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On 1 October 2008 Number Co entered into an agreement to lease a machine that had an estimated life of four years. The lease period is also four years with annual rentals of $10,000 payable in advance from 1 October 2008. The machine is expected to have a nil residual value at the end of its life. The machine had a fair value of $35,000 at the inception of the lease. The lessor includes a finance cost of 10% per annum when calculating annual rentals.
Question 1: Required to prepare all necessary account for leasee and leasor
Calculate the firm current ratio. Round the answers to two decimal places. Canadian Bacon Inc. financial statements are presented
In year 0, Longworth Partnership purchased a machine for $55,500 to use in its business. In year 3, Longworth sold the machine for $38,600. Between the date of the purchase and the date of the sale, Longworth depreciated the machine by $28,200. What ..
Calculate Smith's preadjustment balance in accounts receivable on December 31, 2010. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2010.
Determine What are the company's earnings per share on common stock. Determine eaht is the company's price-earnings ratio.
A New Zealand company has a foreign denominated asset in United States dollars worth US$600,000 on the 1 July 2016. The US debtor is due to repay this debt to the New Zealand company over the next 12 months. Describe the risk exposure that the compan..
If I capitalize an item that should have been expensed, my cash flow from operations will be overstated and my cash flow from investing activities will decrease. All financial statements submitted to the SEC including annual (10-K) and quarterly (10-..
What kind of pension plan does P&G provide its employees in the United States and what was P&G's pension expense for 2009, 2008, and 2007 for the United States?
Prepare a cash budget for the months of January, February, and March. Determine the amount of additional bank borrowings necessary to maintain a cash balance of $50,000 at all times.
On January 9 of the next year, Kountry Repair Service was offered $300,000 for the land by a national retail chain.- At what value should the land be recorded in Kountry Repair Service's records"
Record exchange entry, depreciation showing calculations. On December 31, 2018 Karina Inc. exchanged an office building which it carried on the books
The expected return on these stocks is 9.40 percent and 13.10 percent, respectively. What is the expected return on the portfolio?
Alpha Company normally sells its product for $20 per unit. It just received a large order from a new customer at a selling price of $16 per unit.
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