What amounts would be presented in the balance sheet

Assignment Help Accounting Basics

Reference no: EM133474378

Case: On January 1, the first day of its accounting year, Lessor Inc., leased certain equipment at an annual payment of $6,153, 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 $39,000.

Question: What amounts would be presented in the balance sheet as of December 31 related to this lease?

Reference no: EM133474378

Questions Cloud

What examples of discriminatory jury selection : What examples of discriminatory jury selection does Stevenson share? What factors do you believe should influence jury selection?

Explain significant ways in which each affects medical care : Explain the significant ways in which each affects the medical care demand curve. Provide at least one example of these factors to support your rationale.

How the company can enhance its ais to address these issues : maintaining accurate financial records. Propose a solution outlining how the company can enhance its AIS to address these issues effectively

When marginal revenue equals marginal cost : When marginal revenue equals marginal cost, total cost equals total revenue, and the firm makes zero profit. Do you agree or disagree? Explain.

What amounts would be presented in the balance sheet : What amounts would be presented in the balance sheet as of December 31 related to this lease?

Does community policing exist in your neighborhood : Does community policing exist in your neighborhood? What forces are driving change in your community?

Identify sport organizations significant revenue generators : Identify the sport organization's most significant revenue generators and significant, regular expenses supported by data from the most recent balance sheet.

Explain significance of understanding the context : Explain the significance of understanding the context in which a film exists. How does contextual knowledge influence our participative experience with film?

Show the balance sheet presentation on december 31 : Show the balance sheet presentation on December 31, and the income statement presentation for the year ended December 31.

User Account

All Pages