What is the amount of lease receivable

Assignment Help Accounting Basics
Reference no: EM133266917

On April 1, 2020, CPA Co. leased equipment to another entity. The lease is appropriately recorded as a sales and type lease and is for an 8-year period with an implicit interest rate of 10%. The first of eight equal payments of P700,000 was made on April 1, 2020. The cost of the equipment to CPA Co, is P3,700,000. The equipment has an estimated useful life of 8 years with no residual value. The present value of annuity of 1 in advance at 10% for 8 periods is 5.868. The entity follows the calendar year and uses the perpetual inventory system.

What is the amount of lease receivable presented on the current asset section?

Reference no: EM133266917

Questions Cloud

Calculate the npv for project : Hunt Inc. intends to invest in one of two competing types of computer-aided manufacturing equipment. CAM X and CAM Y. Both CAM X and CAM Y models have a project
How well the company''s management is able to control costs : HCA 530 Grand Canyon University Good management can overcome an array of temporary problems, while bad management can lead to the collapse of even the most
List the substantive audit procedures : On 30 September2022 the directors of Vaccinate decidedto sell land that Vaccinate was no longergoing to develop or use. The sale is considered to be highly prob
Discuss how agencies might reduce domestic violence : Do a search on the web for two resources that discuss how agencies might reduce domestic violence, hate crimes, or racialized violence of Indigenous peoples.
What is the amount of lease receivable : What is the amount of lease receivable presented on the current asset section?
Describe why power and privilege are important factors : MGMT 420 Centralia College describe why power and privilege are important factors in the workplace today - way in which you work with others who may
What is milton friedman model of csr : Describe the best CSR Model: Model of Carroll's four-part pyramid (the 4 levels of corporate social responsibility)?
Reviewing the draft financial statements : In reviewing the draft financial statements for the year ended December 31, 2020, CPA Co. decided that market conditions were such that the provision for invent
Determine the dollar amount of annapolis : Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided:

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much income does ethan recognize

Assume that Ethan owns 25% of Oak Corp. his basis in Oak Corp. stock at the beginning of the year is $5,000, How much income does Ethan recognize

  Estimate the value of perth international

If the subsidiaries remit their revenues to the Australian parent at the end of each year, estimate the value of Perth international

  What is fedexs strategy for success in the marketplace does

what is fedexs strategy for success in the marketplace? does the company rely primarily on a customer intimacy

  What is the expected incremental free cash flow

If the firm pays 25% corporate taxes, what is the expected incremental free cash flow for Year 4 of this project

  Prepare the journal entries to record these transactions

Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system

  Prepare the journal entry to record the impairment

Roland Company uses special strapping equipment in its packaging business. Prepare the journal entry (if any) to record the impairment at December 31, 2017

  Difference between assurance and attestation services

What is the difference between assurance and attestation services? Please provide examples of each

  Prepare a proposed schedule of liquidation

Prepare a proposed schedule of liquidation, showing how cash could be safely distributed to the partners at this time.

  Value chain analysis

Value Chain Analysis

  What is the price of the bond

A bond has a par value of $1,000, pays $70 semiannually and has a maturity of 15 years. If the bond earns 12% per year, what is the price of the bond

  Prepare the adjusting entry for july for johnson inc

Prepare the adjusting entry for July 31, 2019. Johnson Inc. borrowed $30,000 at 9% on 180 day note from first national bank on July 10, 2019

  Prepare the required journal entries

The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2010. Prepare the required journal entries for the following unrelated items.

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd