ACC 422 Week 5 Question 21-3, Exercises from the Text E13-1, E13-7, E13-11, E13-13

May 8th, 2015
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ACC 422 Week 5 Question 21-3, Exercises from the Text E13-1, E13-7, E13-11, E13-13

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Question 21-3Identify the two recognized lease accounting methods for lessees and distinguish between them.There is the operating lease and the capital lease. The operating lease is one where the lessee would record the rent paid or rent expense over the terms of the lease, which is on the straight-line basis most of the time. The other method is the capital lease which the lessee does not record rent as an expense like the other way. Instead it classifies the lease as obligation and interest payments and depreciates the assets. Also depending on the ownership changes the depreciable life of the asset would either be the economic life or the lease term.E13-1 (Balance Sheet Classification of Various Liabilities) How would each of the following items be reported on the balance sheet?(a) Accrued vacation pay. Current Liability (b) Estimated taxes payable. Current Liability(c) Servi

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