Acct 306 Case Project Summer 2014
On January 1, 2014, NeedMoreRoom, Inc. (NMR) entered into a lease agreement with WeRentSpace, Inc. (WRS) to rent space for its corporate offices. Based on the lease agreement, the lease is properly classified as an operating lease. The lease has a 10-year lease term (expires on December 31, 2023), and there is no option to renew nor is the ability to negotiate for renewal provided in the lease agreement. In addition, the lease agreement contains two provisions that require NMR to incur certain one-time costs at the end of the lease term. The provisions include the following: 1. “Lessor requires the lessee to perform general repairs and maintenance on the ...view middle of the document...
The case is worth 40 points. Your score will be determined based on the following: 1. Did you identify the proper accounting treatment for each obligation? 2. Did you appropriately cite the relevant accounting standard(s)? 3. Did you identify the appropriate journal entries and when they should be recorded? 4. Did you clearly explain your answers in your own words? 5. Did you use proper grammar, spelling, organization, and professional tone? In order to complete this case you will need to access the FASB Accounting Standards Codification. To gain access to the codification, go to the following website: http://aaahq.org/ascLogin.cfm and enter Username: AAA52145 Password: vxuM9Vf This case is due at the beginning of class on Monday, July 7. No hand-written solutions.
COBE Written Communication Grading Rubric
Unacceptable SCALE CLEAR 0 1 2 Acceptable 3 4 Excellent 5
Readers are left with critical questions regarding the objective of the message. Some assignment requirements not addressed. Sentences are difficult to read. The reader struggles to see how the message is organized. The reader may not finish the message.
CLEAR SYNTAX COHERENTLY ORGANIZED
Message addresses the necessary information. Basically satisfies the requirements of the assignment. Generally clear, though with some awkward sentences. Message shows evidence of an organizing principle.
The message provides all necessary information & anticipates questions Creatively satisfies all requirements of the assignment. Sentences are clear, fluent, and easy to read. The message is logically organized at the paragraph- and message-level; it’s easy to read and comprehend
The message uses vague, inflated, or empty terminology.
Message uses terminology the readers can understand.
Message uses clear, specific terms that readers can clearly understand; avoids unnecessary jargon or big words.
Message is not well formatted. The reader may not finish the message.
Message uses some principles of effective formatting