User Account

All Pages

Prepare lost ark january journal entries

Assignment Help Accounting Basics
Reference no: EM131894850

Question -

Indiana Jones Company enters into a 5-year lease of equipment on January 1, 2012, which requires 5 annual payments of $42,800 each, beginning January 1, 2012. In addition, the lessee guarantees a residual value of $20,270 at lease-end. The equipment has a useful life of 5 years. Assume that for Lost Ark Company, the lessor, collectability is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the machinery is $187,614. Prepare Lost Ark's January 1, 2012, journal entries.

On January 1, 2012, Irwin Animation sold a truck to Peete Finance for $29,100 and immediately leased it back. The truck was carried on Irwin's books at $23,550. The term of the lease is 5 years, and title transfers to Irwin at lease-end. The lease requires five equal rental payments of $8,073 at the end of each year. The appropriate rate of interest is 12%, and the truck has a useful life of 5 years with no salvage value. Prepare Irwin's 2012 journal entries.

Reference no: EM131894850

Questions Cloud

What type of company is it-how does it do business : What type of company is it? How does it do business? What are its products or services? You must then analyze the company and complete market analysis.
High paying senior position in the company : Joy is a very skilled and experienced accountant. She is married and has four children. She recently got a high paying senior position in the company
Discuss the company strengths and weaknesses : The traditional department store was the dominant player in the American retail industry in the first half of the 20th century.
What marketing research does for marketing management : What marketing research does for marketing management? What is the key difference between basic research and applied research?
Prepare lost ark january journal entries : Assume that for Lost Ark Company, the lessor, collectability is reasonably predictable, Prepare Lost Ark's January 1, 2012, journal entries
What training would you suggest for an employee : What training would you suggest for an employee who has been assigned to the Middle East on a new project? Share a current event article with the class.
Is there a window of opportunity for any of recommendations : Are your recommendations political and economically feasible? Is there a "window of opportunity" for any of your recommendations?
Define homogenization of product and process standards : How do TQ and ISO 9000 help companies to improve quality and control costs? Companies around the world are increasingly committing themselves to attaining.
Particular trend in america international trade : Your ideas on whether the particular trend in America's international trade has been good for the country. Give your reasons for your argument.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How important is a capital need analysis for retirement plan

The Smith's had $110,000 in savings at age 51. How important is a capital needs analysis for retirement planning? Can the Smith's achieve their goal?

  Georgie is a us citizen who is employed by hawk enterprises

georgie is a u.s. citizen who is employed by hawk enterprises a global company. beginning on june 1 2013 george began

  Adelaide ltd acquired a machine on 1 july 2007 at a cost of

adelaide ltd acquired a machine on 1 july 2007 at a cost of 100000. the machine has an expected useful life of 5 years

  Journalize the forfeiture of the unpaid shares

Dropchat Limited invited applications for 6 million equity shares of $2.75 each payable, Journalize the forfeiture of the unpaid shares

  What is the contribution margin ratio

Fixed Company produces single product selling for $30 per unit. Variable costs are $12 per unit & total fixed costs $4,000. What is contribution margin ratio

  Prepare a contribution income statement for the month

Prepare a contribution income statement for the month based on the actual sales. Present the income statement as the format shown above

  Does cost of goods sold increase or decrease

Does Cost of Goods Sold increase or decrease when closing a favorable variance? Does gross margin increase or decrease when a favorable variance is closed to Co

  What is his realized gain or loss

Tyler sells the machine for $1,000. What is his realized gain or loss

  How many more assets do they own

How many more assets do they own, Which company appears to be larger based on the 12/31/2015 total assets

  What are the possible consequences

Becky's former employer, Shamalay Automotive, receives only about 25 cars each month. What are the possible consequences

  Sam is a sole proprietor who owns leases and manages

sam is a sole proprietor who owns leases and manages several apartment complexes and office buildings. during the

  Amy monroe wants to create a fund today that will enable

lyle o keefe invests 27500 at 8 annual interest leaving the money invested without withdrawing any of the interest for

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