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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.
Discuss the treatment of Barb"s investment interest that is disallowed in 2006. What election could Barb make to increase the amount of her investment interest deduction for 2006? 205.
chester amp wayne is a regional food distribution company. mr. chester ceo has asked your assistance in preparing
what is future development along with the harmonization efforts of fasb and iasb on investment? please provide detail
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allownaces of Doubtful Accounts; Bad Debt Expense; and (c) the net realizable value of accounts receivable.
What is the future value of $9,000 at the end of 5 periods at 8% compounded interest?
Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be:
Describe the three methods used to allocate joint costs. What are the advantages/disadvantages of each allocation method? Which method would you recommend? Why
as a result of a thorough physical inventory hastings company determined that it had inventory worth 270000 at december
crypton electronics has a capital structure consisting of 41 common stock and 59 debt. a debt issue of 1000 par value
in the course of routine checking of all journal entries prior to preparing year-end reports diane riser discovered
why does a company perform ratio analysis? what are the turnover ratios? describe the formula for one turnover ratio
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