User Account

All Pages

Discuss what will be the balance reported as a liability

Assignment Help Accounting Basics
Reference no: EM131803141

On January 1, 2016, Packard Corporation leased equipment to Hewlitt Company. The lease term is 9 years. The first payment of $458,000 was made on January 1, 2016. Remaining payments are made on December 31 each year, beginning with December 31, 2016. The equipment cost Packard Corporation $2,850,000. The present value of the minimum lease payments is $3,090,000. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 8%, what will be the balance reported as a liability by Hewlitt in the December 31, 2017, balance sheet? (Round final answer to the nearest dollar.)

Reference no: EM131803141

Questions Cloud

Review problem on the internal revenue service : Ms. Walker was a permanent clerk typist in the Internal Revenue Service's Atlanta office. Ms. Walker is a light-skinned black person.
Compute the cost assigned to ending inventory : Liberty uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of goods sold using specific identification
Amount of income from loan : The repayments yield an effective interest rate of 11% at a present value of $200,000 and 12.4% at a present value of $194,000.
Presented on the balance sheet on december : At what amount should the discount on notes payable be presented on the balance sheet on December 31, 2011?
Discuss what will be the balance reported as a liability : what will be the balance reported as a liability by Hewlitt in the December 31, 2017, balance sheet
How does vera bradley stack up against its competitors : How does Vera Bradley stack up against its three major competitors?Which firm appears best poised for growth in the next 3-5 years?
Discuss employee ownership of the companys common shares : To encourage employee ownership of the company's common shares, KL Corp. permits any of its employees to buy shares directly from the company
Effective interest method of amortization : York uses the effective interest method of amortization. In its December 31, 2010 balance sheet, what amount should York report as investment in bonds?
Prepare a wbs with the steps that must be completed : Vern Toney managed the small IT group of a growing business. Vern's boss, the CFO, was on Vern's back to cute costs in the IT group.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Financial information and the main differences

(a) Explain the purpose of FRS 8, Related party disclosures, its relevance to users of published financial information and the main differences to international account- ing standards.

  What tips can you give me to calculate goodwill

What tips can you give me to calculate goodwill or record the asset transfers when a parent company acquires a sub company?

  What did susan birkert do to get in trouble

Disciplinary Action. Go to the PCAOB website and find settled disciplinary orders. Review the cases and the penalties indicated for each case.

  What is the number of juices per day

CVP Case Study - What is the number of juices per day that must be sold to achieve break even

  High low method-cost formula for maintenance

At an activity level of 6,000 units the cost for maintenance is $7,200 and at 10,000 units the cost for maintenance is $11,600. Using the high-low method, the cost formula for maintenance is:

  Calculating federal income tax liability for the individual

Explain qualification of dependency as it relates to claiming dependent exemptions from taxable income.

  Amount of the annual depreciation

What is the amount of the annual depreciation computed by the straight-line method?

  Shares of common stock out-standing

Misty's effective tax rate is 40% and there were 1,000 shares of common stock outstanding.

  Involve the general rule for recognition of gain

Which Code sections involve the general rule for recognition of gain or loss by shareholders and the corporation on liquidation of a corporation?

  Determine the amount of cost of goods sold using fifo, lifo

Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: Determine the amount of cost of goods sold using:

  What was the amount of accounts receivable

If bad debts expense for 2017 totaled $10,800, what was the amount of accounts receivable written off during the year

  Discuss the cost-benefit relationship of internal controls

There is an ongoing debate about the cost-benefit relationship of internal controls and their ethical implications

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