Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On 1 May 2017,Ellen Ltd entered into an agreement to acquire a distribution van. The terms of the agreement were that the vehicle would be leased for 5 years from the date of inception, subject to a deposit of €9,986 and 5 annual payments of €2,544 in arrears, commencing on 30th April 2018. The fair value of the vehicle and the present value of the lease payments were €24,000 at inception. The interest rate implicit in the lease is 8%. The key criterion of a finance lease is the transfer of substantially all the risks and rewards, making it almost equivalent to a sale, but without an immediate transfer of ownership.
Requirement:
In accordance with IFRS 16: Leases,
Question a. Briefly explain the three (3) steps of the lease classification process by the lessor.
Question b. Show how the lease transaction will appear in the lessee's Statement of Profit or Loss and Other Comprehensive Income and Statement of Financial Position as at 30 April 2019.
The equipment has no alternative future use. What is the amount of research and development costs that should be charged to income in 2014?
BA 211 Financial Accounting Fall 2015 Comprehensive Group Project - Phase I. Complete the appropriate closing entries in the G/J and post to the G/L. Record the closing journal entries for all temporary accounts (including dividends). Be sure to ..
Black estimates that 5% of accounts receivable will prove to be uncollectible. What should Black report as its Allowance for Doubtful Accounts at 12/31/12?
If an individual taxpayer's quarterly estimated tax payments equal or exceed 70% of the tax due for the current year, the taxpayer will not be subject to the penalty for underpayment of estimated tax. Individual quarterly estimated tax payments are f..
In each of the following independent cases, the company closes its books on December 31. Collapse question part (a) Headland Co. sells $534,000 of 8% bonds on March 1, 2017. Prepare a bond amortization schedule using the effective-interest method for..
The following situations involve the application of the time value of money concept. Use the appropriate present or future value table that may be found by clicking on the Present & Future Values button. Janelle Carter deposited $9,830 in the bank on..
Provide the journal entries recorded by P during 2019 on its books if it accounts for its investment in S. prepare consolidated financial statements
The marketing manager argues that a $9,500 increase in the monthly advertising budget would increase monthly sales by $22,500. Calculate the increase or decrease in net operating income. Should the advertising budget be increased?
Jonas, the sole shareholder of Emerald Corporation, wants to better understand the implications of this adjustment for E & P purposes, as he anticipates a distribution from Emerald in the current year. Prepare a memo for your firm's client files ..
ulmer company is considering the subsequent alternative financing plansplan 1 plan 2issue 8 bonds at face value 2000000
In June, Sierra Company worked only on Job No. 100 and completed it on June 30. There were no prior costs accumulated on Job No. 100 before June 1. During the month, the company purchased and used $10,800 of direct materials, used 2,000 machine-hours..
determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel etc), either by salary or number of employees.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd