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Question - Linda is unsure how to acquire a new asset for her business. She has two options:
a. For the first option-she can buy it on January 1, 2021 paying a total of $20,000 ($5,000 down and financing the remaining $15,000 with 10%/year interest payments and a final balloon payment of $15,000 at the end of year 4. The property would be 5-year MACRS property and there would be no 179 or bonus depreciation taken).
b. The second option being considered is to lease the asset on January 1, 2021 for $7500/year for 5 years. For all years, the tax rate that they will pay will be 25% and she uses a discount rate of 7%.
Which option should she choose and why? Please show how you came to the conclusion.
The partners agree that the net realizable value of the receivables is $13,500 and that the fair market value of the equipment is $11,000. Indicate how the four accounts should appear in the opening balance sheet of the partnership.
Suppose that 37.5% of Kelly Corp.'s total sales are cash sales. What is Kelly Corp.'s net profit margin for 2012
Question - An inexperienced bookkeeper prepared the following trial balance. Make a correct trial balance, assuming all account balances are normal
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On January 1, 2014, Oaken Furniture Co. issued $700,000 of 10% bonds and received cash totaling $795,141. Interest is payable semiannually on January 1 and July 1. The firm uses the effective - interest method of amortizing discounts and premiums. Th..
The total purchases of steel in the year at a cost of $8.75 per pound were 45,000 pounds. Compute the variable overhead rate variance
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