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Question - Lee Ltd. recently signed a lease for equipment from Photon Inc. The lease term is five years and requires equal rental payments of $32,000 at the beginning of each year. The equipment has a fair value at the lease's inception of $140,000, an estimated useful life of eight years, and no residual value. Lee pays all executory costs directly to third parties. Photon set the annual rental to earn a rate of return of 8%, and this fact is known to Lee. The lease does not transfer title or contain a BPO.
- Make a lease amortization schedule for the lease obligation for the five-year term of the lease.
- Make journal entries on the lessee's books related to the lease for years 2020 to 2021. Assume year end is December 31.
Compute the earnings per share and book value per share of common stock - calculate the price-earnings ratio for each company.
1. stu corporation is authorized to issue 500000 shares of 12.00 par value common stock. as of december 2012 stus
The freight charges would have been P9,000. The transfers resulted to difference in freight charge which should be disposed of as follow
Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.)
The ending balance for Hoya Saxa's stockholders' equity on December 31, 2010 was $930,000. What was Hoya Saxa's total revenue for 2010
Kasey Hartman is the controller for Wholemart Company, which has numerous long term investments in debt securities.
Yard Tools has fixed costs of $4,590,000. Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix
A company requires $1900000 in sales to meet its net income target. Its contribution margin is 30%, and fixed costs are $300000. What is the target net income
Write the title and author of each article and summarize the finding of each author in all the 5 articles and write a critical comment on them
Define and explain the differences between a cloud based accounting system and a traditional accounting system. Identify potential risks or limitations in adopting a cloud based accounting system
You perform a nonstatistical test of control. The acceptable risk of assessing control risk. Would you accept the control as working properly? Why or why not?
stephens industries is contemplating four projects project p project q project r and project s. the capital costs and
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