Kamran Burki Build-A-Bear Case – Lease a. Companies lease assets rather than by them because the company might need the asset for only a short period of time. The company might also not want to report an asset or liability or the company simply might not have enough cash to buy the asset. In addition, the company also might have difficulty getting a loan to finance the purchase. b. An operating lease is very similar to a rental agreement. The company does not have ownership of the asset
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Identifying Industries Using Common-Size Balance Sheets The table below presents common-size balance sheets for five firms. The firms are: 1. Commonwealth Edison: Generates and sells electricity to businesses and households. 2. Hewlett-Packard: Develops, assembles, and sells computer hardware and printers. The firm outsources many of its computer and printer components. 3. Household International: Lends money to consumers for periods ranging from several months to several years. 4. May Department
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ASC 410 Summary ASC 410 is the accounting standard codification that represents asset retirement and environmental obligations. Under ASC 410, there are two main subtopics which are asset retirement obligations and environmental obligations. Asset retirement obligations are legal obligations that may exist in connection with an entity’s retirement of a tangible long-lived asset. These legal obligations may arise when the entity acquires, constructs, or develops a long-lived asset, or operates a
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The following balance sheet was adapted from the financial statements of the Williamsburg Regional Sewage Treatment Authority (dates have been changed). Fund Types The transactions of the authority are accounted for in the following governmental fund types: • General fund—To account for all revenues and expenditures not required to be accounted for in other funds. • Capital projects fund—To account for and report financial resources that are restricted, committed, or assigned to expenditure for capital
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INTRODUCTION This memorandum analyzes and presents the performance conducted by the two nobles Sihathor and Pemsah with respect to their farm harvests. Each of these farmers were given a certain amount of capital and land by Pharaoh Amenhotep. Initially, I will explain what the phenomena and attributes of interest are in this case. This will be followed by the evaluation of both farmers’ Balance Sheets, along with any ratios relevant to the case. Finally, I will make a recommendation to the Chief
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embodies a duty or responsibility 2. There is little or no discretion to avoid a future transfer or use of assets to satisfy the obligation, and 3. The obligating event has already occurred. In June 2001 the FASB issued a Statement No. 143, Accounting for Asset Retirement Obligations requiring entities to record liabilities for tangible, long-lived assets that must be retired or disposed of in a specified way by law or contract. Such liabilities are known as Asset Retirement Obligations (AROs)
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Hello Dolly A disposal group for a long-lived asset or assets to be disposed of by sale or otherwise represents assets to be disposed of together as a group in a single transaction and liabilities directly associated with those assets that will be transferred in the transaction. Note: The following definition is Pending Content; see Transition Guidance in 205-20-65-1. A disposal group for a long-lived asset or assets to be disposed of by sale or otherwise represents assets to be disposed of
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Penny Pincher Co defined benefit pension plan: Calculate funded status, obligation Penny Pincher Company has a defined benefit pension plan for its employees. The following pension data are available at year end (in millions): Accumulated benefit obligation $142 Projected benefit obligation 205 Fair value of plan assets 175 There is no balance in prepaid/accrued pension costs. Required: a. Calculate the funded
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Name: Bassel Al-kamarani. IDN: 60730136. MacDonald’s in Yemen can it be ? MacDonald’s corporation is one of the biggest and pretty well known fast-food companies around the world that does business in 117 countries. Although the company consider to be one of the most spreading companies in the world, still could not cover some countries such Yemen. This paper discuses several of reasons why such a corporation has not opened up in Yemen until now. Why Macdonald’s has not opened in Yemen
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partnerships Combination of two or more entities to form one entity. Reasons for amalgamation * Eliminate wasteful competition * Pool business talents and acumen for enhanced performance * Enjoy economies of scale Secure greater efficiency Accounting procedure Involves two processes; * Closing the books of the individual firms * Preparing the opening statement of financial position for the new firm A. Closing the books of the individual firms 1. Open a realisation account for each
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