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Albert Ltd entered into an agreement on 1 July 2019 to leased the a processing plant back with a fair value of $541,800 to Fat Ltd. The terms of the lease agreement were:
Lease term 3 years
Economic life of plant 5 years
Annual rental payment, in arrears (commencing 30/6/20) $191000
Residual value of plant at end of lease term $104000
Residual value guaranteed by Fat Ltd $70000
Interest rate implicit in the lease 6%
Question 1: Prepare lease payments schedule and the journal entries in the records of Fat Ltd for the year ended 30 June 2020.(xxx means fill in the answers in the blank.)
Last year the return on total assets in Jeffrey Company was 7.50%. The total assets were 4.3 million at the beginning of the year and 5.2 million at the end of the year. The tax rate was 30%, interest expense totaled $180 thousand, and sales were $6...
In five years, Kent Duncan will retire. He is exploring the possibility of opening a self-service car wash. The car wash could be managed in the free time he has available from his regular occupation, and it could be closed easily when he retires.
Alternative Production Procedures and Operating Leverage Assume Paper Mate is planning to introduce a new executive pen that can be manufactured using either a capital-intensive method or a labor-intensive method. Determine the annual unit volume at ..
What is the interest income for the year ended December 31, 2014, if the business model of the entity is to sell the bonds to obtain short-term profit gain
Prepare the accounting equation with the help of transactions Started Business with cash -300,000 AED, Purchased goods for credit- 50,000 AED.
Hooper Printing Inc. has bonds outstanding with 10 years left to maturity. The bonds have an 9% annual coupon rate and were issued 1 year ago at their par value of $1,000. However, due to changes in interest rates, the bond's market price has fallen ..
Jason company owns 24% of teh voting stock of kalco corp. jason does not have the ability to exercise significant influence over the operations of Kalco. What method should jason use to account for its investments in kalco?
Prepare journal entries to record the transactions and prepare adjusting entries on October 31 to record accrued interest.
Sultan Company uses an activity-based costing system. At the beginning of the year, the company made the following estimates of cost and activity for its five activity cost pools: Activity Cost Pool Activity Measure Expected Overhead Cost Expected Ac..
Padre, Inc., buys 80 percent of the outstanding common stock of Sierra Corporation on January 1, 2015, for $771,200 cash. At the acquisition date, Sierra’s total fair value, including the noncontrolling interest, was assessed at $964,000 although Sie..
The equity method of accounting for the investment were used, the amount of the debit to Investment in Fort William Corp. would have been
Alpha Co. purchased a machine on January 1, 2017, for $60,000. The machine was estimated to have a service life of ten years with an estimated residual
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