User Account

All Pages

Record the long-term equipment lease

Assignment Help Accounting Basics
Reference no: EM132764705

Question: Cottenec Memorial Golf Course is reported as an Enterprise Fund (EF) of LeCorre City. In 2018, the EF leased professional restaurant equipment based on a 20-year lease agreement with French Cooks, Inc. The City has determined that the present value of the lease payments (at 5%) is $443,000.

Provide entries to:

a. Record the long-term equipment lease.

b. Record a required initial lease payment of $150,000 that must be paid at the time the equipment is installed.

Reference no: EM132764705

Questions Cloud

Does pat recognize gain or loss on the transfer : Peter transfers a piece of land to Partnership PAT for a partnership interest, The land had an adjusted basis in Peter's hands of $25 and a fair market value.
Determine the dollar amounts that towson will report : Towson Corp., was organized on January 2, 2018. During the first year of operation, Towson issued 100,000 shares of $2 par value common stock at a price of $45.
What is the adjusting journal entry should be made : A warehouse was bought by Great Co on November 30, 2019 costing P3,400,000 for storage of product Y. It has an estimated useful life of 15 years and salvage.
Prepare classified assets section in the balance sheet : Adam Company's Trial Balance includes the following accounts: Cash 2000 / Prepaid rent $ 5000 / Unearned revenue $ 8000/ Buildings $200000.
Record the long-term equipment lease : Cottenec Memorial Golf Course is reported as an Enterprise Fund (EF) of LeCorre City. In 2018, the EF leased professional restaurant equipment based.
What is the amount of joint cost allocated to product c : A joint process produces three products at the split-off point. Product A can be sold without further processing at the split- olf point. Products B and C.
Describe semcos management structure : Identify the principles or values that are important to Semco.Why does Semco train each employee in accounting? Suggest how requiring team leaders.
Identify the major stakeholders in the case : Approaching ethics from a utilitarian framework, discuss whether or not the management of Sunbeam was unethical in issuing financial statement that improperly.
How the irs collects income tax from each : Davy Jones, a new tax client, walks into your office and informs you that he owns a charter fishing business. Jones is curious about the different legal.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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