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At the beginning of the year, a firm leased equipment on a capital lease, capitalizing $60,000 in its lease receivable account. The contract calls for Decem ber 31 payments of $15,000. The lessor's annual reporting period ends December 31 and the contract reflects 10% interest. The lessee made the first payment as required. The direct method statement of cash flows for the lessor should reflect which of the following in the first year of the lease contract (ignore noncash disclosure)?
ferguson company purchased a depreciable asset for 100000. the estimated salvage value is 10000 and the estimated
Burwinkel Corporation is considering a project that would require an investment of $252,000 and would last for 7 years. The incremental annual revenues and expenses generated by the project during those 7 years would be as follows:
While preparing the bank reconciliation, you notice that a check, written by the company for $750, has been outstanding for 5 months. What is the best action for you to take?
You have a sole-proprietorship merchandizing business dealing with photography equipments. The business was established three years back and had an average annual turnover of $50,000.
1.a machine with a cost of 146000 and accumulated depreciation of 101000 is sold for 58000 cash. the amount that should
wishaw inc. produces and sells outdoor equipment. on july 1 2014 wishaw inc. issued 150000000 of 20-year 12 bonds at a
the hillside inn is a restaurant in flagstaff arizona. it specializes in southwestern style meals in a moderate price
Converse corp sold 100,000 bond at 95 and incurred 3,000 of bond issuance costs. Which of the following statements is correct assuming converge reports under IFRS?
Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2007 for $90,000. On November 15, 2011, Pierson declared a property dividend of one share of Hunter for every 10 shares of Pierson held by a stockholder.
cane company manufactures two products called alpha and beta that sell for 125 and 85 respectively. each product uses
byrd company produces one product a putter called go-putter. byrd uses a standard cost system and determines that it
contingent liabilities several months ago reiltz industries inc. experienced a hazardous materials spill at one of its
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