Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from its principal owner, Michelle Wie, and cash flows from operations. However, current expansion plans will require some borrowing to expand the company's production line. As part of the expansion plan, Wie will acquire some used equipment by signing a zero-interest-bearing note. The note has a maturity value of $50,000 and matures in 5 years. A reliable fair value measure for the equipment is not available, given the age and specialty nature of the equipment. As a result, Wie's accounting staff is unable to determine an established exchange price for recording the equipment (nor the interest rate to be used to record interest expense on the long-term note). They have asked you to conduct some accounting research on this topic. Instructions
Access the FASB Codification at https://asc.fasb.org/home to conduct research using the Codification Research System to prepare responses to the following items. Provide Codification references for your responses.
(a) Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
(b) How present value is determined when an established exchange price is not determinable and a note has no ready market? What is the resulting interest rate often called?
(c) Where should a discount or premium appear in the financial statements? What about issue costs?
danner farm supply company manufactures and sells a pesticide called snare. the following data are available for
How much liability should the team record for this contract in its balance sheet dated
your boss has given you the responsibility for furnishing the soon-to-be-completed headquarters building. the
flat company currently produces cardboard voxes in an automated process. expected production per month is 40000 units.
You are employed by Sunshine Airlines and your boss has asked you to do some price comparisons on competing airlines. Once you gather the data, you are required to prepare a business memo to your boss, Mr. Smith, with your findings.
The actual return on plan assets was $5 million although it was expected to be only $4 million. What was the pension expense for the year?
In your opinion, which company has a better cost structure? Provide specific details to support your opinion in your response.
Include with your letter the following documents for the management at Apollo Shoes.
Beige Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
a spare parts supplier is thinking of building a car from the parts he has in his yard. he does not expect any reward
What are the two basic approaches to estimating uncollectible accounts under the allowance method? What is the rationale for each approach?
City government has collected the following data on annual sales tax collections and new car registrations:Annual Sales Tax Collections(in millions)1.01.41.92.01.82.12.3New Car Registrations(in thousands)10121516141720
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd