User Account

All Pages

Assume that ibm leased equipment that was carried at a cost

Assignment Help Accounting Basics
Reference no: EM131110077

1. Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2011, with equal rental payments of $30,044 at the beginning of each year. All executory costs are paid by Swander directly to third parties. The fair value of the equipment at the inception of the lease is $150,000. The equipment has a useful life of 6 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain-purchase option, and no transfer of title. Collectibility is reasonably assured with no additional cost to be incurred by IBM. Prepare IBM's January 1, 2011, journal entries at the inception of the lease.

Reference no: EM131110077

Questions Cloud

Assume the direct-financing lease was recorded : Use the information for IBM from BE21-6. Assume the direct-financing lease was recorded at a present value of $150,000. Prepare IBM's December 31, 2011, entry to record interest.
Explain the contract law that the court applied to the case : From the e-Activity, discuss the major issues addressed in the case you found. Explain the contract law that the court applied to the case and why
Write the vhdl entity declare for a three-input and gate : Write the VHDL entity declare for a three-input AND gate. Write the VHDL architecture for a three-input AND gate. Draw the logic circuit to be implemented by the following VHDL architecture body:
What conclusion did the court reach regarding main dispute : What rule of law, statute, or constitutional provision was used by the Court to resolve the dispute? Explain , What conclusion/decision did the Court reach regarding the main dispute/issue?
Assume that ibm leased equipment that was carried at a cost : Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2011, with equal rental payments of $30,044 at the beginning of each year.
Which algorithm would probably work better on a computer : Write a recursive algorithm in pseudo code to generate the Fibonacci sequence.
What liability would you have for any contracts : What would the default be if you did not have an express agreement and did not choose a specific form of business organization? What liability would you have for any contracts or torts done for the benefit of and in the course of the business
How should evacuation plans be established : Proactive action plans are designed to protect the personnel that work in a particular building. How should evacuation plans be established? To where should those evacuated be relocated? How should these plans be practiced?
Imitate biological organic functions : 1. Composites designed to be insulators, conductors of heat, electricity etc., special electromagnetic properties while maintaining other special properties (these are more traditional multifunctional composites).2. Biologically based or inspired mat..

Reviews

Write a Review

Accounting Basics Questions & Answers

  Use activity-based costing to allocate overhead

1.) Telecom Company would like to use activity-based costing to allocate overhead, rather than using one plant-wide rate. The company produced 6,000 cell phones (sells for $150) and 2,000 smart phones (sells for S350). The following estimates are ..

  Analyzed the provisions of the sarbanes-oxley act

Analyzed the provisions of the Sarbanes-Oxley Act

  Cisco inc had beginning and ending accounts receivable

1.accounts receivable written off during the year totaled 61500 while the beginning and ending balance of allowance for

  What is his average federal tax rate

What is his average federal tax rate?

  Calculation of market value and book value

Klingon Cruisers, Inc., purchased new cloaking machinery three years ago for $9.5 million.  The machinery can be sold to the Romulans today for $6.5 million. Klingon's current balance sheet shows net fixed assets of $5.2 million, current liabili..

  Generally preferred to plant-wide overhead rates

Departmental overhead rates are generally preferred to plant-wide overhead rates when: A) the activities of the various departments in the plant are not homogeneous.

  Calculate the net present value of investment

1. Calculate the net present value of this investment. 2. Calculate the accrual accounting rate of return on initial investment for this project.

  Advanced management accountingplease include thorough

advanced management accountingplease include thorough explanation and thorough calculations for each answer

  Prepare bobs journal entry to record the issuance of the

on november 1 bobs skateboards signed a 12000 90-day 5 note payable to cover a past due account payable. required a.

  The total of the individual customer account balances

The total of the individual customer account balances should equal the balance in accounts receivable, which is the

  What should you be willing to pay

There will be no residual value at that time. Considering the uncertainty in your estimates, you expect to earn 9 percent per year on the investment. What should you be willing to pay for this investment now?

  The manufacturing overhead budget of lewison corporation is

the manufacturing overhead budget of lewison corporation is based on budgeted direct labor-hours. the june direct labor

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