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Johntech Inc. leased a new machine having an expected useful life of 30 years from Carbide Co. Terms of the noncancelable 25-year lease were that Johntech would gain title to the property upon payment of a sum equal to the fair market value of the machine at the termination of the lease. Johntech accounted for the lease as a capital lease and recorded an asset and a liability in the financial records. The asset recorded under this lease should properly be amortized over:
a. 5 years (the period of actual ownership).
b. 22.5 years (75 percent of the 30-year asset life).
c. 25 years (the term of the lease).
d. 30 years (the total asset life).
How should you account for the difference between the carrying value and the purchase price in the consolidated financial statements for 2003?
Zwick Company bought 28,000 shares of the voting common stock of Handy Corporation in January 2006. In December, Hardy announced $200,000 net income for 2006 and declared and paid a cash dividend of $2 per share on the 200,000 shares of outstandin..
On june 30, 2012, mackes company issued 5,000,000 face value of 13%, 20 year bonds at $5,376,150, a yield of 12%. Mackes uses the effective-interest method to amortize bond premium of discount. the bonds pay semiannual interest on june 30 and dece..
On February 5, 2010, Tropical Connection Company, a garden retailer, purchased $25,000 of seed, terms 2/10, n/30, from Midwest Seed Co. Even though the discount period had expired, Lydia DeLay subtracted the discount of $500 when she processed the..
The user has updated the question: User's response: Calculate the financial impact of buying a CT unit that would cost $3.0 million, would have a five-year useful life, would have a 10 percent salvage value.
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
What is the budgeted gross margin in dollars for February?
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
An internal transfer between two divisions is in the best economic interest of the entire organization when:
For Garland Company, sales is $1,000,000, fixed expenses are $300,000, and the contribution margin ratio is 36%. What are the total variable expenses?
On the basis of the information above, determine the present value of the pension obligation (liability).
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