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Assume a company pays $10,000 per month plus 2% of sales ("a variable rent charge") to occupy a retail space in a mall. The lease agreement has a 3-year noncancelable term. Based on prior history in that location, the company estimates that its variable rent charge will amount to approximately $1,000 per month.
Problem a. Using the Conceptual Framework, evaluate whether this variable rent change meets the definition of a liability.
Problem b. Next, locate discussion in the Basis for Conclusions of ASU 2016-02 (Leases) and describe how the FASB considered this issue of whether variable rents should be included in the lease liability recognized by companies.
Problem c. Describe some of the history of this issue-did the Board always hold the view that variable rents should/should not be included in companies' lease obligations?
The investment with the interest at the end of the year. During the year period, the value of the Rand depreciates from R7, 01 per Dollar to R7, 29 per Dollar
On July 1, the assets of Erie Enterprises were $335,000, If liabilities decreased $35,000 during the quarter, what was the amount of assets on September 30
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Prepare the journal entry on the books of the partnership to record the admission of Lars as a new partner if Lars invests $90,000 in the partnership
utech company bottles and distributes livit a diet soft drink. the beverage is sold for 50 cents per 16-ounce bottle to
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Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system.
you have recently been hired as the assistant controller for stanton industries a large publicly held manufacturing
Prepare the journal entry to record the issuance by Karla Industries on Jan 1,2010. Prepare both of the journal entries to record interest on June
the lowell merchandising corporation purchased 240000 of display equipment on january 1 2009. the equipment was
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