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Questions -
Q1) Spider Compnay leases a fleet of cars to company B for 5 years. The annual lease payment due at the beginning of the year is 75000 and the rate implicit in the lease is 8%. Company B record the leases under IFRS 16. What is the initial journal entry to set up the lease on company B books?
Q2) On Jan 1, 2020 Hot Fuss Corp purchased a building for 900,000 with the intention of leasing it. The building is expected to have a 20 years life, no residual value, and will be appreciated on a straight line basis. On April 1 2020 under the cancellable lease hot Fuss leased the building to Sam's town company for $300,000 per year ($25,000 a month) for a four year period ending March 31, 2024. Sam's town paid $300,000 to hot fuss on April 1 2020. During the calendar 2020hot Fuss incurred $30,000 in maintenance and other executory costs under the provisions of the lease. This lease is properly classified as an operating lease by both parties.
A) How much income before income taxes will Hot Fuss corp. report from this lease for calendar 2020?
B) How much rent expenses will Sam's town report in connection with this lease for Calendar 2020?
Journalize the transactions in Activity 1. (Establish your own chart of accounts). The owner purchased a car in the name of the business for P900,000.
qreporting and computing the acquisition and amortization of three different intangible assetskreiser company had three
Sheffield to enter the lease of $1,000. How would the initial measurement of the lease liability and right-of-use asset be affected under this situation?
If you undertake the investment opportunity, what is the Nominal Payback Period? Using the factors for 6%, what is the Discounted Payback Period? What is the Net Present Value of this investment opportunity?
Determine and Calculate cash flow from financing activities. Create a cash flow table. Show that cash effects net to a $450 outflow.
Howard paid suppliers in full for its balance owed of $128,000. Compute the supplies expense in the 2021 income statement
Write a response to these Congress-people explaining the importance of neutrality in financial accounting and reporting.
Elmo Clinic has identified three activities for daily maternity care: occupancy and feeding, nursing, and nursing supervision. The nursing supervisor oversees 150 nurses
Determine Stock Investment Transactions. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.
Prepare the appropriate journal entry(s) on December 31, 2022 and 2023 in response to the new estimate. Determine the total compensation cost pertaining
How is Ulta Beauty organized and managed (by product groups, geographic region, function, etc.)? How does that affect accounting
What is the present value of the new drug if the interest rate is 10% per year? Sabika works for a pharmaceutical company that has developed a new drug.
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