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On January 1, 2011, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual rent payments of $80,000 each, beginning January 1, 2011, the inception of the lease, and at each January 1 through 2013. Winn also paid a $96,000 advance payment at the inception of the lease in addition to the first $80,000 rent payment. With permission of the owner, Winn made structural modifications to the building before occupying the space at a cost of $180,000. The useful life of the building and the structural modifications were estimated to be 30 years with no residual value.
Required: Prepare the appropriate entries for Winn Heat Transfer from the inception of the lease through the end of 2011. Winn's fiscal year is the calendar year. Winn uses straight-line depreciation.
Bella Vista’s U.S. Division reported sales of $300,000-The economic value added of the U.S. Division is
Of the several uses of standard costing, one of the most controversial is using these standards for performance evaluation of an individual, team, or unit. Consider the labor efficiency variance and assume it is one of the measures for a company's..
Messersmith Company is constructing a building. Construction began in 2010 and the building was completed 12/31/10. Messersmith made payments to the construction company of $1,000,000 on 7/1, $2,100,000 on 9/1, and $2,000,000 on 12/31. Average acc..
Perform an Internet search using the term, flexible budgets, and locate an article (from 2012) from the results of your search.
During each of the next two years, warner declared and paid cash dividends of $0.85 per share, and its net income was $72,000 and $67,000 for 2007 and 2008, respectively. The January 12, 2009, entry to record the sale of 3,000 shares of warner com..
If you had been an analyst evaluating Bethlehem's 2001 third-quarter 10-Q, explain whether or not you would have downgraded Bethlehem's stock.
The gain from sale of land that will appear in the consolidated income statements for 20X2 and 20X3, respectively, is ____.
Total 2008 gift of life insurance policy is 72,000. annual exclusions are 24,000 (two donees at 12,00). Current taxable gifts equal 48,000.
What amount of capitalized interest should Brick report as part of its building account at December 31, 2011?
Evaluate the impact to a business when compensation, such as sales commissions and bonus, are tied to achieving budgeted expectations. Suggest how management can prevent employees from manipulating results.
Company began operations on January 1, 2010, and appropriately uses the installment method of accounting. The following data are available for 2010:
What information is provided in the statements that will assist you in making these business decisions? What information is not provided that could assist in managerial decision making?
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