58) The amount to be recorded as the cost of an asset under capital
lease is equal to the
59) In the earlier years of a lease, from the lessee's perspective, the
use of the
60) If the residual value of a leased asset is guaranteed by a third
party
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ACC 422 Final Exam Guide All 3 Sets
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Details of All 180 Questions Given Below
SET 1
1. Kraft Enterprises owns the following assets at December 31, 2012.
Cash in bank–savings account 67,516 Checking account balance
26,445
Cash on hand 9,478 Postdated checks 753
Cash refund due from IRS 40,324 Certificates of deposit (180-day)
94,754
What amount should be reported as cash?
Question 2
Presented below is information related to Rembrandt Inc.’s inventory.
(per unit)
Skis
Boots
Parkas
Historical Cost
273.79
152.75
76.37
Selling Price
312.70
208.95
106.27
Cost to distribute
27.38
11.53
3.60
Current replacement cost
292.52
151.31
73.49