User Account

All Pages

How much should stephen report as deferred gain from sale

Assignment Help Financial Accounting
Reference no: EM132578927

On January 1, 2015, Stephen, Inc. sold equipment to Noli, and simultaneously leased it back for 5 years. Pertinent information at this date is as follows:

Sales price (Fair value is P450,000) P550,000

Carrying amount 400,000

Estimated economic life 15 years

Question 1: At December 31,2015, how much should Stephen report as deferred gain from the sale of the equipment?

Reference no: EM132578927

Questions Cloud

Fermentation is an important process in biology : It is also an important process in which many foods we eat and beverages we drink are made. Now that you have had a chance
What is the nernst equation : 1.) What is the Nernst Equation?
How much should pc options report as revenue : On July 1,2015, How much should PC Options report as revenue on sale-leaseback of the equipment for the year ended December 31,2015?
The two major themes are creativity and stress : The two major themes are creativity and stress. We have discussed how both of these concepts relate to both the individual as well as to the organization
How much should stephen report as deferred gain from sale : On January 1, 2015, Stephen, Inc. sold equipment to Noli, At December 31,2015, how much should Stephen report as deferred gain from the sale of the equipment?
Explain the methodology : Explain the methodology and/or process of the assessment instrument for the stakeholders.
Find the amount of the notes payable reported as current : In October 2014, Wilson Corporation acquired land, Find the amount of the notes payable reported as current and non-current at December 31, 2015.
Describe proteins size-shape and polarity : Describe this proteins size, shape and polarity? It is a normal protein, nothing done to it.
Determining the hodgkin lymphoma : John has just been told that he has a condition called Hodgkin's lymphoma. He looked up the disease on the Internet

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the companys current stock price

The company's beta is 1.25, the required return on the market is 10.50%, and the risk-free rate is 4.50%. What is the companys current stock price

  Computed the cost and revenue estimates

Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined by his division’s return on investment (ROI), which has exceeded 22% ea..

  How will this sale affect retained earnings

The company had estimated the useful life at 8 years and a residual value at $5,600. How will this sale affect Retained Earnings

  Prepare journal entries to record the above transactions

Tunley began Tunley Office Services in October and during that month completed these transactions: Prepare journal entries to record the above transactions. Explanations are unnecessary.

  How much will the remaining general creditors receive

How much will the remaining general creditors receive from the distribution before subordination adjustment? Round your answers to the nearest dollar.

  Calculate monaco accounts receivable turnover ratio

Calculate Monaco accounts receivable turnover ratio for the year. The company does not believe it will have any bad debts. Use the turnover ratio computed in (b) to analyze Monaco’s liquidity. The turnover ratio last yearwas 8.0.

  This project should be completed using excel with formulas

this project should be completed using excel with formulas and linked data. the parameters of the project are below1.

  Prepare journal entry to record sale of all eg and g shares

Prepare the journal entry to record the sale of all the EG&G shares on August 20 for $16 per share. Is this entry affected by the June 30 adjustment?

  Journalize the transactions and prepare a trial balance

Journalize the transactions - Post to the ledger T-accounts and prepare a trial balance on April 30, 2014.

  Create at least three contingency goals in the event

Mohammed Abul and his family own the Long-lasting Boot (LLB) store. LLB is a specialty boot store located in the downtown area in a medium sized Scottsdale, Arizona and sells a broad line of boots to all members of the family including a novelty pet ..

  Compute eps for the year

Compute EPS for the year 20XX. (Round the final answer to 2 decimal places.) Compute EPS for the year 20XY. (Round the final answer to 2 decimal places.)

  How to journalize transactions and the amounts involved

How to journalize transactions and the amounts involved? Declared a $1 cash dividend per share to stockholders of record on January

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