Homework Answers
| Period Ending Date | Begininning Balance of Lease Liability | Interest on Lease Liability | Reduction of Lease Liability | Cash Lease Payment | Ending Balance of Lease Liability |
| Year 1 | $73,903 | $6,651 | $12,349 | $19,000 | $61,554 |
| Year 2 | $61,554 | $5,540 | $13,460 | $19,000 | $48,094 |
| Year 3 | $48,094 | $4,328 | $14,672 | $19,000 | $33,423 |
| Year 4 | $33,423 | $3,008 | $15,992 | $19,000 | $17,431 |
| Year 5 | $17,431 | $1,570 | $17,430 | $19,000 | $0 |
| Total | $21,097 | $73,903 | |||
| Working | |||||
| Lease PaymentAmount | PV Factor | Present value of lease payments | |||
| $19,000 | 3.88965 | $73,903 | |||
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UD-Describe accounting for leases and pensions eck my work ue, 08 points...
Accounting
Rogers Company signs a five-year capital lease with Packer Company for office equipment. The annual year-end lease payment is $10,000, and the interest rate is 8%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.)2. Prepare the journal entry to record Rogers’s capital lease at its inception.3. Complete a lease payment schedule for the five years of the lease with the following headings. Assume that the beginning balance of the lease liability is the present value of lease payments.4....
4 (20 points teases On January 1, 2020 Klowa Co. leases equipment on a three-year lease....
4 (20 points teases On January 1, 2020 Klowa Co. leases equipment on a three-year lease. This lease is a finance lease. The lease requires three $25,480 lease payments (the first is on 1/1/20, the second is on 12/31/20, and the third is on 12/31/21. The present value of the three annual lease payments is $70,980, using a 7.9% interest rate. a) Complete the lease payment schedule below. Round to the nearest dollar. Show and label supporting computations as needed....
redo the journal entries for Example 4-2 (day one) and 4-11 (day two) using an incremental...
redo the journal entries for Example 4-2 (day one) and
4-11 (day two) using an incremental borrowing rate of 5%. Do the
same for Example 4-4 (day one) and 4-13 (day two) also using IBR%
of 5%.
Accounting for leases EXAMPLE 4-2 Finance lease initial recognition - non-specialized digital imaging equipment lease (lessee) Lessee Corp enters into a lease of non-specialized digital imaging equipment with Lessor Corp on January 1, 20X9. The following table summarizes information about the lease and...
please provide solution for these two questions Caliper 1/-Leases aurent portion of longtem by 87. ABC...
please provide solution for these two questions
Caliper 1/-Leases aurent portion of longtem by 87. ABC leased a new machine from QRS on July 1, 20x19, under a lease with the following pertinent information: lease term 10 years annual rental payable at the beginning of each lease year $30,000 useful life of the machine 12 years implicit interest rate 14 percent present value of an annuity of S1 in advance for 10 periods at 14 percent 5.95 Present value of...
Please help me. This is all part of one question. Check my work The accounting records...
Please help me. This is all part of one question.
Check my work The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings $18,000 19,135 (215 units @ $89) 14,600 22,535 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $91 2. Second purchase (cash) 205 units @ $99 3. Sales (all cash) 365 units @ $190 4. Paid $15,300...
Check my work Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that...
Check my work Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying and requires an interest rate implicit in the lease that is one percent below alternate methods of financing. On September 30, 2021, the company leased a delivery truck to a local florist, Anything Grows. The fiscal year for both companies ends December 31 The lease agreement specified quarterly payments of $4,000 beginning September 30,...
please help me! Financial Accounting Instructor: Turck Review of the Accounting Cycles The December 31, 2017,...
please help me!
Financial Accounting Instructor: Turck Review of the Accounting Cycles The December 31, 2017, balance sheet for Karl's Caddy-Shack is as follows: Karl's Caddy Shack Balance Sheet As of December 31, 2017 LIABILITIES & STOCKHOLDER EQUITY Accounts Payable $3,300 Salaries Payable. Interest Payable on Note. Notes Payable Total Liabilities ASSETS: Cash. Accounts Receivable, Gross... ... $12,000 Less: Allowance for Doubtful Accts. (2.400) Accounts Receivable, Net Realizable Value.. Interest Receivable on Loan Supplies . Merchandise Inventory, carried at LIFO...
Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common...
Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31....
please briefly explain how we do adjustments Thank u in Advance. and the SUTA rate is...
please briefly explain how we do adjustments Thank u in
Advance.
and the SUTA rate is 5.4% for the 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies. CP 9 Bug-Off Exterminators provides pest control services and sells extermination products manufac- tured by other companies. The following six-column table contains the company's unadjusted trial bal- ance as of December 31, 2019 P B Adjusted Unadjusted Trial Balance Trial Balance Adjustments December...
Required information [The following information applies to the questions displayed below.] Alcorn Service Company was formed...
Required information
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $80,000 cash from the issue of common stock.
Purchased $5,200 of supplies on account.
Purchased land that cost $58,000 cash.
Paid $5,200 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $82,000.
Paid $41,000 cash for other operating expenses.
Collected $58,000 cash from accounts receivable.
Information for 2018...
4 (20 points teases On January 1, 2020 Klowa Co. leases equipment on a three-year lease. This lease is a finance lease. The lease requires three $25,480 lease payments (the first is on 1/1/20, the second is on 12/31/20, and the third is on 12/31/21. The present value of the three annual lease payments is $70,980, using a 7.9% interest rate. a) Complete the lease payment schedule below. Round to the nearest dollar. Show and label supporting computations as needed....
redo the journal entries for Example 4-2 (day one) and
4-11 (day two) using an incremental borrowing rate of 5%. Do the
same for Example 4-4 (day one) and 4-13 (day two) also using IBR%
of 5%.
Accounting for leases EXAMPLE 4-2 Finance lease initial recognition - non-specialized digital imaging equipment lease (lessee) Lessee Corp enters into a lease of non-specialized digital imaging equipment with Lessor Corp on January 1, 20X9. The following table summarizes information about the lease and...
please provide solution for these two questions
Caliper 1/-Leases aurent portion of longtem by 87. ABC leased a new machine from QRS on July 1, 20x19, under a lease with the following pertinent information: lease term 10 years annual rental payable at the beginning of each lease year $30,000 useful life of the machine 12 years implicit interest rate 14 percent present value of an annuity of S1 in advance for 10 periods at 14 percent 5.95 Present value of...
Please help me. This is all part of one question.
Check my work The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2: Cash Beginning inventory Common stock Retained earnings $18,000 19,135 (215 units @ $89) 14,600 22,535 The following five transactions occurred in Year 2: 1. First purchase (cash) 120 units @ $91 2. Second purchase (cash) 205 units @ $99 3. Sales (all cash) 365 units @ $190 4. Paid $15,300...
Check my work Mid-South Auto Leasing leases vehicles to consumers. The attraction to customers is that the company can offer competitive prices due to volume buying and requires an interest rate implicit in the lease that is one percent below alternate methods of financing. On September 30, 2021, the company leased a delivery truck to a local florist, Anything Grows. The fiscal year for both companies ends December 31 The lease agreement specified quarterly payments of $4,000 beginning September 30,...
please help me!
Financial Accounting Instructor: Turck Review of the Accounting Cycles The December 31, 2017, balance sheet for Karl's Caddy-Shack is as follows: Karl's Caddy Shack Balance Sheet As of December 31, 2017 LIABILITIES & STOCKHOLDER EQUITY Accounts Payable $3,300 Salaries Payable. Interest Payable on Note. Notes Payable Total Liabilities ASSETS: Cash. Accounts Receivable, Gross... ... $12,000 Less: Allowance for Doubtful Accts. (2.400) Accounts Receivable, Net Realizable Value.. Interest Receivable on Loan Supplies . Merchandise Inventory, carried at LIFO...
Events Affecting the Year 1 Accounting Period 1. Acquired $77,000 cash from the issue of common stock. 2. Purchased $4,600 of supplies on account. 3. Purchased land that cost $52,000 cash. 4. Paid $4,600 cash to settle accounts payable created in Event 2. 5. Recognized revenue on account of $76,000. 6. Paid $38,000 cash for other operating expenses. 7. Collected $55,000 cash from accounts receivable. Information for Year 1 Adjusting Entries 8. Recognized accrued salaries of $4,900 on December 31....
please briefly explain how we do adjustments Thank u in
Advance.
and the SUTA rate is 5.4% for the 4. Record the entry(ies) for the merchandise sold on March 25 if a 4% sales tax rate applies. CP 9 Bug-Off Exterminators provides pest control services and sells extermination products manufac- tured by other companies. The following six-column table contains the company's unadjusted trial bal- ance as of December 31, 2019 P B Adjusted Unadjusted Trial Balance Trial Balance Adjustments December...
Required information
[The following information applies to the questions
displayed below.]
Alcorn Service Company was formed on January 1, 2018.
Events Affecting the 2018 Accounting Period
Acquired $80,000 cash from the issue of common stock.
Purchased $5,200 of supplies on account.
Purchased land that cost $58,000 cash.
Paid $5,200 cash to settle accounts payable created in Event
2.
Recognized revenue on account of $82,000.
Paid $41,000 cash for other operating expenses.
Collected $58,000 cash from accounts receivable.
Information for 2018...
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