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Probe Manufacturing leased an asset with a fair market value of $145,000 to Detection Devices. Detection will pay Probe $25,000 annually, in advance, for the next 10 years. If Probe earned a $32,000 gross profit and 12% rate of return on the lease to Detection, prepare (1) the entry to record Probe's lease to Detection, and (2) the entry to record the interest income Probe earned on its lease to Detection in year 2.
Design at least two tables that could be used in a database for the hosting of information of your selected accounting cycle revenue cycle.
During 2012 Daveo sells inventory costing $200,000 to BUA301co for 400,000 on credit. Daveo is concerned about collectability of the receivable so accounts for the transaction under the installment Sales method. Before the end of the year BUA301co..
Electro-Rad Inc., a developer of radiology equipment, has stock outstanding as follows: 50,000 shares of 2%, preferred stock of $50 par, and 100,000 shares of $25 par common. During its first four years of operations, the following amounts were di..
Explain the auditor's responsibility for discovery of subsequent events occurring after completion of fieldwork but before issuance of the audit report.
Under the terms of his salary agreement, president Juan Rivera has an option of receiving either an immediate bonus of $40,000, or a deferred bonus of $75,000 payable in 10 years.
On April 3, 2001, the client asked the CPA to audit the client's financial statements for the year ended December 31, 2001. Is the CPA considered independent with respect to the audit of the client's December 31, 2001, financial statements?
Prepare the journal entries necessary in the fund-based and government-wide journals to record each of the following transactions
The land contributed by Stephanie was encumbered by a $250,000 nonrecourse debt. Assume the partners share debt equally. Immediately after the formation, the basis of Stephanie's partnership interest is:?
The reason of the marketing idea is to rivet the attention of marketing managers on serving broad classes of requires supplier employee partner customer.
A company that provides training, certification and consulting services to commercial, government, and non-profit organizations in applying best practices in balanced scorecard (BSC), strategic performance management and measurement, and transform..
Eastern Pacific Company sells a single product for $34 per unit. If variable expenses are 65% of sales and fixed expenses total $12,800, the break-even point in quantity and dollar($) will be:
Discuss whether Lydia Delay behaved in a professional manner by subtracting the discount, even through the discount period had expired. -What would you do? -How should Midwest handle this payment and the irregular use of the discount?
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