![Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment t](http://img.homeworklib.com/images/5175f53b-36ee-4c5e-a8a8-2500b34f8271.png?x-oss-process=image/resize,w_560)
Answers
Edison Leasing Prepare a lease amortization schedule Effective Decrease in Lease Payment Date Lease Payments Interest Balance Balance 1.1.2018 1.1.2018 1.4.2018 1.7.2018 1.10.2018 1.1.2019 1.4.2019 1.7.2019 1.10.2019 110623 95323 82883 70069 56871 43277 29276 14854 0 15300 15300 15300 15300 15300 15300 15300 15300 122400 15300 12440 12814 13198 13594 14002 14422 14854 2860 2486 2102 1706 1298 878 446 Present Value of Lease Payments: ($15,300 x 7.23026*)- $110,623 * Present value of an annuity due of $1: n-8,-3% [ i 396(12% 4) because the lease calls for quarterly payments]
Prepare appropriate entries for Edison Leasing from the beginning of the lease. Journal Enteries Date 1.1.2018 Lease Receivable a/c Dr Debit in $ Credit in $ Particulars 110623 To Inventory Equipment 110623 1.1.2018Cash a/c DR 15300 To Lease Receivable 15300 1.4.2018Cash a/c DR 15300 To Lease Receivable 12440 2860 To Interest Income 1.7.2018Cash a/c DR 15300 To Lease Receivable 12814 2486 To Interest Income 1.10.2018 Cash a/c DR 15300 To Lease Receivable 13198 2102 To Interest Income 31.12.2018 Interest Receivable a/c Dr 1706 To Interest Income 1706 1.1.2019Cash a/c DR 15300 To Lease Receivable To Interest Receivable 13594 1706
.
Similar Solved Questions
1 answer
A reversed phase HPLC column is eluted with 1:1 MeOH/H2O and tm is determined to be...
A reversed phase HPLC column is eluted with 1:1 MeOH/H2O and tm is determined to be 0.22 min. After injection of an unknown, peaks are observed at 0.22 min, 3.6min, 6.6 min, and 25.4 min. a) Which of the analyte peaks corresponds to the least polar compound? b) Calculate a new solvent mixture to cau...
1 answer
Nutrition Facts Serving Size 1 cup (240mL) Servings Per Container about 4 Calories 160 Calories from...
Nutrition Facts Serving Size 1 cup (240mL) Servings Per Container about 4 Calories 160 Calories from Fat 70 Daily Value Total Fat Bg Saturated Fat 59 Trans Fat og Cholesterol 35mg Sedium 125mg Total Carbohydrate 139 Dietary Fborg Sugars 129 Protein Bg utrition Facts ving Size 1 cup (240mL) Servings ...
1 answer
Sarbanes-Oxley Act. Why did congress pass the Sarbanes-Oxley Act? What is its purpose? How is it...
Sarbanes-Oxley Act. Why did congress pass the Sarbanes-Oxley Act? What is its purpose? How is it enforced? Please add Applicable Biblical passages and references, if possible....
1 answer
Which of these can lead to an inadvertent termination of an S corporation a failure to...
Which of these can lead to an inadvertent termination of an S corporation a failure to file Form 1120S failure to file Form 2553 failure to maintain status as a small business corporation revoking the S corporation election...
1 answer
10) The balances for the accounts of Milo's Management Co. for the year ended December 31...
10) The balances for the accounts of Milo's Management Co. for the year ended December 31 are shown below. Each account shown had a normal balance. 7,000 Wages Expense......... Rent Expense............ 36,000 6,000 Accounts Payable..... Accounts Receivable... Cash..................... Office Sup...
1 answer
SIMULATION Kw, Temperature, and Neutral pH 14.0 Temperature: Basic 50 °C Basic 1 → Calculate Clear...
SIMULATION Kw, Temperature, and Neutral pH 14.0 Temperature: Basic 50 °C Basic 1 → Calculate Clear 1 Neutral pH 7.01 Neutral => Neutral pH = 6.62 Kw=5.8 10-14 Acidic Acidic 0.0 0.0 50.0 Temperature (°C) 100.0 What is the [H3O+] for a neutral solution at this temperature, 50 °C? X...
1 answer
Exercise 18-3 The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative...
Exercise 18-3 The comparative condensed balance sheets of Gurley Corporation are presented below. GURLEY CORPORATION Comparative Condensed Balance Sheets December 31 2017 2016 Assets Current assets $73,000 $ 81,000 97,000 88,200 Property, plant, and equipment (net) 40,200 $209,400 Intangibles 25,200...
1 answer
You have collected the following data on output and total variable costs Q TVC ($) 10...
You have collected the following data on output and total variable costs Q TVC ($) 10 72,800 20 124,400 30 159,600 40 183,200 50 200,000 60 214,800 70 232,400 80 257,600 90 295,200 100 350,000 a. Identify the range LF output exhibiting increasing returns (increasing MP), and the range exhibiting dim...
1 answer
A Hvdraulic Svstem Design A hydraulic-lift table is used to raise a 1506-kg crate It consists of ...
It is about hydraulic system design. Please do a and b. A Hvdraulic Svstem Design A hydraulic-lift table is used to raise a 1506-kg crate It consists of a platform and two identical linkages on which hydraulic cylinders exert equal forces. (Only one linkage and one cylinder are shown.) Members ED...
1 answer
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly...
Tom and Jerry are two severely competitive rivals who like both milk and cheese. Their weekly production possibilities are shown in the following table. Choices Tom Jerry Milk Cheese Milk Cheese Choice A 50oz 0 24oz 0 Choice B 0 10oz 0 8oz Who has absol...
1 answer
Multiple Choice Questions Question 1 (1 point) Which of the following is a microeconomic question (not...
Multiple Choice Questions Question 1 (1 point) Which of the following is a microeconomic question (not a macroeconomic question)? Will raising cigarette taxes cause cigarette sales to fall? Will a decrease in the income tax rate help the economy recover from a recession? What is the effect of a rece...
1 answer
1) (12 pts) The following is a cash flow diagram: Cash Flows: 20000 10000 Cash Flow...
1) (12 pts) The following is a cash flow diagram: Cash Flows: 20000 10000 Cash Flow $35,000 $5,000 $7,500 $1000 $10,000 $5,000 Year 0 1 2 4 >-10000 -20000 30000 40000 Years 4 Annual Interest rate = 10%, compounded annually a) Calculate the Present wortlh b) Calculate the equivalent annuity for th...
1 answer
Music Teachers, Inc., is an educational association for music teachers that has 19,700 members. The association...
Music Teachers, Inc., is an educational association for music teachers that has 19,700 members. The association operates from a central headquarters but has local membership chapters throughout the United States. Monthly meetings are held by the local chapters to discuss recent developments on topic...
1 answer
You have a portfolio comprising of 30 percent of Stock A and 70 percent of stock...
You have a portfolio comprising of 30 percent of Stock A and 70 percent of stock B. What is the portfolio Standard Deviation? Economy State Probability E(R)-A E(R)-B Boom 0.30 20% 14% Normal 0.60 11% 9% Recession 0.10 -23% -5%...
1 answer
You have a 3000-Ohm resistor, a 10-mF capacitor, and a 100-V battery. Assume the battery is...
You have a 3000-Ohm resistor, a 10-mF capacitor, and a 100-V battery. Assume the battery is ideal, and that the capacitor is initially uncharged. You connect the battery, resistor and capacitor in series and complete the circuit. forming a loop. a) How much time passes before the capacitor reaches 2...
1 answer
A client is receiving theophyline. The nurse checks the clients serum theophyline level and finds 1...
A client is receiving theophyline. The nurse checks the clients serum theophyline level and finds 1 to be les tan terase. The rue reviews the client's medical record, noting that which of the folowing might be a reason for this? A Amoxicillin B Phenytoin C Verapami D. Alopurinol...