Lease term 10 4) The lease is noncancelable with no renewal option. The lease terms is 10 years (the same as the estimated economic life). Lease payments 60000 5) At the end of the lease, the jousting ring will revert to Kingdom Leasing Inc. and have an unguaranteed residual value of $30000. Their implicit interest rate is 10%. manuf cost 250000 6) Kingdom Leasing, Inc.
The most recent financial statements for Williamson, Inc., are shown here (assuming no income taxes): Income Statement Balance Sheet Sales $ 6,700 Assets $22,050 Debt $ 8,050 Costs 3,850 Equity 14,000 Net income $ 2,850 Total $22,050 Total $22,050 Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year’s sales are projected to be $7,906. What is the external financing needed?
acc651 full course latest 2015 [ all discussions and all week 2,4,6 and 8 Biltrite Practice Case ] Click Link Below To Buy: http://hwcampus.com/shop/acc651-full-course-latest/ GCU week 1 Find an audit report for a publicly traded company. Explain the findings of the auditors, and identify any unique circumstances regarding the financial statements for the period. Post a link to the audited financial statements with your initial post, and include the company name in the subject line. Your initial post should be approximately 250-500 words, and cite at least one reference used. Do not choose a company that one of your classmates has already posted on.
AT3 Prepare financial reports Electricity cost allocation report for ANZ Warrnambool By Jennifer Dorney 05th July 2014 EXECUTIVE SUMMARY This report provides an investigation into how ANZ Warrnambool allocates electricity costs to the three core areas of its business being Retail Banking, Commercial Banking and Financial Planning for a particular reporting period. Results of the investigation have been tabled, concluding that the total cost of electricity is allocated each year to the local departments. A summary along with an analysis of how the costs have been allocated as a percentage to each department has been provided and a table detailing the methods of calculations has also been presented. INTRODUCTION This report provides
The second provision is telling NeedsSpace that they will have to retire their assets that they make on the premise under (ASC 410-20). Case Facts The lease entered into between NeedsSpace and WeHaveIt has a 10 year lease term and there is no option to renew nor is the ability to negotiate for renewal provided in the lease agreement. Also, the lease agreement contains certain conditions that may require NeedsSpace to undertake certain activities and incur certain costs at the end of the lease term. Some provisions include: 1. Lessor may require the lessee to perform general repairs and maintenance on the leased premises.
Employees must be vested to receive requirements and this plan will not integrate with any government benefits. Employees can start contributing to pension immediately upon hire in a permanent full time or part time position. For normal retirement and to receive full pensionable payment employees must be age 65 with a minimum of 15 years of service with the company. For early retirement, employees must have 10 years of service, and may retire at any age but benefits will be lowered by 20%. Maximum pensionable earnings shall be deemed equal to 70% of last full calendar year of service for the company.
Memo Date: 7/10/2013 Re: NeedsSpace Lease Provisions ________________________________________ NeedsSpace has entered into a lease agreement with WeHaveIt to rent space for its corporate offices. The lease is classified as an operating lease with a term of ten years and no option to renew. NeedsSpace has placed into service a few leasehold improvements such as temporary walls, HVAC, and carpeting. The leasehold improvements have economic useful lives of ten years. There are two provisions in the lease agreement NeedsSpace needs to be aware of: (1) “Lessor may require the lessee to perform general repairs and maintenance on the leased premises;” and (2) “Lessor may require the lessee to remove all leasehold improvements such that
Drew’s basis in the residence is: Question 2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may Galaxy deduct in the current year? Question 3. (TCOs 3, 4, 5, & 7) Dorothy holds two jobs.
Drew’s basis in the residence is: Question 2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy Corporation, a closely held C corporation that is not a personal service corporation, has $80,000 of passive losses, $60,000 of active business income, and $10,000 of portfolio income. How much of the passive loss may Galaxy deduct