User Account

All Pages

What amount should be reported as rent income

Assignment Help Accounting Basics
Reference no: EM133046218

Question - On January 1, 2021, Ice Cream Company leased a new machine to Lessee Company for 5 years. The annual rental is P483,000. Lessee Company paid P26,450 to Ice cream Company as a lease bonus and P47,980 as a security deposit to be refunded upon expiration of the lease. What amount should be reported as rent income for the current year?

Reference no: EM133046218

Questions Cloud

What is the estimated cost of merchandise inventory : If the estimated rate of gross profit is 40%, what is the estimated cost of merchandise inventory on June 30, based on the following data
Write a brief report referring to relevant literature : Daily issues that impact on parenting and the child's wellbeing, including where a child may be at risk of harm.
What is this individual income tax liability : The business has revenue of $450,000 and expenses of $200,000 in a given year, What is this individual's income tax liability
Describing and reflecting on the diversity of families : Describing and reflecting on the diversity of families and the characteristics of effective partnerships, and discussing the challenges and rewards
What amount should be reported as rent income : On January 1, 2021, Ice Cream Company leased a new machine to Lessee Company for 5 years. What amount should be reported as rent income
Prepare the journal entry for crane company : Crane Company has accounts receivable of $912,000 and an allowance for doubtful accounts of $45,600. Prepare the journal entry for Crane Company
What the bible says about a contemporary issue : Write an essay on what the Bible says about a contemporary issue. You will choose from a list of topics and look at verses from the Bible that might address
Write your essay on the basis of cultural worldview : Choose the worldview that best represents your own experience. You will write your essay on the basis of this cultural worldview.
Ethics in business instructions : After reading the learning resources of the module, in this task you will write an explanatory essay on ethics in business.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Provide consolidation adjustment entries

Provide consolidation adjustment entries for the above inter-entity transactions to enable preparation of the consolidated report for the year ending

  What is the current price of visscher stock

Visscher's dividend is expected to grow at a constant rate of 5% a year, and its beta is 0.8. What is the current price of Visscher's stock?

  Determine the amount that should be entered on net income

Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period. Determine the amount that should be entered on net income

  At what amount will the building be recorded

Patti and Pam are forming a partnership. Patti will invest a piece of equipment with a book value of $6,068, At what amount will the building be recorded

  Prepare a contribution format income statement for may

Determine the unit product cost. Prepare an income statement for May. Prepare a contribution format income statement for May.

  Pricing strategies for small businesses

A customer-profitability profile highlights those customers a company should drop to improve profitability Do you agree? Explain. Are all customers important

  Compute Budgeted sales for product Z for the month

Estimated beginning inventory 18,000 units and The unit selling price is $15. Compute Budgeted sales for product Z for the month

  What was the standard price per unit

Standard quantity of direct materials allowed for May 30,000 pounds. What was the standard price per unit

  Prepare schedule for amortization of premium or discount

Market value and given data, prepare Schedule for Amortization of Premium or Discount on Bond by Effective interest rate or Reducing Balance method.

  Hooks and franklin are in the process of liquidating their

hooks and franklin are in the process of liquidating their partnership. they share profits and losses in a ratio of 31.

  Compute the excluding both markups and markdowns

Presented below is information related to sweet company. Compute the Excluding both markups and markdowns.

  Construct a decision tree to help abc make the best decision

The first is a small facility that it could build at a cost of $6 million. Construct a decision tree to help ABC make the best decision

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