Question: Disclosure Suppose a firm entered into a capital lease debiting
Disclosure Suppose a firm entered into a capital lease, debiting an asset account and crediting a lease liability account for $150,000. Does this transaction need to be disclosed as part of the statement of cash flows? If so, where?
Answer to relevant QuestionsOverview Can the provisions of the Codification be ignored if the item is immaterial?There have been several recent cases of a CEO or CFO resigning or being ousted for misrepresenting academic credentials. For instance, during February 2006, the CEO of RadioShack resigned by “mutual agreement” for ...Pritano Company acquired all the net assets of Succo Company on December 31, 2010, for $2,160,000 cash. The balance sheet of Succo Company immediately prior to the acquisition showed:As part of the negotiations, Pritano ...Does current GAAP require that the information on the income statement be reported in chronological order with the most recent year listed first, or is the reverse order acceptable aswell?Stockholders of Acme Company, Baltic Company, and Colt Company are considering alter-native arrangements for a business combination. Balance sheets and the fair values of each company’s assets on October 1, 2011, were as ...
Post your question