Homework Answers
| 1 | In the books of Lessee (Nath-langstrom services Inc.) | ||||||||
| Date | Account titles and explanation | Debit | Credit | ||||||
| 2021 | |||||||||
| Jan 1. | Right of use of asset | (Note:1) | 70443 | ||||||
| Lease payable | 70443 | ||||||||
| (Lease liability recorded) | |||||||||
| June 30. | Interest expense | (70443*4%*1/2) | 1409 | ||||||
| Lease payable | (18500-1409) | 17091 | |||||||
| Cash | 18500 | ||||||||
| (Lease payment made) | |||||||||
| June 30. | Amortization expense | 17091 | |||||||
| Right of use of asset | 17091 | ||||||||
| (Amortization recorded) | |||||||||
| Dec 31. | Interest expense | (70443-17091)*4%*1/2 | 1067 | ||||||
| Lease payable | (18500-1067) | 17433 | |||||||
| Cash | 18500 | ||||||||
| (Lease payment made) | |||||||||
| Dec 31. | Amortization expense | 17433 | |||||||
| Right of use of asset | 17433 | ||||||||
| (Amortization recorded) | |||||||||
| Note:1 | |||||||||
| Lease rental=$ 18500 | |||||||||
| Discount factor=Interest rate for 6 months=2% | |||||||||
| Lease term=4 rental payments | |||||||||
| Lease liability=Lease rental*Discount factor at 2% for 4 years=18500*3.80773=70443.01=$ 70443 | |||||||||
| 2 | In the books of Lessor (Computer world) | ||||||||
| Date | Account titles and explanation | Debit | Credit | ||||||
| Jan 1. | No entry | ||||||||
| (Since it is an operating lease) | |||||||||
| June 30. | Cash | 18500 | |||||||
| Lease revenue | 18500 | ||||||||
| (Lease revenue recorded) | |||||||||
| June 30. | Depreciation expense | (Note:2) | 10700 | ||||||
| Accumulated depreciation | 10700 | ||||||||
| (Depreciation recorded) | |||||||||
| Dec 31. | Cash | 18500 | |||||||
| Lease revenue | 18500 | ||||||||
| (Lease revenue recorded) | |||||||||
| Dec 31. | Depreciation expense | (Note:2) | 10700 | ||||||
| Accumulated depreciation | 10700 | ||||||||
| (Depreciation recorded) | |||||||||
| Note:2 | |||||||||
| Depreciation expense for the year=(Cost-Residual value)/Useful life=(107000-0)/5=$ 21400 | |||||||||
| Depreciation expense for 6 months=21400/2=$ 10700 | |||||||||
Add Answer to:
Check my word residual value Bomfim record amorozation and precision semiannual E VADO SI Use appropriate...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $16,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $103,000 and were expected to have a useful life of five years...
Please show related work, thank you! On January 1, 2021, Nath-Langstrom Services, Inc., a computer software...
Please show related work, thank you!
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $90,000 and were expected to have...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $10,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $91,000 and were expected to have a useful life of five years...
help with required 2 On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm,...
help with required 2
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other forms at an annual interest rate of 4%. The contract calls for four rerit payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The Computers were acquired by Computerworld at a cost of $109,000 and were expected to have a useful...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $11,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $92,000 and were expected to have a useful life of five years...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $11,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $92,000 and were expected to have a useful life of five years...
What am I missing? The program is showing my answer as incomplete, but everything that I...
What am I missing? The program
is showing my answer as incomplete, but everything that I have is
correct so far. Is this all correct, or am I missing something?
Exercise 15-17 (Algo) Lessee and lessor; operating lease (LO15-4] On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls...
fix the errors pls asap On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training...
fix the errors pls asap
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109,000 and were expected to have a...
fix the errors asap On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm,...
fix the errors asap
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19.500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109.000 and were expected to have a useful...
fix the erorrs. tried entering the answers couple of times but still getting them wrong. help...
fix the erorrs. tried entering the answers couple of times but
still getting them wrong. help asap pls
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other forms at an annual Interest rate of 4% The contract calls for four rent payments of $19.500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $16,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $103,000 and were expected to have a useful life of five years...
Please show related work, thank you!
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $90,000 and were expected to have...
help with required 2
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other forms at an annual interest rate of 4%. The contract calls for four rerit payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The Computers were acquired by Computerworld at a cost of $109,000 and were expected to have a useful...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $11,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $92,000 and were expected to have a useful life of five years...
What am I missing? The program
is showing my answer as incomplete, but everything that I have is
correct so far. Is this all correct, or am I missing something?
Exercise 15-17 (Algo) Lessee and lessor; operating lease (LO15-4] On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls...
fix the errors pls asap
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109,000 and were expected to have a...
fix the errors asap
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19.500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109.000 and were expected to have a useful...
fix the erorrs. tried entering the answers couple of times but
still getting them wrong. help asap pls
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from Computerworld Leasing, which routinely finances equipment for other forms at an annual Interest rate of 4% The contract calls for four rent payments of $19.500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired...
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