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ACCT101-Handout9

ACCT101-Handout9 - Lease term is 75 or more of the expected...

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Acct 101 L12, L13, L16 Handout #09 1 Reporting and Interpreting Liabilities Current liabilities and long-term liabilities Current Liabilities Accounts payable Accrued liabilities Notes payable Current portion of long-term debt Deferred revenues Estimated liabilities Probable Resonably possible Remote Subject to estimate Not subject to estimate Long-term liabilities Notes payable Bonds payable Lease liabilities
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Unformatted text preview: Lease term is 75% or more of the expected life of the asset  Ownership is transferred to the lessee at the end of the term  Contract allows the lessee to purchase the asset at a price lower than market value  Present value of the lease payment is 90% or more of the market value of the asset when contract is signed Acct 101 L12, L13, L16 Handout #09 2  E 9-4 Nov. 1 Dec. 31 April. 30  Present Value...
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ACCT101-Handout9 - Lease term is 75 or more of the expected...

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