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Leila Company began an operating lease arrangement with Debco Industries, which was slated to begin on January 1, at monthly lease payments of $10,000. However, Debco's negligence prevented Leila from moving in on time-since it failed to clean up the place adequately enough to earn a Certificate of Occupancy from the township. Thus, on January 1, Leila spent $5,000 for leasehold improvements, which enabled her to obtain the needed Certificate of Occupancy on April 1. In any event, Leila paid Debco all the required $30,000 lease payments and has decided not to pursue legal action for the "un-ready" building. However, can Leila defer the $30,000 January-March lease payments over the remaining 33 months of the lease contract?
a) Provide responses for each independent case on the appropriate accounting treatment.
b) Support your responses with code sections from the FASB Accounting Standards Codification (ASC).
What is unit manufacturing cost of A &B by using the currentoverhead ? What is unit manufacturing cost of A&B using ABC? isthe cost of A overstated/understated? how? - mathematically explain
Assuming that this lease is properly classified as a capital lease, what is the amount of principal reduction recorded when the second lease payment is made in Year 2?
The introductory section of a CAFR typically includes all of the following except
research a specific franchise opportunity or 2 research a general article or two on franchising.for option 1 post your
Henry's is a chain of 45 coffee shops. The standard amount of ground coffee per cup is .75 ounces. During the month of October, the company sold 320,000 cups of coffee (reported via electronic cash registers), and the 45 shops reported using 15,80..
george co. leased equipment to shapiro co. on july 1 2014 and properly recorded the sales-type lease at 64682 the
Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall's debt ratio.
UMUC contracted to build a new hotel for $800,000 that will take 3 years to complete. The following information pertains to the contract. UMUC uses the percentage-of-completion method in accounting for long-term contracts.
jared enterprises issues bonds dated january 1 2010 that have a 2430000 par value mature in 10 years and pay 7 interest
nbspcompare and contrast the mis in place in two distinctly different organizations.nbspcompare each organizations
Talbot Industries is considering launching a new product. The new manufacturing equipment will cost $17M, and production and sales will require an initial $5M investment in NOWC. The company's tax rate is 40%.
during 2010 a company purchased a mine at a cost of 4116000. the company spent an additional 720000 getting the mine
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