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On January 2,2011,Gold Star Company leases equipment to Brick Co.with 5 equal annual payments of $40,000 each,payable beginning December 31,2011.Brick Co. agrees to guarantee the 25,000 residual value of the asset at the end of the lease term. Brick's incremental borrowing rate is 10%,however it knows that Gold Star's implicit interest rate is 8%.What journal entry would Gold Star make at January 2,2011 assuming this is direct-financing lease?
Orbit Airways purchased a baggage-handling truck for $41,000. Suppose Orbit sold the truck on December 31, 2008, for $28,000 cash, after using the truck for two full years and accumulating a depreciation of $16,000.
Management uses accounting information to run the business (and be sure they get bonuses based on profitability ) stockholders use it to be sure they continue to have a sound investment, a banker may use it to monitor credit trends and for compari..
Parent sold land to its subsidiary for a gain in 2007. The subsidiary sold the land externally for a gain in 2010. Which of the following statements is true?
Of the amount paid, $30,000 was for expenses incurred on account in 2010. In addition, Leno incurred $142,000 of expenses in 2011 which will not be paid until 2012.
Which of the following is the best theoretical justification for consolidated financial statements?
Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The rent is prepaid for three months at $1,200 per month.
Calculate the difference in taxable income and cash inflow under each method. Assume MACRS allowances are 20, 32, 18, 15, and 15 percent for years 1-5 respectively.
Cal Ruther, an employer, is subject to FICA taxes but exempt from FUTA and SUTA taxes. During the last quarter of the year, his employees earned monthly wages of $8,500, all of which is taxable. The amount of federal income taxes withheld each mon..
Cunningham, Inc. sells MP3 players for $60 each. Variable costs are $40 per unit, and fixed costs total $60,000. What sales are needed by Cunningham to break even?
Assume the equity method is applied. Compute Bell's income from Demers for the year ended December 31, 2008.
Capius Corporation issued 2000 bonds in $1000 individual denominations. Each bond has twenty detachable warrants. The bonds and warrants were sold at 110. At the time the bond were issued each warrant had a market value to one percent of the face ..
What is the error in total net income for the combined three-year period resulting from the inventory errors? Explain why the understatement of inventory by $56,000 at the end of 2007 results in an understatement of equity by the same amount in th..
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