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1. What is the objective of lease classification criteria?2. An important element of evaluating leases is determining whether substantially all of the risk and rewards of ownership are transferred in the lease. How os "Substantially all" defined in the authoritative literature?3. Besides the noncancelable term of the lease, name at leaset three other considerations in determining a lease term.4. A common issue in accountancy for leases concerns lease requirements that the lessee make up residual value deficiency that is attributable to damage, extrodinary wear and tear, or excessive usage. Do these features constitute a lessee guarantee of the residual value such that the estimated residual value of the leased property at the end of the lease term should be included in the minimum lease payments? Explain. "
What is the importance of the cash budget? Has anyone ever been involved in the budgeting process? Tell us about your experiences.
If I can reduce my costs by $40,000 during this last quarter, my division will show a profit that is 10% above the planned level, and I will receive a bonus of $10,000.
Why is it important to properly value a business's assets and how does asset valuation impact the financial statements of an organization?
What are the two primary ways for a company to finance its business? Which would you choose if you were forming a corporation and trying to raise funds and why?
The prepaid insurance account had a balance of $11,400 at the beginning of the year. The account was debited for $12,700 for premiums on policies purchased during the year.
Assuming that total dividends declared in 2003 were $88,000, and that the preferred stock is not cumulative but is fully participating, each common share should receive 2003 dividends of what amount?
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance sheet category and on net income
On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
Bernice dies, and under a will, passes real estate to her surviving husband. The real estate is subject to a mortgage. For estate tax purposes, how will any marital deduction be determined? Can Bernice's estate deduct the mortgage under 2053? Expl..
If you purchased a new model of a digital camera right after it is released, you will likely pay more than if you purchase it six months after release. Explain why this is an example of price discrimination on the part of the firm.
The cash register tape for Leprechaun Industries reported sales of $7,783.12. Record the journal entry that would be necessary for each of the following situations: (a) Cash to be accounted for exceeds cash on hand by $52.60.
In 2012, Shera invested $20,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed. If Shera's share of the expense was $30,000, what is the most that Donald can..
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