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Answer the following statement true (T) or false (F)
False
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The group that sets international preferred accounting practices is called the:
A. FASB. B. AICPA. C. CAP. D. SEC. E. IASB.
Canarsie Company leased equipment to Fulton Inc on January 1 . 2014 . The lease is for an eight-year period expiring December 31 . 2021 . The first of eight equal annual payments of $900,000 was made on January 1 . 2014 . Canarsie had purchased the equipment on December 29, 2013 . for $4,800,000 . The lease is appropriately accounted for as a sales-type lease by Canarsie. Assume that the present
value at January 1 . 2014, of all rent payments over the lease term discounted at a 1 . percent interest rate was $5,280,000 . What amount of interest revenue should Canarsie record in 2015 (the second year of the lease period) as a result of the lease? a. $490,000 b. $480,000 c. $438,000 d. $391,800
When comparing the direct write-off method and the allowance method of accounting for uncollectible accounts, the entry to reinstate a previously written off accounts under the allowance method would include:
A) A credit to Bad Debt Expense B) A debit to Bad Debt Expense C) A debit to Allowance for Doubtful Accounts D) A credit to Allowance for Doubtful Accounts
If things don't straighten up in my neighborhood, I will be forced to call the ________ (authority)
A) authoritys B) authoritys' C) authorities D) authorities'