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 ================================================= ACC 422 Week 1 CPA Practice Exam
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 ================================================= ACC 422 Week 1 CPA Practice Exam
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1. What amount should Herc report as inventory in its December 31, 2005, balance sheet? 2. What dollar-value LIFO inventory cost would be reported in Cobb ' s December 31, 2006, balance sheet? 3. Garson Co. recorded goods in transit purchased FOB shipping point at year-end as purchases. The goods were excluded from the ending inventory. What effect does the omission have on Garson ' s assets and retained earnings at year end?
4. In accordance with ASC Topic 255, the Consumer Price Index for All Urban Consumers is used to compute information on a
5. If current assets exceed current liabilities, payments to creditors made on the last day of the month will
6. At the end of its first year of operations, December 31, year 1, Wonder Company had a net realizable value of accounts receivable of $ 500,000. During year 1 Wonder recorded charges to bad debt expense of $ 80,000 and wrote off as uncollectible accounts receivable of $ 20,000. What should Wonder report on its balance sheet at