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Stockton, Inc. leased machinery with a fair value of $250,000 from Lanai Machine Company on December 31, 2008. The contract is a six-year noncancelable lease with an implicit interest rate of 10 percent. The lease requires annual payments of $50,000 beginning December 31, 2008. Stockton appropriately accounted for the lease as a capital lease. Stockton's incremental borrowing rate is 12 percent. Assuming the present value of an annuity due of 1 for 6 years at 10 percent is 4.7908 and the present value of an annuity due of 1 for 6 years at 12 percent is 4.6048, what is the lease liability that Stockton should report on the balance sheet at December 31, 2008?
Analysis of unfavorable income variance and standard variable manufacturing costs per unit and the budgeted monthly fixed manufacturing costs established for the current year
Compute diluted earnings per share, Earnings before interest and taxes and Common Stock
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Evaluate the amount of prepaid insurance that should be reported on the 31 st of August balance sheet with respect to this policy.
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Show the effects of each of these transactions upon the following elements of the company's financial statement.
The December 31, 2009 balance sheet showed $135,000 in the common stock account and 2.6 million in the additional paid in surplus account.
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Purpose absorption and contribution margin income statements for the succeeding quarter for the division. Evaluate production costs per unit for both approaches and for both quarters.
Calculation of ending inventory for interim financial statements - Ernst Equipment Co. wants to make interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Ernst's gross profit rate ave..
Elucidate the amoutn of revenue if any that should be recognised in the financial statement of ABC's for the year end 31st december 2011???
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