User Account

All Pages

At what amount should gabriel ltd record right to use asset

Assignment Help Accounting Basics
Reference no: EM132529333

Question - Gabriel Ltd leases a siphoning filter from Logan Ltd. The terms of the lease are as follows: The lease is to commence on 1 July 2020. The lease is to last for 4 years. Lease payments are to be made annually in arrears. The first payment is to be made on 30 June 2021. Each lease payment is to amount to $5 000. At the end of the lease, the expected residual value of the filter is $3 000. Gabriel Ltd guarantees $2 000 of the residual value. The interest rate implicit in the lease is 4%. At the start of the lease, at what amount should Gabriel Ltd record the right to use asset in their books?

a. $19,859

b. $20,585

c. $18,149

d. $20,714

Reference no: EM132529333

Questions Cloud

How much money can Covid Ltd expect to collect from call : If every ordinary shareholder pays the amount owing in full, how much money can Covid Ltd expect to collect from this call
Unit 13 Financial Reporting Assignment : Unit 13 Financial Reporting Assignment Help and Solution, Higher National Diploma in Business - Assessment Writing Service - Evaluate international
Pros and cons of red bull nontraditional marketing tactics : Discuss the pros and cons of Red Bull's nontraditional marketing tactics. Should the company do more traditional advertising? Why, or why not?
What is Roccos net pay : Rocco pays income taxes at 15% and 5.65% for OASDI and Medicare. All of his income is taxable for FICA. What is Rocco's net pay
At what amount should gabriel ltd record right to use asset : The interest rate implicit in the lease is 4%. At the start of the lease, at what amount should Gabriel Ltd record the right to use asset in their books
What is the probability that a randomly selected accident : A study was recently done to investigate the relationship between drinking alcohol and number of vehicles involved in accidents. Four hundred accidents
What is the probability that more than 4 but less : A short term insurance company receives 3 motor vehicle claims, on average, per day. Assume that the daily claims follow a Poisson process.
Estimate the population mean for the number of hours lost : At a large company, the Director of Research found that the average work time lost by employees due to accidents was 104 hours per year. She used a random
Find what account would have credited to record fedora : Compute the number of units that Fedora started during May. What account would have been credited to record Fedora's completed production?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Complete the stockholders equity section

Complete the Stockholders' Equity Section using the following information as of December 31, 20x8. Points will be given for report structure and content

  Determine the machine second-year depreciation

Refer to the information in Exercise 10-6. Determine the machine's second-year depreciation using the units-of-production method.

  Calculate inventory turnover for the year

Calculate what cost of sales would have been for the year if the company had used FIFO to value its inventory. Calculate inventory turnover for the year using the reported numbers.

  Compute the break-even point in dollars under each of the

denny manufacturing had a bad year in 2012. for the first time in its history it operated at a loss. the companys

  Level of ownership-equity method

Should the rules be rewritten so that Coca-Cola must consolidate CCE rather than use the equity method? If so, at what level of ownership would the equity method no longer be appropriate?

  Coffee coupon instead of cash savings

How many times in a row would you have to get the coffee coupon instead of cash savings to be pretty sure that the company isn't living up to its advertised percentage of winners? Justify your answer by calculating a probability and explaining wha..

  Write a paper on the given description

Order Entry/Sales (OE/S) Process - Billing/Accounts Receivable/Cash Receipts (B/AR/CR) Process - Purchasing Process - Accounts Payable/Cash Disbursements (AP/CD) Process.

  Determine cost behaviors

Which of the following costs would most likely be classified as variable assuming the account analysis method is used to determine cost behaviors?

  What is the tax savings if the residence is acquired

Jill and George are married and file a joint return. What is the tax savings if the residence is acquired? What is their marginal tax rate for purposes

  In what journal would the following transactions be recorded

In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.)

  Adjusted trial balance for the blueboy cheese corporation

1.The December 31, 2013, adjusted trial balance for the Blueboy Cheese Corporation is presented below.

  Tax memo to the irs

Write a 2- to 3-page memo to the file, evaluating the merits of the position taken by the IRS. Use the IRAC Tax memo format: Issue, Ruling, Analysis, and Conclusion.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd