09-4 Needs Space: Accounting for Lease Agreements Background NeedsSpace have entered into a leasing agreement with WeHaveIt to rent space for its corporate offices. Certain provisions have been included within the lease that Needs Space must take into consideration. ASC 840 has defined this lease as an operating lease. Key Facts The lease agreed upon is a 10-year term lease with no option to renew. Furthermore, there is no ability to negotiate for renewal. The following provisions are included
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January 1, 2007 for three years. On expiration the equipment reverts to Lessor Ltd. Annual expenses include a lease payment of $100,000 and other expenses of $2,000 with no expenses incurred by Lessor Ltd. The remaining useful life of the equipment is 4 years. At the time, the equipment had a Fair Market Value (FMV) of $265,000. Lessee Ltd guaranteed a residual value of $20,000 by the end of the lease term. The salvage value of the equipment was estimated as $2000 at the end of the economic life. The lessor’s
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Pharma Co Date: June 18, 2016 Prepared by: John B. Owens Viewed by: Joseph Walsh Issue: Determine proper accounting treatment for restructuring program costs under GAAP for the year ended December 31, 201X. Background: Pharma is in the process of restructuring a business line. As part of a restructuring, the Pharma is considering the relocation of a manufacturing operation from its present location to a new facility in a different geographic area. The relocation plan would include
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summary: This report is aiming to disclose how the Annual report of Woolworths for 2012 apply the accounting standard related to estimation uncertainty and accounting policy judgments. Furthermore, the potential gap between Woolworths’ current practice and the accounting standard requirements will also be discussed. Paragraphs 122- 124 of AASB101 has explained the requirements of significant accounting policy judgments and paragraphs 125-133 has detailed what need to be done for estimation uncertainty
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January 1, 2007 for three years. On expiration the equipment reverts to Lessor Ltd. Annual expenses include a lease payment of $100,000 and other expenses of $2,000 with no expenses incurred by Lessor Ltd. The remaining useful life of the equipment is 4 years. At the time, the equipment had a Fair Market Value (FMV) of $265,000. Lessee Ltd guaranteed a residual value of $20,000 by the end of the lease term. The salvage value of the equipment was estimated as $2000 at the end of the economic life. The lessor’s
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the data they present. By discussions held in class it allows us to analyze the following detail: stockholders’ equity, dilutive securities and earnings per share, investments, revenue recognition, income taxes, pensions and postretirement benefits, leases, changes and error analysis, and cash flows. All numbers presented throughout this discussion are in millions. With respect to the Coca Cola statement, we have determined that through the owner’s equity the corporation had three categories:
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AC2101 – Accounting Recognition and Measurement Agenda for Seminar 1 A. Course introduction 1. Contents overview Seminars 1 to 3 Conceptual Issues Underlying Accounting Recognition and Measurement presented by 2. Assessment components & expectations 3. Administrative matters B. Conceptual overview 1. Purpose of accounting & its role in contracting 2. Concepts of recognition, measurement & disclosure in accounting Low Kin Yew Associate Professor Nanyang Business School Semester
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Tiffaney Brown | Date: | November 30, 2015 | Re: | FASB research results | | | As you requested, I have completed the research on the lease types and lease structure issues on the Financial Accounting Standards Board (FASB) website for the Lone Star Trucking Company. I did specific research on direct financing, sales type, and operating leases. After going over the information I have, I will provide you my recommendation for handling the client’s situation According to the FASB, both
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BKAF3063: FINANCIAL ACCOUNTING AND REPORTING III (A132) TUTORIAL 1: ACCOUNTING FOR LEASES DUE DATE: 2/3/2013 BEFORE 12.00PM QUESTION 1: On 1 January 2013 Ayman Bhd. entered into a lease agreement to lease machine from Harry Bhd. The terms of the agreement included: (i) non-cancellable lease term of nine years, with an option to buy the machine at the end of lease term for RM7,000; (ii) lease rental of RM34,000 per year to be paid semiannually by Ayman Bhd. on 1 July and 1 January each
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COVER SHEET for SUBMISSION of INDIVIDUAL/ GROUP ASSIGNMENTS Course Code | Course Name | Dept. Date Stamp | ACCT2159 | Corporate Accounting | | Assignment Title | Assignment No: | Date Due | | Corporate Accounting Assignment 2012 semester 3 | 1 | Friday, 7th December 2012 | | Academic’s Name: | | | Ms. Sue | | (For Office use only) | STUDENT(S) Family name | Given Names | Student Number | 1) Vu Ly Bao | Ngoc | s3357828 | 2) Bui Mai | Phuong | s3372823 | 3) Nguyen
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