User Account

All Pages

What is the depreciation expense for right of use of asset

Assignment Help Accounting Basics
Reference no: EM132814064

Problem 1: On January 1, 2020, an entity leased an equipment for four years at an annual rental of P170,000 payable at the end of each year. The estimated useful life of the equipment is four years. The present value factor of an ordinary annuity of 1 for four years of an implicit rate of 12% is 3.0373. The lease provides for a transfer of ownership of the equipment to the lessee at the end of the lease term. What is the depreciation expense for the right of use of asset for the year ended December 31, 2020.

Reference no: EM132814064

Questions Cloud

Discourse Communities and Communities of Practice : Read "Discourse Communities and Communities of Practice: Membership, Conflict, and Diversity." Write a 3/4-1 page summary of this reading
The balances of the accumulated depreciation - true or false : The Adjusted Trial Balance columns of the worksheet are prepared by combining the Trial Balance and Adjustments columns of the worksheet.-TRUE or FALSE.
What was the supervisors reaction to your response : Discuss one of the following situations you have experienced. Reflect on the experience. How did you respond? How did you feel? How did you communicate.
Describe what steps are required to initiate policy change : Provide suggestions for addressing the health issue caused by the current policy. Describe what steps are required to initiate policy change.
What is the depreciation expense for right of use of asset : On January 1, 2020, an entity leased an equipment. What is the depreciation expense for the right of use of asset for the year ended December 31, 2020.
Describe one of the safety committees your organization uses : Describe one of the safety committees your organization uses and how it reduces risk within your organization. Who are the general members of the group.
How much expenses bob should record in july : How much expenses Bob's should record in July 2019? Bob's paid $1,000 to plumbers for repairing a broken pipe in the restrooms in July.
What is the implied market rate of return : You have been closely following the market performance of a stock and, as of the market close yesterday, the price per share
What is net income for period for duncan manufacturing co : What is net income for the period? Duncan Manufacturing Company began operations on January 1, 2011. During the year, it started and completed 50 units.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the net income for the year

Problem - Presented below is certain information pertaining to Crane Company. Compute the net income for the year

  Nrtons outstanding stock consists of a 13000 shares of

nortons outstanding stock consists of a 13000 shares of noncumulative 8 preferred stock with a 10 par value and b 32500

  Prepare the journal entries to record these transactions

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

  Discuss what is debbies basis

Total values at the time of the dividend are: $50,000 for the preferred and $100,000 for the common. Based on this information, what is Debbie's basis

  What account will ochoa credit on february

On January 30, Ochoa Company received $50,000 from a client to design a new product line. What account will Ochoa credit on February 28?

  At what amount would land be reported

On December 31, 20X9, Rudd Company acquired 80 percent of the common stock of Wilton Company. At the time, Rudd held land with a book value of $100,000.

  What is the Accounting Rate of return for System A

The company has identified two new possible systems, which would be suitable for its customers. What is the Accounting Rate of return for System A

  Compute number of yellow daisy bicycles to be sold to earn

Compute the number of yellow daisy bicycles to be sold to earn an operating income of 189000 euros per month (use the original, current situation data)

  Discuss the concept of the activity-based costing

Special order, activity-based costing. (CMA, adapted) The Reward One Company manufactures windows. Its manufacturing plant has the capacity to produce 12,000.

  What are the balances for the Machine account

After the adjustments are recorded and posted at December 31, Year6, what are the balances for the Machine account and the Accumulated Depreciation account

  An accounting assistant has prepared the detailed

deleon inc. is preparing its annual budgets for the year ending december 31 2014. accounting assistants furnish the

  Determine accounts receivable average collection period

Given: Financial information for Aco fiscal years ending 2019 and 2018. Determine accounts receivable average collection period for FY 2019

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