Homework Answers
| Journal entry | ||||
| General journal | Debit | Credit | ||
| leased asset- office equipment | 10720 | |||
| lease liability | 10720 | |||
| (to record lease assets & leased liability) | ||||
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QS 10-18C Recording capital leases LO C3 Algoma, Inc., signs a five-year lease for office equipment...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $21,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2, 3, and 4), and the present value of the five annual lease payments is $90,555, based on an 8% interest rate. 1. Prepare the January 1 journal entry Harbor records at inception of the lease...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as...
On January 1, Harbor (lessee) signs a five-year lease for
equipment that is accounted for as a finance lease. The lease
requires five $22,000 lease payments (the first at the beginning of
the lease and the remaining four at December 31 of years 1, 2, 3,
and 4), and the present value of the five annual lease payments is
$93,274, based on a 9% interest rate. 1. Prepare the January 1
journal entry Harbor records at inception of the lease...
Harbor (lessee) signs a five-year capital lease for office equipment with a $10,000 annual lease payment...
Harbor (lessee) signs a five-year capital lease for office equipment with a $10,000 annual lease payment The present value of the five annual lease payments is $41,000, based on a 7% interest rate. 1. Prepare the journal entry Harbor will record at inception of the lease. 2. If the leased asset has a five-year useful life with no salvage value, prepare the journal entry Harbor will record each year to recognize depreciation expense related to the leased asset.
QS 10-8 Revenue and capital expenditures LO C3 a. Paid $40,000 cash to replace a compressor...
QS 10-8 Revenue and capital expenditures LO C3 a. Paid $40,000 cash to replace a compressor on a refrigeration system that extends its useful life by four years. b. Paid $200 cash per truck for the cost of their annual tune-ups. c. Paid $175 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to an office building for $225,000 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure....
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $52,000 cash to replace a motor...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $52,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $260 cash per truck for the cost of their annual tune-ups. c. Paid $208 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $292,500 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $66,000 cash to replace a motor...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $66,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $330 cash per truck for the cost of their annual tune-ups. c. Paid $264 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $371,250 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list...
QS 10-9 Disposal of assets LO P2 Garcia Co. owns equipment that cost $84,800, with accumulated...
QS 10-9 Disposal of assets LO P2 Garcia Co. owns equipment that cost $84,800, with accumulated depreciation of $44,800. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $53,000 cash, (2) $40,000 cash, and (3) $34,900 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of equipment assuming Garcia sells the equipment for $53,000 cash. Note: Enter debits before credits...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $28,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2, 3, and 4), and the present value of the five annual lease payments is $125,023, based on a 6% interest rate. 1. Prepare the January 1 journal entry Harbor records at inception of the lease...
QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower...
QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $620 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty...
On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $21,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2, 3, and 4), and the present value of the five annual lease payments is $90,555, based on an 8% interest rate. 1. Prepare the January 1 journal entry Harbor records at inception of the lease...
On January 1, Harbor (lessee) signs a five-year lease for
equipment that is accounted for as a finance lease. The lease
requires five $22,000 lease payments (the first at the beginning of
the lease and the remaining four at December 31 of years 1, 2, 3,
and 4), and the present value of the five annual lease payments is
$93,274, based on a 9% interest rate. 1. Prepare the January 1
journal entry Harbor records at inception of the lease...
Harbor (lessee) signs a five-year capital lease for office equipment with a $10,000 annual lease payment The present value of the five annual lease payments is $41,000, based on a 7% interest rate. 1. Prepare the journal entry Harbor will record at inception of the lease. 2. If the leased asset has a five-year useful life with no salvage value, prepare the journal entry Harbor will record each year to recognize depreciation expense related to the leased asset.
QS 10-8 Revenue and capital expenditures LO C3 a. Paid $40,000 cash to replace a compressor on a refrigeration system that extends its useful life by four years. b. Paid $200 cash per truck for the cost of their annual tune-ups. c. Paid $175 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to an office building for $225,000 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure....
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $52,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $260 cash per truck for the cost of their annual tune-ups. c. Paid $208 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $292,500 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
QS 8-9 Revenue and capital expenditures LO C3 a. Paid $66,000 cash to replace a motor on equipment that extends its useful life by four years. b. Paid $330 cash per truck for the cost of their annual tune-ups. c. Paid $264 for the monthly cost of replacement filters on an air-conditioning system. d. Completed an addition to a building for $371,250 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the...
QS 10-12 Intangible assets and amortization LO P4 On January 4 of this year, Diaz Boutique incurs a $120,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 8 years. Diaz leases its store and has 5 years remaining on the lease. 1. & 2. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year. View transaction list...
QS 10-9 Disposal of assets LO P2 Garcia Co. owns equipment that cost $84,800, with accumulated depreciation of $44,800. Garcia sells the equipment for cash. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment for (1) $53,000 cash, (2) $40,000 cash, and (3) $34,900 cash. View transaction list Journal entry worksheet < 1 2 Record the sale of equipment assuming Garcia sells the equipment for $53,000 cash. Note: Enter debits before credits...
QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $620 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 11, 2016, entry to record the mower sale, and the July 24, 2017, entry to record the warranty...
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