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!
Problem - Capital Lease
The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made: nine annual lease payments, each in the amount of $100,000 are to be made at the end of each year after the inception of the lease. The total amount to be paid under this lease, therefore, is $1,000,000. The town could borrow this amount for nine years at the annual rate of 8 percent: therefore, the present value of the lease at inception, including the initial payment is $724,689. Assume that the fair value of the building at the inception of the lease is $750,000.
a. Show the entry that should be made in a capital projects fund at the inception of the lease after the initial payment has been made.
b. Show the entry that should be made at the inception of the lease in the government activities journal.
c. Show the entry that should be made in the debt service fund and governmental activities journal to record the second lease payment.
12 Incurred a repair expense for repairs of $600. Darlene Cook Company agreed to pay in 60 days. This transaction involves an increase in accounts payable and repair expense. 15 Received a check for $500 from a customer who was previously billed. T..
Conduct research on the issue of the accounting processes that are necessary in combining the accounts of a subsidiary with a parent. List and describe some of the processes that you found are necessary.
1. p26-a1 basic flexible budgeting l.o. 2 centron inc. has the following budgeted production costs direct materials
How does the Congressional Budget Office "score" proposed changes to the income tax code?
Journalize the entries in good form on the general journal tab in the template. Post the journal entries to the appropriate T-accounts on the ledger tab in the template.
Each book contains four coupons that enable the holder to play one round of disc golf
Calculate the Toys "R" Us acid-test ratio for the most recent two years. Interpret these ratios. Why is total stockholders' equity negative
Calculate debt-to-equity ratios and perform a trend analysis with prior periods, considering known client activities related to debt and equity
When you see the term "avoidable cost" or "cost avoidance", just think of it as a savings. If we pursue a certain decision, there might be a savings.
This resulted in a loss of $16,000. Assuming that no other assets were disposed of during the year, how much was depreciation expense for 2017
On July 1, 2011, a five-year agreement is signed between the City of Genoa and the Computer Leasing Corporation for the use of computer equipment.
The following unadjusted trial balance contains the accounts and balances of Dalton Delivery Company as of December 31, 2011, its first year of operations.
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