Please help with finding the right account titles!
Homework Answers
| Date | Accounts Title | Dr | cr |
| Dec 31 2017 | Interest Expenses | $25,852 | |
| Lease Liability | 15588 | ||
| Cash | $41,440 | ||
| Dec 31 2017 | Amortization expenses | $26,700 | |
| Right of use asset | $26,700 | ||
| If any doubt please comment. Enter this answer and see | |||
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Please help with finding the right account titles!
Brief Exercise 21A-7 Your answer is partially correct....
On January 1, 2017, Sheffield Company contracts to lease equipment for 5 years, agreeing to make...
On January 1, 2017, Sheffield Company contracts to lease
equipment for 5 years, agreeing to make a payment of $109,913 at
the beginning of each year, starting January 1, 2017. The leased
equipment is to be capitalized at $466,000. The asset is to be
amortized on a double-declining-balance basis, and the obligation
is to be reduced on an effective-interest basis. Sheffield’s
incremental borrowing rate is 6%, and the implicit rate in the
lease is 9%, which is known by Sheffield....
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated...
Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land...
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated...
Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land...
Please assist with answering the correct Account titles and figures in red! Please show all work!...
Please assist with answering the correct Account titles and
figures in red! Please show all work! Thank you!
Your answer is partially correct. Try again Assume that on January 1, 2017, Elmer's Restaurants sells a computer system to Crane Finance Co. for $640,000 and immediately leases the computer system back. The relevant information is as follows. The computer was carried on Elmer's books at a value of $560,000 The term of the non-cancelable lease is 3 years; title will not...
please answer b Exercise 21A-17 a-c (Part Level Submission) On January 1, 2017, Sage Hill Co....
please answer b
Exercise 21A-17 a-c (Part Level Submission) On January 1, 2017, Sage Hill Co. leased a building to Oriole Inc. The relevant information related to the lease is as follows. 1The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,800,000 (unguaranteed). 2. The leased building has a cost of $3,300,000 and was purchased for cash on January 1, 2017. 3 The building is depreciated...
CALCULATOR PRINTER VERSION 4 ВАск NEXT Brief Exercise 21A-27 Ivanhoe Co. leased machinery from Young, Inc....
CALCULATOR PRINTER VERSION 4 ВАск NEXT Brief Exercise 21A-27 Ivanhoe Co. leased machinery from Young, Inc. on January 1, 2017. The lease term was for 8 years, with equal annual rental payments of $5,700 at the beginning of each year. In addition, the lease provides an option to purchase the machinery at the end of the lease term for $3,000, which Ivanhoe is reasonably certain it will exercise as it believes the fair value of the machinery will be at...
Dete Account Titles and Explanation Dehit Credit Exercise 21A-1 a DU Journeys enters into an agreement...
Dete Account Titles and Explanation Dehit Credit Exercise 21A-1 a DU Journeys enters into an agreement with Traveler Inc. to lease a car on December 31, 2016. The following information relates to this agreement. 12/31/16 1231/17 The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. The 1. remaining economic life of the car is 3 years, and it is expected tohave no residual value at the end of the To record interest expense)...
*Exercise 21A-12 a-f On January 1, 2017, Cullumber Company leased equipment to Flynn Corporation. The following...
*Exercise 21A-12 a-f On January 1, 2017, Cullumber Company leased equipment to Flynn Corporation. The following information pertains to this lease: The term of the non-cancelable lease is 6 years. At the end of the lease term, Flynn has the option to purchase the equipment for $2,000, while the expected residual value at the end of the lease is $6,000. 2. Equal rental payments are due on January 1 of each year, beginning in 2017. 3. The fair value of...
please a need this, explain your anwers CALCLATOR FULL SCREEN PRINTER VERSION Brief Exercise 21A-6 Skysong...
please a need this, explain your anwers
CALCLATOR FULL SCREEN PRINTER VERSION Brief Exercise 21A-6 Skysong Company leased equipment from Costner Company, beginning on December 31, 2016. The lease term is 4 years and requires equal rental payments of $68,064 at the beginning of each year of the lease, startine en the commencement date (December 31, 2016). The equipment has a fair value at the commencement date of the lease of $250.000, an estimated useful life of 4 years, and...
In January 1, 2018, Hester Co. sells machinery to Beck Corp. at its fair value of...
In January 1, 2018, Hester Co. sells machinery to Beck Corp. at its fair value of $960,000 and leases it back. The machinery had a carrying value of $840,000, the lease is for 10 years and the implicit rate is 10%. The lease payments of $142,000 starting on January 1, 2018. Hester uses straight-line depreciation and there is no residual value. Hesters Co journal entry is presented below Hester Co. (Lessee) January 1, 2018 Cash A/C Dr 960,000 To Equipment ...
On January 1, 2017, Sheffield Company contracts to lease
equipment for 5 years, agreeing to make a payment of $109,913 at
the beginning of each year, starting January 1, 2017. The leased
equipment is to be capitalized at $466,000. The asset is to be
amortized on a double-declining-balance basis, and the obligation
is to be reduced on an effective-interest basis. Sheffield’s
incremental borrowing rate is 6%, and the implicit rate in the
lease is 9%, which is known by Sheffield....
Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land...
Accounts Payable
Accumulated Depreciation-Building
Accumulated Depreciation-Leased Building
Accumulated Depreciation-Capital Leases
Accumulated Depreciation-Equipment
Accumulated Depreciation-Leased Equipment
Accumulated Depreciation-Leased Machinery
Accumulated Depreciation-Machinery
Advertising Expense
Amortization Expense
Airplanes
Buildings
Cash
Cost of Goods Sold
Deferred Gross Profit
Deposit Liability
Depreciation Expense
Equipment
Executory Costs
Executory Costs Payable
Gain on Disposal of Equipment
Gain on Disposal of Plant Assets
Gain on Lease
Insurance Expense
Interest Expense
Interest Payable
Interest Receivable
Interest Revenue
Inventory
Land
Leased Asset
Leased Buildings
Leased Equipment
Lease Expense
Leased Land...
Please assist with answering the correct Account titles and
figures in red! Please show all work! Thank you!
Your answer is partially correct. Try again Assume that on January 1, 2017, Elmer's Restaurants sells a computer system to Crane Finance Co. for $640,000 and immediately leases the computer system back. The relevant information is as follows. The computer was carried on Elmer's books at a value of $560,000 The term of the non-cancelable lease is 3 years; title will not...
please answer b
Exercise 21A-17 a-c (Part Level Submission) On January 1, 2017, Sage Hill Co. leased a building to Oriole Inc. The relevant information related to the lease is as follows. 1The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $2,800,000 (unguaranteed). 2. The leased building has a cost of $3,300,000 and was purchased for cash on January 1, 2017. 3 The building is depreciated...
CALCULATOR PRINTER VERSION 4 ВАск NEXT Brief Exercise 21A-27 Ivanhoe Co. leased machinery from Young, Inc. on January 1, 2017. The lease term was for 8 years, with equal annual rental payments of $5,700 at the beginning of each year. In addition, the lease provides an option to purchase the machinery at the end of the lease term for $3,000, which Ivanhoe is reasonably certain it will exercise as it believes the fair value of the machinery will be at...
Dete Account Titles and Explanation Dehit Credit Exercise 21A-1 a DU Journeys enters into an agreement with Traveler Inc. to lease a car on December 31, 2016. The following information relates to this agreement. 12/31/16 1231/17 The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. The 1. remaining economic life of the car is 3 years, and it is expected tohave no residual value at the end of the To record interest expense)...
*Exercise 21A-12 a-f On January 1, 2017, Cullumber Company leased equipment to Flynn Corporation. The following information pertains to this lease: The term of the non-cancelable lease is 6 years. At the end of the lease term, Flynn has the option to purchase the equipment for $2,000, while the expected residual value at the end of the lease is $6,000. 2. Equal rental payments are due on January 1 of each year, beginning in 2017. 3. The fair value of...
please a need this, explain your anwers
CALCLATOR FULL SCREEN PRINTER VERSION Brief Exercise 21A-6 Skysong Company leased equipment from Costner Company, beginning on December 31, 2016. The lease term is 4 years and requires equal rental payments of $68,064 at the beginning of each year of the lease, startine en the commencement date (December 31, 2016). The equipment has a fair value at the commencement date of the lease of $250.000, an estimated useful life of 4 years, and...
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