Entries by Munene david

why is it important from an accounting perspective to classify a lease into operating or capital lease?

February 17, 2020 in /by

why is it important from an accounting perspective to classify a lease into operating or capital lease? What is the criteria to classify the lease into operating and capital lease ?  Do you think the lessee tends to prefer an operating lease or a capital lease? Why?   Looking for a Similar Assignment? Order now […]

 

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Misty Company reported the following before-tax items during the current year: Sales – $600Operating expenses – $250Restructuring charges – $20Extraordinary loss – $50Misty’s effective tax rate is 40%, and there were 1,000 shares of common stock outstanding.

February 17, 2020 in /by

Please see the file. I have an hour to complete this. Thanks!  ATTACHMENT PREVIEW Download attachment 1. Misty Company reported the following before-tax items during the current year: Sales – $600Operating expenses – $250Restructuring charges – $20Extraordinary loss – $50Misty’s effective tax rate is 40%, and there were 1,000 shares of common stock outstanding. What would be Misty’s net income for the current year? 2.  Listed below are account balances (in millions of dollars) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses a perpetual inventory system.    Debit CreditAccounts receivable-trade680  Building and equipment920  Cash-checking34  Installment receivables50  Interest receivable30  Inventory16  Land150  Note receivable (long-term)450  Petty cash funds5   View    Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code “Newclient”

 

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Question 1. Doug Dugan owns and operates Doug’s Dog Houses, a successful small business that produces and sells

February 17, 2020 in /by

Question 1. Doug Dugan owns and operates Doug’s Dog Houses, a successful small business that produces and sells dog houses to customers across the Great Plains region of North America. Each dog house sells for $200. The unit variable costs to produce each standard dog house are $80, and the annual fixed costs for the […]

 

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