Solution-Compute for kiwi company expenses relating to the

Compute for kiwi company expenses relating to the store

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Reference no: EM132485118

Kiwi Company leases and operates a retail store. The following information relates to the lease for the year ended December 31, 2015:

Point 1: The store lease, an operating lease, calls for a base monthly rent of $15,000 on the first day of each month.

Point 2: Additional rent is computed at 6% of net sales over $3,000,000 up to $6,000,000 and 5% of net sales over $6,000,000 per calendar year.

Point 3: Net sales for 2015 were $9,000,000.

Point 4: Kiwi paid executory costs to the lessor for property taxes of $120,000 and insurance of $50,000.

Required:

Question 1: Compute for Kiwi Company's expenses relating to the store lease for 2015?

Reference no: EM132485118

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Compute for kiwi company expenses relating to the store

Reference no: EM132485118

Reference no: EM132485118

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