User Account

All Pages

What amounts would be presented in the balance sheet

Assignment Help Accounting Basics
Reference no: EM132825248

Reporting a Sales-Type Lease-Lessor .Lease receivable $80,000

On January 1, 2020, the first day of its accounting year, Lessor Inc., leased certain equipment at an annual payment of $10,254.19, receivable at the beginning of each year for 10 years. The first payment was received immediately. The equipment has an estimated useful life of 12 years and no residual value. Lessor's implicit rate is 6%. Lessor had no other costs associated with this lease and properly classified the lease as a sales-type lease. The leased equipment was carried on Lessor Inc.'s books at $65,000.

Problem a. Calculate the value of the lease receivable at the commencement of the lease.

Problem b. What amounts would be presented in the balance sheet as of December 31, 2020, related to this lease?

Reference no: EM132825248

Questions Cloud

Dissertation on the treatment of diabetes : Prepare dissertation on The treatment of diabetes - The difference between the three kinds of diabetes and How to treat the diabetes
Describe factors that influence the degree : a) If all organizations would hire based solely on the ability to do the job, there would be no need for equal employment opportunity laws.
Develop a coaching plan for the teacher : Even though the professional development event that you planned on the use of technology in the classroom was largely successful, you still have one teacher.
What amount should Mr Mercury report in income statement : What amount should Mr. Mercury report in its income statement from its investment in Hermes for the year ended December 31, 2018?
What amounts would be presented in the balance sheet : What amounts would be presented in the balance sheet as of December 31, 2020, related to this lease? Calculate the value of the lease receivable
Describe the guidelines for wearing a mask : Due to COVID-19, people were asked to practice social distancing and to wear masks when in public in 2020. Many stores required patrons to have on a mask before
Competing values framework : Why is a manager likely to be stronger in one quadrant and weaker in the other? How is this strength in a certain quadrant determined?
What are some potential forms of discrimination : What are some potential forms of discrimination based on labor laws and regulations when conducting a performance appraisal? Provide Evidence
What is a matrix organization : What is a matrix organization? When would management use it?

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