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On 5/1/16, Mr.Speakers enters into a lease for computer equipment. Mr.Speakers leases five, 27” iMacs with 5k Retina displays, the 3.5ghz quad core chipset and advanced graphics capabilities. The iMacs retail for $2,300 apiece. The lease specifies monthly payments of $335 for two years. The lease is renewable after two years and includes a computer upgrade at that time. However, the renewal option is not considered a “bargain” nor is there a bargain purchase option. Ownership of the computers never transfers to Mr.Speakers. The lessor has an implicit interest rate of 2%, which is known to Mr.Speakers, and the computers have a useful life of five years. Mr.Speakers’ incremental borrowing rate is 3%. Prepare ALL necessary journal entries for this lease for the year ending 12/31/16.
On 7/1/2016, Mr.Speakers enters into a lease for retail space. The leased building has a fair value of $500,000 and a useful life of 30 years. Mr.Speakers’ incremental borrowing rate is 3%. The implicit rate used by the lessor is 4%. There is a bargain purchase option ($20,000) included in the lease, which is non-cancellable and ends after ten years. Lease payments occur quarterly beginning on 7/1/2016. Mr.Speakers is responsible for all executory costs, which include $1,200 of insurance and $1,500 of taxes. Insurance premiums are paid in advance on 7/1 each year. Taxes are paid on 12/31 each year. Calculate the required lease payment if the lessor wishes to recover 100% of the fair value of the building. Prepare ALL of Mr.Speakers’ journal entries related to the lease for the year ended 12/31/2016.
square footage requirements and effective utilization.your firm is preparing to open a new retail strip mall and you
Treasury stock that had been purchased for $4,874 last month was reissued this month for $5,909. What would the journal entry to record the reissuance include?
The office building was acquired by Lakeside at a cost of $1 million and was expected to have a useful life of 15 years with no residual value. Illustrate what will be the effect of the lease on LTT's earnings for the first year (ignore taxes)?
A foreign wholesaler offers to buy3,360units at $25each. Harley will incur special shipping costs of $1per unit. Assuming that Harley has excess operating capacity.
Discuss why a "make sense" chart of accounts is important. Specifically, how can setting it up well help the company's managers and vice versa.
Compute the amount of estate tax due (if any) if Gabriel made prior taxable gifts in 2005 totaling $1 million at which time he claimed a unified credit of $345,800 and paid no tax.
During 2010, Ace Company had sales of $376,000, operating expenses of $66,000, gross margin of 30%, cash dividends $30,000, other expenses/losses $15,000 and corporation income taxes of 30%. What was the income tax expense for 2010?
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question bennett inc. is a publicly held company whose diversified operations have been separated into five industry
Brown Primary Care Dental clinics Oral Health Initiative - In your analysis be sure to incorporate return on investment, time-value of money, and inflation factors.
Assume that the Pip division is presented with an investment project yielding a 20 percent return on its investment requiring a cash outlay of $30,000. Would the manager of the Pip division accept this investment under the ROI approach? How about ..
Critically analyse audited and forecast income statements of Brand Ltd and discuss any issues arising from your analysis - Discuss the general shortcomings of earnings based valuations
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