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ABC company enters into a lease agreement with XYZ corporation for laser tech machines. The lease agreement qualifies as an operating lease. However, there is one thing that stands out. There is a bargain-purchase option. After the 3-year lease term, each laser tech machine can be purchased for $500, even though the market value is $850.
You are the controller of ABC company. You feel that the machine should be recorded as a capital lease because of the bargain-purchase option. Your manager, Martha, feels that at the end of the 3-year term, the laser tech will not be worth $500 because of rapid advances in technology.
• What is the ethical issue?• What should you, the controller, do?• What are the generally accepted accounting principles (GAAP) for reporting a lease as a capital lease?
You suspect that your immediate supervisor is involved in a significant fraud involving diverting of company assets to personal use. Briefly descrube the steps you might take.
For 20X6, Wells reported sales of $183,100,000 and for 20X7, sales of $215,600,000. At the end of 20X6, Wells' total assets were $75,900,000 and common equity was $37,800,000. At the end of 20X7, total assets were $95,300,000. Calculate Wells' cur..
MacKenzie-Rabb, Inc., is a Texas-based manufacturer and distributor of components and replacement parts for the auto, machinery, farm, and construc- tion equipment industries.
brickman corporation which began operations on january 1 of the current year reported the following
The restaurant has 60 seats and is open 5 days a week for lunch and dinner only. Lunch revenue is expected to be 40 percent of total volume with 2 seat turnovers. Dinner revenue will be 60 percent of total volume, with 1.25 turnovers. Calculate th..
Assume SPI repurchases 10,000 of its common stock at a price of $ 2 per share on April 1, 2015. Also assume that during the quarter ended June 30, 2015, SPI reported Net Income of $ 5,000 and declared and paid cash dividends totaling $ 5,000. Calcula..
Estimating the association between the value of homes and their age in a community known to have a number of very expensive mansions.
Calculate Mary's taxable gifts for year
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Prepare the income statement, balance sheet, and statement of cash flows for 2013 and 2014.
Specific identification is sometimes said to be the ideal method of assigning cost to inventory and to cost of goods sold. Briefly indicate the arguments for and against this method of inventory valuation.
on may 1 2014 simon company issued 200000 of 9 10-year bonds dated january 1 at par plus accrued interest. interest is
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