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Universal Leasing leases electronic equipment to a variety of businesses. The company's primary service is providing alternate financing by acquiring equipment and leasing it to customers under long term leases. Universal earns interest under these arrangements at a 10% annual rate.The company leased an electronic typesetting machine it purchased on December 31, 2012, for $90,000 to a local publisher, Desktop Inc. The six year lease term commenced January 1, 2013, and the lease contract specified annual payments of $8,000 beginning December 31, 2013, and each December 31 through 2018. The machine's estimated useful life is 15 years with no estimated residual value.The publisher had the option to terminate the lease after four years. At the commencement of the lease, there was no reason to believe the lease would be terminated.Required:1. Prepare the appropriate entries for Universal Leasing from the commencement of the lease through the end of 2013.2. At the beginning of 2014, there was a significant indication that Desktop's economic incentive to terminate the lease had changed causing both companies to believe the lease will terminate at the end of four years (three years remaining). Prepare the appropriate entries for Universal Leasing at January 1, 2014, to reflect the change in the lease term.3. Prepare the appropriate entries pertaining to the lease for Universal Leasing at December 31, 2014.4. Determine the balances in the following accounts pertaining to the lease at December 31, 2013: Lease receivable, residual asset, and asset for lease.5. Determine the amounts reported in earnings pertaining to the lease during 2013 and during 2014 (ignore taxes).
Rowdy Fun has total assets of $1,900,000 and total liabilities of $550,000 at the beginning of the year and total assets of $2,300,00 and total liabilities of $725,000 at the end of the year.
What are our options for accessing our superannuation if we are still working? We would also like the flexibility of being able to take a lump sum now or in the future.
Martha is a resident who is 40 years old and has $170,000 of taxable income for the current income year. Calculate her basic income tax liability.
warbler corporation whose federal taxable income totals 10 million.warbler apportions 60 percent of its business income
Discuss choices with regard to revenue. Did you cut tax expenditures, implement tax reform, etc. How do your choices compare to the popular choices, and the status quo?
1. evaluate price and quantity variances for nursing costs.2. evaluate spending and efficiency variances for supplies
This price includes the 6% sales tax and the 15% service charge. Sales tax is computed on the food plus the service charge. The service charge is computed on the food only. At what amount does Cuff price the food?
Compute Amelie's deduction before the 2% of AGI floor if she uses the actual cost method and compute Amelie's deduction before the 2% of AGI floor if she uses the standard mileage method.
Explain the significance of the source of employment in terms of taxability of employment income under Hong Kong salaries tax.
Alpha wonders what amount of debt it should use in calculating the tax shields on interest payments in its capital budgeting analysis.
Evaluate the NPV, and the Profitability Index (PI) for this project. Could this project be undertaken?
Compute Taxpayer's realized gain, recognized gain
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