User Account

All Pages

What amount should ralph report as rental income

Assignment Help Accounting Basics
Reference no: EM132820142

Problem 1: Ralph Company leased office premises to Wreck Company for a five year term beginning January 1, 2018. Under the terms of the operating lease, rent for the first year is P800,000 and rent for years 2 through 5 is P1,250,000 per annum. However, as an inducement to enter the lease, Ralph granted Wreck the first six months of the lease rent-free. What amount should Ralph report as rental income for 2018?

A. 800,000

B. 1,080,000

C. 1,160,000

D. 1,200,000

Reference no: EM132820142

Questions Cloud

Find the change in account balances of the two accounts : Prepaid insurance accounts had a beginning balance of P45,000. The change in account balances of these two accounts resulted in total expenses changing by
What changes or additions need to be made along the way : Future -1-2 slides - Where should attention be focused to make change (if change is needed) What changes or additions need to be made along the way?
Differences between common and civil law criminal procedure : What are the major differences between Common and Civil Law criminal procedure? What are the different methods of constitutional review? Don't just name them.
What is stock dividend yield : What is this stock's dividend yield? Round the final answer to 2 decimal places.
What amount should ralph report as rental income : Inducement to enter the lease, Ralph granted Wreck the first six months of the lease rent-free. What amount should Ralph report as rental income for 2018?
What is the required return on the stock : What is the required return on the stock? Round the final answer to 2 decimal places.
What amount of lease income should be recognized by lomi : Annual rental payment under the lease commencing in the third year is P500,000. What amount of lease income should be recognized by Lomi in the first year?
What is the npv for the project : If the company requires a 11.5% return on investment, what is the NPV for the project? Round the final answer to 2 decimal places.
Describe a generic threat model briefly : Describe a generic threat model briefly. For example: Identify assets: website server, database, domain name. Describe architecture: http/https requests.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the gift tax due if there is no split made

Using property she inherited, Myrna makes a 2019 gift of $16,200,000 to her adult daughter, Doris. What is the gift tax due if there is no split made

  What is the companys net profit margin percentage for year

The market price of common stock at the end of Year 2 was $6.41 per share. What is the company's net profit margin percentage for Year 2

  Explain the post balance-sheet substantive procedures

Subsequent Events-Cases. In connection with your examination of the financial statements of Olars Manufacturing Corporation for the year ended December 31.

  Prepare the adjusting journal entry to record the interest

Prepare the adjusting journal entry to record the interest owed at the end of the accounting period on December 31, 2010

  What effect would higher inflation have on the sml

Suppose investors raised their inflation, What effect would higher inflation have on the SML and on the returns required on high- and low risk Securities?

  Franco and elisa share income equally during the current

franco and elisa share income equally. during the current year the partnership net income was 40000. franco made

  At what amount would land be reported at on balance sheet

Jackson's incremental borrowing rate is 10%. At what amount would the land be reported at on the balance sheet

  As a long-term investment painters equipment company

as a long-term investment painters equipment company purchased 21 of amc supplies inc.s 404000 shares for 485000 at the

  What is the incremental cost to replace the old equipment

The company is considering whether it should keep or replace it's existing equipment. What is the incremental cost to replace the old equipment

  Calculate the budgeted cost of direct labor for the month

The direct labor rate is $80 per hour. Calculate the budgeted cost of direct labor for the month

  Journalize all entries required on the given dates

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable.

  Opportunity to apply principles

After engaging in a dialogue with your colleagues on valuation, you will now be given an opportunity to apply principles that were presented in this phase.

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