transferred to Pine Region Dairy at no additional cost. The present value of the 36 monthly lease payments is $ 76,021, of which $ 2,500 is paid in cash on July 1. None of the initial $ 2,500 is allocated to interest expense. c. Why is situation a, the operating lease, sometimes called off- balance sheet financing? d. Would it be acceptable for a company to account for a capital lease as an operating lease to report rent expense rather than a long- term liability?
determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel etc), either by salary or number of employees.
Create a memo to a group of students interested in pursuing careers in management accounting. Include in the memo, the role of management accounting and how management accounting may differ based on different types of companies or industries.
Finding the changes of annual profits be increased or decreased - If the order is accepted, by how much will annual profits be increased or decreased?
how you report equipment that cost $27,000 with accumulated depreciation ot $25,000 sold at a gain of $10,600 on a indirect cash flows statement?
Prepare basic journal entries under the proper accounting method to record Big Co.'s investments in Little Co. and Small Co. based on facts provided.
The flotation costs associated with the new issue were 6 percent and diggin tools marginal tax rate is 30 percent. Illustrate what is diggin tools cost of preferred stock r ps?
Selling prices and variable costs per unit are shown below. Based on this information, illustrate what is the Mad Hatter's most profitable sales mix?
Net fixed manufacturing overhead cost incurred throughout a period
Illustrate what is the normal journal entry for recording bad expense under the allowance method? a)Debit allowance for doubtful accounts, credit accounts receivable.
Southland Industries - Compare Earnings per share (EPS) for the given levels of EBIT
Based on Crow Manufacturing's data in the above problem, assume that a transfer price of $110 has been established and that 40,000 units of materials are transferred, with no reduction in the Materials Division's current sales. How much would the ..
Calculate the subsequent realized gain, recognized gain and the adjusted basis of his new residence
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