Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Blossom Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $28,865 at the beginning of each year. The first payment is received on January 1, 2020. Blossom had purchased the machine during 2019 for $100,000. Collectibility of lease payments by Blossom is probable. Blossom set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Blossom at the termination of the lease.
Required -
Part 1 - Compute the amount of the lease receivable.
Part 2 - Prepare all necessary journal entries for Blossom for 2020.
Part 3 - Suppose the collectibility of the lease payments was not probable for Blossom. Prepare the necessary journal entry for the company in 2020.
Part 4 - Suppose at the end of the lease term, Blossom receives the asset and determines that it actually has a fair value of $900 instead of the anticipated residual value of $0. Record the entry to recognize the receipt of the asset for Blossom at the end of the lease term.
During the year, he spends $300 on qualified medical expenses and the HSA earns $18. What is the effect of Hamid's participation in the HSA on his adjusted gross income?
Sales commission of $35,000 will be incurred. After the improvements, the exit price was $450,000. What is the fair value of the bulldozer
How do you find the Annual Reports and what are some examples of publicly held companies that might be interesting to review?
With the move toward a common set of global accounting standards, the International Accounting Standards Board (IASB) has created the International Financial Reporting Standards (IFRS) to meet this goal.
Financial and Non-Financial Evaluation - how does your MNC regard its foreign operation and how are the unit and the managers evaluated
Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest All-Star ?Fender's managers have
Bank of America offers to lend you the $100,000, but it will charge 6.20%, compounded monthly. What's the difference in the effective annual rates charged
Explain why you think Babu and Hari should conduct market research before starting their business. What could they find out by researching their Market
Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now he's not sure it is correct.
Intermediate: Product cost calculation - Calculate the selling price per unit allowing for a profit of 15 per cent) of the selling price
JJ Company determined that due to obsolescence, an equipment with an original cost of P4,500,000 and accumulated depreciation on January 1, 2019 of P2, 100,000.
jesus and mindy whose modified AGI is 200,000 adopted a girl from Miami florida and incurred a total of 18,000 in qualified adoption expenses what is the amount of adoption credit they can claim?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd