What amount should nordstrom report as lease liability

Assignment Help Financial Accounting

Reference no: EM132772014

Problem 1: Nordstrom Company entered into a nine-year finance lease of a warehouse on December 31, 2016. Lease payment of P520,000 which includes real estate taxes and other executory cost of P20,000 are due annually beginning December 31, 2017 and every December 31 thereafter. The interest rate implicit in the lease is 9%. The rounded present value of an ordinary annuity of 1 for nine years at 9% is 5.60. What amount should Nordstrom report as lease liability on December 31, 2016?

Reference no: EM132772014

Questions Cloud

Review the role of the charter for rights and freedoms : Review the role of the Charter for rights and freedoms in our life and comment on how it has helped change or frame the employment scenario

Recognizing the benefits and services : The central problem in the staff not recognizing the benefits and services that they do receive is most likely - respond in a traditional way to the problem

Why human resource management concepts are important : Explain what human resource management is and how it relate to line management? and why human resource management concepts and techniques are important to all.

Compute what amount recorded as depreciation expense : Canberra Company signed an eight-year non-cancellable lease. What amount should be recorded as depreciation expense of the leased machine for 2016?

What amount should nordstrom report as lease liability : The rounded present value of an ordinary annuity of 1 for nine years at 9% is 5.60. What amount should Nordstrom report as lease liability on December 31, 2016?

How much cash is distributed to kk : MM, capital 30,000 Total P265,500 Total P265,500 6. Cash of P38, 100 is available at the end of October. How much cash is distributed to KK?

What total cash distribute to partners in first installment : A Statement of Financial Position, On the first payment to partners, Dy receives P6,250. The total cash distributed to the partners in the first installment is

Males and females in labour force participation rates : Differences between males and females in labour force participation rates, part-time and full-time employment patterns, occupations, and pay in Australia

How much cash should be distributed to hervas : Carrying amount of P120,000 realized P90,000. Liquidation expenses paid amounted to P2,000. How much cash should be distributed to Hervas?

User Account

All Pages