User Account

All Pages

What would be the journal entries on July

Assignment Help Accounting Basics
Reference no: EM132571305

Question - On 1 July 2020, Brooklyn Ltd (lessor) leased Equipment to New Ltd (lessee).

The lease agreement contained the following:

Annual Lease receivable on 1 July (in advance) $50,000

Lease Receivable on 1 July 2020 - measured at NPV net of initial lease receipts $176,992

What would be the journal entries on 1 July 2020 for the lessor (Brooklyn Ltd)?

1/7/2020

Dr Lease Receivables $176,992

Cr Equipment $176,992

None of these

1/7/2020

Dr Lease Receivables $176,992

Dr Cash at Bank $50,000

Cr Right of use Asset $226,992

1/7/2020

Dr Lease Receivables $176,992

Cr Equipment $176,992

1/7/2020

Dr Lease Receivables $176,992

Dr Cash at Bank $50,000

Cr Equipment $226,992

Reference no: EM132571305

Questions Cloud

Describe federalism : Describe federalism. Identify the impact it has on the public safety administrator.
How should the revenue be recognised : The services are delivered continuously over a 1-year period commencing on 15 May 2020. How should the revenue be recognised
Calculate each project payback period and net present value : Assume that you are the CFO at Porter Memorial Hospital. Calculate each project's payback period, net present value (NPV), and internal rate of return (IRR).
Summarize the roots of key organizational theories : Summarize the roots of key organizational theories from sociology (e.g. Marxist theory, Weber's bureaucracy
What would be the journal entries on July : Annual Lease receivable on 1 July (in advance) $50,000. What would be the journal entries on 1 July 2020 for the lessor (Brooklyn Ltd)
Describe the nature of leadership and distinguishing : Describe the nature of leadership and distinguishing it from management. Include a discussion of transactional versus transformational leadership.
What is the project npv and its irr : What is the project's NPV? Its IRR? Winston Clinic is evaluating a project that costs $52,125 and has expected net cash flows of $12,000
Development of coaching plan : Provide a statement of how this preparation will guide the development of your coaching plan, Develop a timeline for the tasks.
Prepare the necessary adjusting entries on August : The August 31 deposit of $17,050 was not included on the August bank statement. Prepare the necessary adjusting entries on August

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