Homework Answers
Option is 1 and 3
to obtain stabilized net operating income, we should adjust for asset management fees and include the vacancy rate (when leases expired in the current year)
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Which of the following are typical adjustments made to calculate stabilized or market driven net operating...
For each of the following leases, calculate the depreciation expense for the first month. Use straight...
For each of the following leases, calculate the depreciation expense for the first month. Use straight line depreciation where appropriate. Party Type of Lease Reason for Classification Cost of Asset Lease Value Life of Asset Life of Lease Interest Rate 1. Lessor Operating 20,000 15,000 60 36 6% 2. Lessor Capital 90% PVMLP 20,000 18,500 60 36 6% 3. Lessee Operating 20,000 15,300 60 36 6% 4. Lessee Operating 20,000 16,080 72 48 6% 5. Lessee Operating 20,000 60 8...
Which of the following statement is not typical of property, plant and equipment as compared to...
Which of the following statement is not typical of property, plant and equipment as compared to most current asset accounts? 1) A property, plant and equipment cutoff error near year-end has a more significant effect on net inome. 2) Relatively few transactions occur in property, plant and equipment during the year. 3) The assets involved with property, plant and equipment ordinarily have relatively longer lives. 4) Property, plan and equipment accounts typically have a higher dollar value.
The owner of the property described in Exhibit 5.4 [page 143] asks the manager to take...
The owner of the property described in Exhibit 5.4 [page 143] asks the manager to take another look at the numbers and evaluate the savings if the improvement excludes a microwave oven. The owner would like to retain the proposed rent increase of $50 per month, however. The manager finds that the cost of the microwave, installed, would be $175. Because this is a popular addition to apartments in the marketplace, the manager assumes that at least two residents whose...
For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement...
For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template 1. Unrecorded depreciation on equipment is $610. 2. On the date for preparing financial statements, an estimated utilities expense of $390 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded as a $2,800 debit to Prepaid Rent and a $2,800 credit...
3 Below is an incomplete year-end worksheet which you will haveto complete Make the necessary adjustments,...
3 Below is an incomplete year-end worksheet which you will haveto complete Make the necessary adjustments, given the information items a through g. Oncethe worksheet is completed make thegen. journal closing entries. Trial Balance Debit Credit adj. ref 10000 25200 7000 Adjusted Trial Balance Inc. Statement Balance Sheet DebitCredit DebitCredi t Debit Credit Debit 0 Cash 1 Accounts recelvable 2 Prepaid Rent 3 Prepaid Insurance 4 Supplies S Equipment 6 Accum. Depreciation, Equip. 7 Accounts Payable 8 Salary Payable 9...
#1 MULTIPLE CHOICE (no need to show work but please get right) 1. A property has a net operating income of $25,000 and the capitalization rate used in the market is 10%. What is the indicated value? a...
#1 MULTIPLE CHOICE (no need to show work but please get right) 1. A property has a net operating income of $25,000 and the capitalization rate used in the market is 10%. What is the indicated value? a) $250,000 b) $300,000 c) $325,000 d) $2,500,000 2. A property sold for $555,000. The buyer anticipated that the potential gross income (PGI) would be $93,000, the vacancy would be 5%, and expenses would be 35% of the effective gross income (EGI) in...
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were...
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May: Select the accounting equation elements (Assets, Liabilities, Owner's Equity) affected by the transaction. Then, in the "Direction" column, select the impact ("Increases" or "Decreases") on the accounting equation element. Lastly, select the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $18,000; Owner's Equity...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded...
Assessing Financial Statement Effects of Adjustments The following information relates to December 31 accounting adjustments for...
Assessing Financial Statement Effects of Adjustments The following information relates to December 31 accounting adjustments for Fulton Fast Print Company. The firm's fiscal year ends on December 31. 1. Weekly salaries for a five-day week total $6,480, payable on Fridays. December 31 of the current year is a Tuesday. 2. Fulton Fast Print has $36,000 of notes payable outstanding at December 31. Interest of $360 has accrued on these notes by December 31 but will not be paid until the...
It is saying my net income before and after adjustments are both wrong for the last...
It is saying my net income before and after adjustments are both
wrong for the last picture, but is saying my stuff is correct every
where else.
GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 K. Perry (Withdrawals), a school owned by Kathy Perry, provides training to individuals who pay tuition directly to the school. Withdrawals also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found...
The owner of the property described in Exhibit 5.4 [page 143] asks the manager to take another look at the numbers and evaluate the savings if the improvement excludes a microwave oven. The owner would like to retain the proposed rent increase of $50 per month, however. The manager finds that the cost of the microwave, installed, would be $175. Because this is a popular addition to apartments in the marketplace, the manager assumes that at least two residents whose...
3 Below is an incomplete year-end worksheet which you will haveto complete Make the necessary adjustments, given the information items a through g. Oncethe worksheet is completed make thegen. journal closing entries. Trial Balance Debit Credit adj. ref 10000 25200 7000 Adjusted Trial Balance Inc. Statement Balance Sheet DebitCredit DebitCredi t Debit Credit Debit 0 Cash 1 Accounts recelvable 2 Prepaid Rent 3 Prepaid Insurance 4 Supplies S Equipment 6 Accum. Depreciation, Equip. 7 Accounts Payable 8 Salary Payable 9...
Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May: Select the accounting equation elements (Assets, Liabilities, Owner's Equity) affected by the transaction. Then, in the "Direction" column, select the impact ("Increases" or "Decreases") on the accounting equation element. Lastly, select the specific account within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $18,000; Owner's Equity...
Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the financial statement effects template and (b) in journal entry form. 1. Unrecorded depreciation on equipment is $1,220. 2. On the date for preparing financial statements, an estimated utilities expense of $780 has been incurred, but no utility bill has yet been received or paid. 3. On the first day of the current period, rent for four periods was paid and recorded...
Assessing Financial Statement Effects of Adjustments The following information relates to December 31 accounting adjustments for Fulton Fast Print Company. The firm's fiscal year ends on December 31. 1. Weekly salaries for a five-day week total $6,480, payable on Fridays. December 31 of the current year is a Tuesday. 2. Fulton Fast Print has $36,000 of notes payable outstanding at December 31. Interest of $360 has accrued on these notes by December 31 but will not be paid until the...
It is saying my net income before and after adjustments are both
wrong for the last picture, but is saying my stuff is correct every
where else.
GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 K. Perry (Withdrawals), a school owned by Kathy Perry, provides training to individuals who pay tuition directly to the school. Withdrawals also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found...
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