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1. Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2011, with equal rental payments of $30,044 at the beginning of each year. All executory costs are paid by Swander directly to third parties. The fair value of the equipment at the inception of the lease is $150,000. The equipment has a useful life of 6 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain-purchase option, and no transfer of title. Collectibility is reasonably assured with no additional cost to be incurred by IBM. Prepare IBM's January 1, 2011, journal entries at the inception of the lease.
On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off. a) Prepare the journal entry for Sorter Company to write off the Ordonez receivable.
the following accounts and balances are taken from year end financial statements. calculate the accounts receivable
Just as a house has rooms, a company has departments. These can be internal or external. These departments may be significant enough to have individual investor impact. If this is the case, they must be reported.
assume that management had determined that its organizations audit committee is not effective. for example lehman
pisa inc. leased equipment from tower company under a four-year lease requiring equal annual payments of 86038 with the
The ending work in process is 60% complete with respect to conversion costs. What cost would be recorded for the ending work in process inventory?
Mr. James runs a retail shop. Calculate the net income or net loss in reference to the following transactions that occurred during the month of January. Solve this problem using an electronic spreadsheet.
Suzy Manufacturing has estimated monthly sales of 18,000 units for $48 per unit. Variable costs include manufacturing costs of $27 and distribution costs of $9. Fixed costs are $60,000 per month.
what is meant by double taxation of a corporations income? why does this double taxation not occur in sole
advance products inc. has just organized a new division to manufacture and sell specially designed tables using select
the following events occur for the underwood corporation during 2012 and 2013 its first two years of operations.june 12
Warton Company posts its sales invoices directly and then binds them into a Sales Journal. The company had the following credit sales to these customers during July.
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