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Question - Kingbird Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Blossom Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement:
1. Blossom has the option to purchase the equipment for $15,000 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option.
2. The equipment has a cost of $100,000 and fair value of $120,000 to Kingbird Leasing. The useful economic life is 2 years, with an unguaranteed residual value of $15,000.
3. Kingbird Leasing desires to earn a return of 5% on its investment.4.Collectibility of the payments by Kingbird Leasing is probable.
How to prepare journal entries to reflect the payments received under the lease and to recognize income for the years 2017 and 2018?
Using straight-line depreciation, compute the annual depreciation expense for 20X5 and 20X6
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Using the information regarding the allocation of the $ 4 million to the four cost drivers, determine the amount of cost to be allocated to each resort.
John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month
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discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing
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The chosen company is Apple Inc. The purpose of the comprehensive project is to use resources available to obtain industry averages for commonly used ratios. Additionally you will compare company ratio results to industry averages
Aiko, Lani, and Charlie own the 3-Star Partnership, sharing profits and losses 20:50:30. During the current year, 3-Star has total gross income of $500,000 and total allowable deductions of $300,000. How should each of the following taxpayers acco..
Assuming there are no permanent differences for tax purposes, determine the amount of accounting profit before tax for the year ending 30 June 2016
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