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Metro Industries manufacture s equipment for sale or lease. Federated Corp (lessee) leased a tooling machine from Metro Industries (lessor) on 12/31/2010, for a three-year period ending December 31, 2013. On 12/31/2013, the equipment will revert back to the lessor. The equipment has a fair value or "selling price" of $128,872 and it costs the lessor $90,000. The lease agreement specified annual payments (note: you need to figure out the annual payment with the given info) to be paid with the first payment at the inception of the lease, and each December 31 through 2012. The machine's useful life is four years. The residual value at the end of 12/31/2013 is expected to be $35,000. The lessee does guarantee the residual value. The lessee has incremental borrowing rate of 14% and is aware of the lessor's implicit rate of return of 12%. Assume the fair value of the equipment at the end of lease term (12/31/2013) will be $10,000. Do the followings:
1) Show how the lessor determines the lease payment;
2) Prepare the appropriate entries for both the lessee and the lessor from the inception of the lease through the return of the equipment back to the lessor.
Find the unknowns in Big Chuck's abbreviated cash budget and determine the outstanding loan balance as of September 30, after any repayments have been made.
Lucy Treasures operates a chain of gift shops. The company pays liability insurance premiums of $2,500 per year for each shop. The managers of each shop are paid a salary of $3,000 per month and all other employees are paid on an hourly basis.
Evaluate the effect of the purchase of the additional 20,000 units of Halenol and the payment due Chris Padgett. Show briefly the ethical dilemma that McQueen faces in deciding whether or not to purchase the additional units.
Determine the basic and diluted earnings per share values for year ending 31 st December, 2011. Austin has compiled the information given below.
What is the amount of unrestricted Cash and Investments at 9/30/15 and what is the amount restricted Cash and Investments at 9/30/15?
Hand-Made Furniture Company manufactures sofas for distribution to several major retail chains and insurance premiums on property, plant, and equipment, $25,000 per year plus $25 per $25,000 of insured value over $16,000,00
Kristen, the regional manager for a national hardware chain, is based in Atlanta. During March and April of this year, she has to replace temporarily the district manager in Jackson, Mississippi. During this period, Kristen flies to Jackson on Sun..
Evaluate the cost of the property to be recorded in the accounts. Prepare journal entries to reflect the revaluation for both building and land of the property.
Compute the predetermined overhead rate under the current method, and determine the unit product cost of each product for the current year.
Demonstrated that the student has grasped the accounting concepts
Prepare the Income Statement for the year ended December 31, 2008 and Prepare the Statement of Retained Earnings for the year and Prepare the Balance Sheet at December 31, 2008
Evaluate the average cost per unit for every plant and why would manager of plant A be unhappy with using average cost as the performance measure?
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