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Accounting Expert Answers & Study Resources : Page 130

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5) The following amortization schedule is for a lease entered into at the start of fiscal 2017 for an asset that will be useful for 5 years. The company uses straight-line depreciation method. Period Year Interest for year @ 4% Payments at end of year Reduction in principal Principal after interest and payments $489,700 1 2017 $19,588 110,000 90,412 399,288 2 2018 15,972 110,000 94,028 305,260 3 2019 12,210 110,000 97,790 207,470 4 2020 8,299 110,000 101,701 105,769 5 2021 4,231 110,000 105,769 0 Required: Provide the appropriate presentation.

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  • 5) The following amortization schedule for a lease entered into
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22) Here are the terms of a lease agreement: Fair value of leased asset 50,000 Lease term 4 years Payment frequency Annual Payment timing End of year Guaranteed residual value 25,000 Interest rate implicit in lease (known to lessee) 5% Lessee's incremental borrowing rate 8% Required: a. Determine the amount of lease payment that the lessor would require to lease the asset. b. Compute the present value.

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  • 22) Here the terms of a lease agreement: Fair value of
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15) On July 1, 2017, Janus Company leased equipment to Pluto Company. The terms of the lease are as follows:   Fair value of leased asset 60,000 Lease payments, due at end of lease term starting June 30, 2018 12,000 Lease term 9 years Economic life of leased asset 10 years Guaranteed residual value 6,000 Lessee's incremental borrowing rate 15%   Pluto uses straight-line depreciation.

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  • 15) On July 1, 2017, Janus Company leased equipment to
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18) The following are some of the characteristics of an asset available for lease:   Fair value of leased asset 120,000 Useful life 10 years Lease term 7 years Payment frequency Annual Payment timing Beginning of year Unguaranteed residual value 10,000 Interest rate implicit in lease (not known to lessee) 15% Lessee's incremental borrowing rate 14% Required: a. Determine the amount of lease payment that the lessor would require.

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  • 18) The following some of the characteristics of an asset
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13) The following are characteristics of a lease: Price of leased asset from manufacturer 193,000 Lease payments 50,000 Lease term 5 years Lease frequency Annual Payment timing End of year Guaranteed residual value 35,000 Interest rate implicit in the lease agreement 14% Required: Determine the appropriate classification for this lease for the lessor (who is not the manufacturer) and record the journal entries for the lessor.

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  • 13) The following characteristics of a lease: Price of leased asset
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8) What amount is included in the pension reconciliation for the balance sheet? A) Current service cost. B) Unamortized actuarial gains. C) Benefit paid. D) Contributions paid. 9) What amount will be presented on the balance sheet for fiscal 2017? Fiscal 2016 Fiscal 2017 Fair value of pension plan assets 50,000,000 45,000,000 Accrued pension obligation 60,000,000 42,000,000 Contributions 7,000,000 10,000,000 Benefits 8,000,000 8,000,000 A) $3,000,000 surplus B) $3,000,000 deficit C) $5,000,000 D) $8,000,000 10).

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  • 8) What amount included in the pension reconciliation for the
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16) Here are the terms of a lease agreement: Fair value of leased asset 250,000 Lease term 4 years Payment frequency Annual Payment timing End of year Guaranteed residual value 25,000 Interest rate implicit in lease (known to lessee) 14% Lessee's incremental borrowing rate 16% Required: a. Determine the amount of lease payment that the lessor would require to lease the asset. b. Compute the present value.

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  • 16) Here the terms of a lease agreement: Fair value of
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26) The following are some of the characteristics of an asset available for lease: Fair value of leased asset 150,000 Lease term 8 years Payment frequency Annual Payment timing Beginning of year Guaranteed residual value 25,000 Interest rate implicit in lease (not known to lessee) 11% Lessee's incremental borrowing rate 9%   Required: a. Determine the amount of lease payment that the lessor would require to lease.

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  • 26) The following some of the characteristics of an asset
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24) Here are the terms of a lease agreement: Fair value of leased asset 175,000 Lease term 8 years Payment frequency Annual Payment timing End of year Guaranteed residual value 15,000 Interest rate implicit in lease (known to lessee) 6% Lessee's incremental borrowing rate 8% Required: Determine the amount of lease payment that the lessor would require to lease the asset. 25) The following are some of.

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  • 24) Here the terms of a lease agreement: Fair value of
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11) Chambers leased equipment to Montga Company on November 1, 2016. The terms of the lease are as follows: Lease term 10 years Economic life of leased asset 12 year Fair value of leased asset 104,000 Guaranteed residual value 10,000 Lease payments, due each Nov 1 12,000 Lessee's incremental borrowing rate 5% Montga uses straight-line depreciation for its property, plant, and equipment.   Required: a. Prepare.

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  • 11) Chambers leased equipment to Montga Company November 1, 2016.
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28) The following are some of the characteristics of an asset available for lease: Fair value of leased asset 88,000 Useful life 10 years Lease term 7 years Payment frequency Annual Payment timing Beginning of year Guaranteed residual value 10,000 Interest rate implicit in lease (not known to lessee) 10% Lessee's incremental borrowing rate 8% Required: a. Determine the amount of lease payment that the lessor would require.

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  • 28) The following some of the characteristics of an asset
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11) The following are the characteristics of a lease: Fair value of leased asset 150,000 Lease payments 25,500 Lease term 7 Payment frequency Annual Payment timing End of year Guaranteed residual value None Interest rate implicit in lease 8%   Required: Determine the present value of minimum lease payments (MLP) and the appropriate classification of this lease for the lessee. 12) The following are the characteristics of a.

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  • 11) The following the characteristics of a lease: Fair value of
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13) Here are the terms of a lease agreement: Fair value of leased asset 250,000 Lease term 10 years Payment frequency Annual Payment timing End of year Guaranteed residual value 0 Interest rate implicit in lease (known to lessee) 9% Lessee's incremental borrowing rate 9% Required: a. Determine the amount of lease payment that the lessor would require to lease the asset. b. Compute the present value.

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  • 13) Here the terms of a lease agreement: Fair value of
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7) Provide a summary of presentation and disclosure requirements relating to the statement of cash flows. Summary of presentation and disclosure requirements relating to the statement of cash flows. Presentation: Disclosure: 8) Financial information for Fesone Inc.'s balance sheet for fiscal 2017 and 2018 follows: 20182017 Cash204,800550,000 Accounts receivable1,150,0001,300,000 Inventory410,000250,000 Investments - held for trading400,000 Investments - held to maturity150,000 Property.

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  • 7) Provide a summary of presentation and disclosure requirements relating
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5) Complete this table identifying the key differences between IFRS and ASPE standards for leasing. ISSUE IFRS ASPE Lease capitalization criteria–lessee Lease capitalization criteria–lessor Lessor's classification of finance (capital) leases Lessee's discount rate for present value calculations 6) Assume that Speery agrees to lease a new machine from LEERY on January 1, 2017, for $30,000 per year, paid.

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  • 5) Complete this table identifying the key differences between IFRS
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35) For the following lease, determine the minimum present value calculation for the lessor. Annual payment (due at end of year) $23,000 Lease term 5 Incremental rate 10% Implicit rate (known to lessee) 8% Unguaranteed residual value NA Guaranteed residual value 25,000 A) 91,832 B) 102,711 C) 105,444 D) 108,846 36) For the following lease, determine the minimum present value calculation for the lessee. Annual payment (due at.

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  • 35) For the following lease, determine the minimum present value
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19.3   Learning Objective 3 1) Which of the following is a financing activity? A) Collection of accounts receivable. B) Collection of loans receivable C) Receipt of bank loan. D) Sale of a machine. 2) Which of the following is an operating activity? A) Receipt of customer deposit. B) Proceeds from mortgage issue. C) Purchase of land. D) Redemption of preferred.

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  • 19.3   Learning Objective 3 1) Which of the following a financing
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