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On January 2, 2011, the Wilcox Studios leased six computers for use in the engineering department. The lease period is for 13 years and the estimated economic life of the leased property is 15 years. The lease does not contain automatic title transfer or a bargain purchase option. Lease payments are $9,000 per year, payable each December 31. The incremental borrowing rate for Wilcox is 12 percent and the implicit interest rate (known by Wilcox) is 10 percent. The company uses straight-line depreciation for this type of equipment.
Provide the necessary journal entries to record the transactions for Wilcox for the period January 2, 2011 through December 31, 2012.
Master Card has a series of cute commercials that list a series of accounting items and costs leading to the priceless product. Cell phones are often advertised as being free.
Identify characteristics that distinguish NFP from business enterprises. Specifically identify, from most important to least important, five accounting issues relevant to NFP financial reporting and explain your rationale by reference to existing ..
Ritter company issues $600,000 of 10%, 10-year bonds on januanry 1, 2008 at 102. Interest payable semiannually on july 1 and january 1. The company uses the straight-line method of amoritization.
Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.
How does opportunity cost enter into the make or buy decision? What would be an example of a decision that you might make in your personal life that would involve an opportunity cost? What decision would you make and how would you change the oppor..
what financial ratio is most commonly used to evaluate charitable organizations? Why is this an important ratio to use for evaluation of the viability and strength of a non profit organization?
A clerk accidentally posts a prenumbered sales invoice of $625 as $265 to a customer's account. What control would detect this error?
What is the maximum percentage of Alpha Corporation's single class of stock that Mariano can sell to a single shareholder without triggering the Sec. 382 loss limitation?
Determine whether or not TRIARC'S acquisitions of Wendy's through a stock swap was good for either company and state your rationale?
It is estimates that 16% of the cost of goods sold represents fixed factory overhead costs and that 20% of the operating expenses are fixed. Since Royal Cola is only one of many products, the fixed costs will not be materially afected if the produ..
Sheppard industries evaluating a proposal expand current distribution facilities. Management projected produce cash flows years (in millions)
Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.
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