Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
1. On January 1, 2011, Evans Company entered into a non-cancelable lease for a machine to be used in its manufacturing operations. The lease transfers ownership of the machine to Evans by the end of the lease term. The term of the lease is 8 years. The minimum lease payment made by Evans on January 1, 2011, was one of eight equal annual payments. At the inception of the lease, the criteria established for classification as a capital lease by the lessee were met.
(a) What is the theoretical basis for the accounting standard that requires certain long-term leases to be capitalized by the lessee? Do not discuss the specific criteria for classifying a specific lease as a capital lease.
(b) How should Evans account for this lease at its inception and determine the amount to be recorded?
(c) What expenses related to this lease will Evans incur during the first year of the lease, and how will they be determined?
(d) How should Evans report the lease transaction on its December 31, 2011, balance sheet?
Answer the following on 8 1/2x 11 paper. Be succinct. Try to give examples. Label each question by number and make sure to put your name on each page. E arnings Management, Identifying red flags
Assume the magnitude of the change is $13 million. Prepare the appropriate journal entry to record any 2011 gain or loss. If Patel prepares its financial statements according to U.S. GAAP, how will the company report the gain or loss?
the list of costs incurred by several business organizations. classify each of the costs below as product costs or
Explain what each of the calculated variances imply about the firm's operations.
What was Silverman's net income for the first year in operation? What is the amount of finished goods inventory on the balance sheet at year-end?
duck an accrual basis corporation sponsored a rock concert on december 29 2011. gross receipts were 300000. the
at the main street theater the cashier located in a box office at the entrance receives cash from customers and
Maggie Moo's Ice Cream Shop had a gross pay of $19,000 and a net pay of $13,200 for the latest payroll. The journal entry to pay the payroll would be:
if total liabilities increased by 15000 and stockholders equity increased by 5000 during a period of time then total
corporation applies manufacturing overhead on the basis of direct labor-hours. at the beginning of the most recent year
Currently the sales clerks receive a salary of $17,000 per month in Store Q. A proposal has been made to change from a fixed salary to a sales commission of 5%. Assume that this proposal is adopted, and that as a result sales in Store Q increase by $..
the following information is for the standard and actual costs for the happy corporation.standard costsbudgeted units
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd