In a lease that is recorded as a direct financing lease by the lessor, unearned revenue
a. should be amortized over the period of the lease using the interest method.
b. should be amortized over the period of the lease using the straight-line method.
c. does not arise.
d. should be recognized in full at the inception of the lease.
A
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The Sarbanes-Oxley Act is intended to provide protection where oversight did not previously exist.
Answer the following statement true (T) or false (F)
Private foundations are usually funded by ______.
A. the U.S. Congress B. a single donor C. community organizations D. a vast number of corporate sponsors
We need to ____ the fact that our financial records will be more closely examined by auditors
A) accept B) except
Lopez Corp uses the indirect method to prepare its statement of cash flows
Refer to the following information for 2017: 1. Long-Term Notes Payable, beginning balance, $85,000 2. Long-Term Notes Payable, ending balance, $71,000 3. Common Stock, beginning balance, $3,100 4. Common Stock, ending balance, $27,000 5. Retained Earnings, beginning balance, $76,000 6. Retained Earnings, ending balance, $120,000 7. Treasury Stock, beginning balance, $5,200 8. Treasury Stock, ending balance, $10,100 9. No stock was retired. 10. No treasury stock was sold. 11. During 2016, the company repaid $37,000 of long-term notes payable. 12. During 2016, the company borrowed $51,000 on a new note payable. 13. Net income for the year was $54,000. 14. Assume all dividends declared during the year were paid. What is the net cash flow from financing activities? A) $19,000 B) $9,000 C) ($14,000 ) D) $23,000