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Pachacha [2.7K]
3 years ago
7

For the lessee to account for a lease as a finance lease, the lease must meet: Multiple Choice Any two of the criteria specified

by GAAP regarding accounting for leases. All five of the criteria specified by GAAP regarding accounting for leases. Any one of the six criteria specified by GAAP regarding accounting for leases. Any one of the five criteria specified by GAAP regarding accounting for leases.
Business
1 answer:
maxonik [38]3 years ago
5 0

Answer:

The correct answer is Any one of the five criteria specified by GAAP regarding accounting for leases.

Explanation:

According to the information in FAS 13, criteria for accounting for financial and operating leases must be followed, such that the asset must be recognized all the risks according to the property, considering the times of the lease and in other cases the future purchase options the which must be reasonably recorded. If these criteria are not met it should be classified as an operating lease.

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On January 1, Greenview Company adopted the dollar-value LIFO method. The inventory cost on January 1 was $112,000. On December
Mumz [18]

Answer:

125,200

Explanation:

Adjust inventory to base year prices:

= Cost of ending inventory ÷ cost index for the year

= $136400 ÷ 1.1

= $124,000

Current year LIFO layer:

= Adjust inventory to base year prices - Cost of beginning inventory

= $124,000 - $112,000

= $12,000

Inventory to be shown:

= Add the new LIFO layer at end of period prices to prior year LIFO inventory

= (112,000 × 1) + (12,000 × 1.1)

= 112,000 + 13,200

= 125,200

7 0
3 years ago
On an application, what is a positive way to present an honest picture of yourself?
JulijaS [17]
C. say that you resigned from a job
7 0
3 years ago
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Which of the following journals would a company use to record cash collections from customers, net of discounts taken?
erastova [34]

Answer:

b. Cash receipts journal.

Explanation:

When cash will be collected from customers net of discounts cash receipts journal will be used.

As at time of sale customers account will be debited and at the time when the payments will be received cash receipts journal will be debited and customer's account will be credited and accordingly, since cash is received and specific it is, General Journal will not be affected, and cash disbursements journal will also not be affected.

Also, as there are no purchases purchase journal will also not be affected, and sales journal will be affected at time of sale but not at he time of receiving payments from customers.

Thus, correct answer is

b. Cash receipts journal.

6 0
3 years ago
Winona contracted with XtremeCast, a broadcast media firm, to cohost an Internet-streaming sports program. Winona and XtremeCast
Dimas [21]

Answer: Yes. Winona was an independent contractor

Explanation:

Based on the analysis and the information that have been provided in the question, we can say that Winona was an independent contractor.

An independent contractor is an individual who works for someone else and gets paid for the work done by the employer but it should be noted that the person is not under the control of the employer. .An independent contractor is termed an agent and not employed by the company he or she is working for.

8 0
3 years ago
Changes in the quality of a good Group of answer choices do not present a problem in the construction of the consumer price inde
mestny [16]

Answer: Consumer price index

Explanation: A Consumer Price Index measures changes in the price level of a weighted average market basket of consumer goods and services purchased by households. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically

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3 years ago
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