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Pearson Corporation became the lessee of equipment under a five-year, noncancelable lease. The estimated economic life of the equipment is 8 years. The fair value of the equipment was $600,000. The lease does not meet the definition of a capital lease in terms of a bargain purchase option, transfer of title, or the lease term. However, Pearson must classify this as a capital lease if the present value of the minimum lease payments is at least.
Prepare the journal entries to record the following transactions in Hunt Ltd’s records using the perpetual inventory system. (For multiple debit or credit entries, list accounts in order of magnitude.)
Under a perpetual inventory system, record all of the journal entries required for the above transactions
Part (a) Who are the stakeholders in this decision? Part (b) Is it ethical for Judy to revise the costs as indicated? Briefly explain. Part (c) What should Judy do?
The Mejicano company is planning to purchase a piece of equipment that will reduce annual cash expenses over its 5-year useful life by equal amounts.
John reports the following amts for 2010:net income=$135,000; average stockholders' equity $500,000; preferred dividends $35,000 and par value preferred stock $100,000. The 2010 rate of return on common stockholders' equity is?
Calculate Suzy's recognized gain or loss on the distribution, if any. Calculate Suzy's basis in the inventory received. Calculate Suzy's basis in land received. The land is a capital asset. Calculate Suzy's basis for her partnership interest after th..
The trust pays $5,000 of the discretionary distributions from corpus. What is the taxable amount of the Megan's tier 2 distribution?
Compute the labor rate variance, the labor efficiency variance, and the total direct labor cost variance for October and for November.
What is the minimum that partner Morse's creditors would receive if they have filed a claim for $50,000?
The marketing manager has recommended that the selling price be increased by 20%, with an expected decrease of only 10% in unit sales. What would be the company's net operating income if the marketing manager's recommendation is adopted?
The mortgage holder on the vacation home agreed to reduce the mortgage from $60,000 to $50,000. The value of the personal residence was $80,000 and the value of the vacation home was $45,000 at the dates of the debt reduction.
Actual overhead for June was $15,800 variable and $9,100 fixed, and standard hours allowed for the product produced in June was 3,000 hours. The total overhead variance is?
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