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On January 1, 2014, Benjamin Industries leased equipment on an eight-year term at $15,000 annual rental payments, paid in advance. There is a bargain purchase option on December 31, 2021 (end of lease), of $24,000. The economic life of the equipment is estimated to be 15 years. The interest rate is 12 percent.
(1) Give the necessary entries for 2014 assuming all payments after the initial payment are made on December 31.
(2) Give the entry at December 31, 2021, assuming the option is permitted to lapse and that there is no residual value because of obsolescence. Assume 2021 amortization entries have been made.
Compute the return on investment (ROI) for the current year - using the ROI formula, compute the ROI under each of the proposed courses of action.
You will receive feedback on the proposal from the Instructor in Week 6, which will give you time to make adjustments.
The market price of Howell's common stock was $35 on August 1, 2010, and $38 on September 15, 2010. What is the amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend?
A company has $27 per unit in variable costs and $1,000,000 per year in fixed costs. Demand is estimated to be 100,000 units annually. What is the price if a markup of 40% on total cost is used to determine the price?
1. compus subsidiary cellu is growing its cell phone line to add cell phone cases. the cases may be sold for 20 each
Describe the advantages of a sole proprietorship and a limited liability corporation
The debt will be paid off in 30 equal semiannual installments of $30,000 over 15-year period commencing October 1,2009, with interest of 6 percent per annum on the outstanding debt.
Compute the overhead cost, according to the activity-based costing system, of a job that involves installing 1.8 squares.
Brisky Corporation had net sales of $2,410,400 and interest revenue of $36,000 during 2014. Expenses for 2014 were cost of goods sold $1,455,100; administrative expenses $215,500; selling expenses $293,200; and interest expense $45,500. Brisky’s tax ..
Tickets to a football game with hospital administrators to celebrate successful negotiation of a surgical contract earlier in the day.
During March, two cars are sold for $9,000 each. Sam determines that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit for March?
Assume that only one product is being sold in each of the four following case situations: (Input all amounts as positive values except losses which should be indicated by a minus sign. Omit the "$" sign in your response.)
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