User Account

All Pages

Calculate amount of selling profit that york would recognize

Assignment Help Accounting Basics
Reference no: EM132468531

The Freeman Company leased equipment from York Industries on January 1, 2019. York purchased the equipment at a cost of $ 180,000.

Other information:

Lease term:                  3 years

Annual payments:          $ 80,000

Life of asset:                  3 years

Implicit interest rate:          9%

Leesee's Incremental Rate:   9%

Required:

Round your answers to the nearest whole dollar amounts.

Question 1. Calculate the amount of selling profit that York would recognize in this sales-type lease. Round to the nearest dollar.

Question 2. Prepare the appropriate journal entries for York on January 1, 2019. Round to the nearest dollar.

Question 3. Prepare the appropriate journal entry for York on December 31, 2019. Round to the nearest dollar.

Reference no: EM132468531

Questions Cloud

How have weight watchers and jenny craig created value : How have Weight Watchers and Jenny Craig created value? In our class, we introduce that value means the relationship of benefits to cost.
Determine scrutinizing the unadjusted trail balance : Determine when you scrutinizing the unadjusted trail balance , which account is to be an error? a credit balance in accounts payable
Discuss the concept of customer satisfaction : Discuss the concept of customer satisfaction. How do customer relationship management and customer-perceived value impact customer satisfaction?
What is market research and classifications : Question 1: What is market research and classifications? Question 2: What is marketing environmental scan application?
Calculate amount of selling profit that york would recognize : Calculate the amount of selling profit that York would recognize in this sales-type lease. Round to the nearest dollar. Prepare the appropriate journal entries
Prepare the required adjusting entries for Bullwinkle : Accrued interest on the note payable is $20. Accrued salaries on December 31 are $40. Prepare the required adjusting entries for Bullwinkle on December 31, 2020
European approaches to the gender pay gap : Which of these policies do you think would be the most effective one to be implemented in Canada and why?
Determine aicpa code of professional conduct : Determine If the AICPA Code of Professional Conduct does not specifically address a threat to auditor independence, the auditor should
Critically analyse particular personal traits : Critically analyse particular personal traits or competencies that are important for project managers to possess in order to be most effective

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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