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On Feb 20 2011 Hooke Inc purchased a machine for $1200000 for the purpose of leasing it. The machine is epected tohave a 10 year life ,noresidual value and will be depreciated on the straightline basis. The machine was leased to Sage company on March 01 2011 for a 4 year period at monthly rental of $15600. There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expiration of the lease term. Hooke paid n$ 30000 of commissions associated with negotiating the lease in Feb 2011
A. What expense shoukd sage record as a result of the facts above for the year ended DEC 31 2011,show supporting computations in good form.
B. What income or loss before income taxes should hooke record as a result for the facts above for the year ended DeC 31 2011
On December 31, Year One, the Haynie Company is producing financial statements. How is this forward exchange contract reported?
In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up's Ending inventory balance at the end of 2010 is $25,000. Prepare the journal entries for 2009 and 2010 to eliminate and adjust for the intercompany transaction.
Identify three major accounting issues on which IFRS and US GAAP currently differ. For each, outline briefly the nature of the divergence, and discuss the potential impact if the IFRS position is adopted in the US.
if you are driving in your own car to another city, how much will it really cost you to make that drive? Should you include the cost of the car, part of the cost of the car, none of it? What if a friend asked if he could ride with you? What is the..
Identify all risks and internal control points by incorporating the controls and risks into the flowcharts. Design internal controls to mitigate risks to the systems. Evaluate the application of internal controls to the systems.
Lewis Production is planning to sell 220 boxes of bricks and produce 200 boxes of bricks during May. Each box of bricks requires 20 pounds of brick mix and a half hour of direct labor.
What 3 items of important information does the income statement reveal about the financial performance of the company over the last three years?
A company buys a building with an appraised value of $100,000 for $30,000 cash and the assumption of a 25 year, 10% mortgage with a balance of $60,000
Gore company had beginning work in process inventory of 5,000 units that were 40% complete as to conversion costs. X started and completed 42,000 units this period and had ending work in process inventory of 12,000 units. How many units were start..
Correction of an error in the financial statements of a prior period discovered subsequent to their issuance.
aesar and Junius orally agreed to become partners in a food testing business. one-half of $80,000, the reasonable value of Caesar’s services during the operation of the partnership. Who will prevail and why?
Which of the following is a not true statement about tax-exempt organizations?
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