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Question - On January 2, 2019, Chats leased office space for an annual rental of P600,000 payable every yearend. The lease term is for five years and Chats has the option to extend the lease for another three years. The same annual rent shall be payable if the option is exercised, however, Chats did not signify to exercise the said option in 2019. The implicit interest rate on the lease is 12%. On January 1, 2021, Chats decided to extend the lease when the implicit interest rate is 10%.
-How much is the interest expense for 2021?
-How much is the depreciation expense for 2021?
-How much is the carrying amount of the lease liability as of yearend 2021?
-How much is the carrying amount of the right of use asset as of yearend 2021?
A fire has destroyed many of the financial records are WeBuild Associates. You are assigned to piece together information to prepare a financial report
Kathleen Cole Inc. acquired the following assets in January of 2005. Prepare the journal entry to record depreciation expense for the building in 2008
elwood inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of
Tonya is a cash basis taxpayer. In 2010, she paid state income taxes of $5,000. In early 2011, she filed her 2010 state income tax return and recieved a $500 refund.
Analyze the section showing typical stock information and financial positions of companies. Next, analyze one company's financial position and determine whether or not the stock potential will rise, remain stable, or decrease in value.
Collected property taxes in the amount of $ 840,000 and licenses and fees of $ 70,000 Invested $ 50,000 of available cash in a CD. Later in the year, redeemed the CD in full with interest of $ 2,000 Ordered police sedans for $ 80,000.
The company's average markup on its products is 20% of the sales price. How much cash can the company collect from accounts receivable during July
Presented below is the pre-closing trial balance for the Retiree Health Benefit Plan of the Alger County School District.
Bell Ltd. exchanged a piece of equipment for land and also paid $10,000 cash. The equipment was acquired at a cost of $420,000 in previous years.
Compute depreciation expense on the machine for the year ending December 31, 2010, and the year ending December 31, 2011, using the following methods. (Round all answers to 0 decimal places, i.e. 10,510.)
The decline in value is considered to be other than temporary. Explain the effect on classification, carrying value, and earnings
ewer firm will finance a proposed investment by issuing new securities while maintaining its optimal capital structure
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