User Account

All Pages

Prepare extracts for the financial statements

Assignment Help Accounting Basics
Reference no: EM132758912

Question: On 1 January 2019, Time Limited entered into a four-year contract to lease a machine. The annual lease payments are £20,000, payable in arrears on 31 December each year. The interest rate implicit in the lease is 10%. There were no initial direct costs. The first lease instalment was paid on 31 December 2019.

Time Limited calculates depreciation on a straight-line basis and the machine is expected to have no residual value at the end of the lease term.

Requirement: Based upon the information provided above, prepare extracts for the financial statements of Time Limited for the year ended 31 December 2019 in accordance with IFRS 16 Leases.

Reference no: EM132758912

Questions Cloud

List the primary job duties and responsibilities : Identify between three and eight primary duties and responsibilities for the position - Use the present tense of verbs Use gender neutral language
Estimates of the company total cost : Fill in the following table with your estimates of the company's total cost and average cost per cup of coffee at the indicated levels of activity.
What is the approximate internal rate of return : Z Store must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available.
Investment in change in working capital : In what sector is the largest investment in change in working capital?
Prepare extracts for the financial statements : On 1 January 2019, Time Limited entered into a four-year contract to lease a machine. The annual lease payments are £20,000, payable in arrears on 31 December.
Describe the source and path of each agent : Describe the source and path of each agent and its potential impact on you or the people around you. Describe at least one (1) control strategy for reducing
Designs and performs analysis on complex programs : Designs and performs analysis on complex programs and systems. Assists in determining product needs and enhancements
What should be the percent increase in sales : Hilarious Profits, Inc. (HPI) earned a profit of 20% on sales of $30,000,000. Its balance sheet shows total assets of $10,000,000. If HPI wants to achieve.
What are beginning finished goods inventory of jan and feb : What are Beginning Finished Goods Inventory of Jan and Feb? Tyson Chandler Company's sales budget projects unit sales of part 198Z of 9,800 units

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: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd