. ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts: · Total collections from rent, Dec. 31, 2021- P940,000 · Total rent income recognized, Dec. 31, 2021-P1,200,000 · Unearned rent income, Dec. 31, 2020- P600,000 · Unearned rent income, Dec. 31, 2021- P460,000 · Accrued rent income, Dec. 31, 2020- P345,000 What is the amount of accrued rent account on December 31, 2021? CHOICES: P465,000 P205,000 P320,000 P420,000

. ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts: · Total collections from rent, Dec. 31, 2021- P940,000 · Total rent income recognized, Dec. 31, 2021-P1,200,000 · Unearned rent income, Dec. 31, 2020- P600,000 · Unearned rent income, Dec. 31, 2021- P460,000 · Accrued rent income, Dec. 31, 2020- P345,000 What is the amount of accrued rent account on December 31, 2021? CHOICES: P465,000 P205,000 P320,000 P420,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts:·       Total collections from rent, Dec. 31, 2021- P940,000·       Total rent income recognized, Dec. 31, 2021-P1,200,000·       Unearned rent income, Dec. 31, 2020- P600,000·       Unearned rent income, Dec. 31, 2021- P460,000      ·       Accrued rent income, Dec. 31, 2020- P345,000What is the amount of accrued rent account on December 31, 2021? A. 320,000 B. 465,000 C. 205,000 D. 420,000
ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts:·       Total collections from rent, Dec. 31, 2021- P940,000·       Total rent income recognized, Dec. 31, 2021-P1,200,000·       Unearned rent income, Dec. 31, 2020- P600,000·       Unearned rent income, Dec. 31, 2021- P460,000      ·       Accrued rent income, Dec. 31, 2020- P345,000What is the amount of accrued rent account on December 31, 2021?
ABC Company was engaged in leasing machinery. The following were obtained from the incomplete records of ABC related to their operating lease accounts:·       Total collections from rent, Dec. 31, 2021- P940,000·       Total rent income recognized, Dec. 31, 2021-P1,200,000·       Unearned rent income, Dec. 31, 2020- P600,000·       Unearned rent income, Dec. 31, 2021- P460,000      ·       Accrued rent income, Dec. 31, 2020- P345,000What is the amount of accrued rent income on December 31, 2021?
Kupa Corp was engaged in leasing machinery. The following were obtained from the incomplete records of Kupa related to their operating lease accounts:· Total collections from rent, Dec. 31, 2020- P940,000· Total rent income recognized, Dec. 31, 2020-P1,200,000· Unearned rent income, Dec. 31, 2019- P600,000· Unearned rent income, Dec. 31, 2020- P460,000 · Accrued rent income, Dec. 31, 2019- P345,000What is the amount of accrued rent account on December 31, 2020?
On January 1, 2018, This Co., a lessor, sold an equipment that it had been leasing under direct financing lease. On the same date data relating to sale and lease follow: Sale price - P400,000 Gross lease receivable - 180,000 Unearned interest income - 30,000 Implicit rate - 12% How much is the gain (or loss) on the sale of the leased asset on January 1, 2017?
4. On September 1, 2021, DHI Sound System Company leased office furniture and equipment at a monthly rental of ₱40,000 for 3 years expiring August 31, 2024. As an inducement for DHI to enter into lease, the lessor permitted DHI to use the asset rent-free from September 1 to November 30, 2021. For the year ended December 31, 2021, how much TOTAL expense should DHI record related to the leased asset? 5. On January 1, 2020, EEE Corp. leased a warehouse for 5 years at an annual rental of ₱575,000 payable every December 31. The equipment had an estimated life of 8 years and shall revert back to the lessor at the expiration of the lease term. The lessee paid the lessor a lease bonus of ₱250,000 and was also responsible as per the lease agreement to pay the broker fees and commission amounting to ₱180,000. As an incentive however, the lessor shall reimburse EEE Corp. 75% of the said initial direct cost. The implicit lease rate known to both parties was at 12% while EEE Corporation’s…
On December 31, 2020, Akainu Company, a lessor, actually sold a machinery that it had been leasing under a sale type lease. On January 1, 2020 after receipt of the lease payment for the year, the following account balances were associated with lease: Gross lease receivable 5,850,000 Unearned interest income 1,000,000 The interest rate implicit in the lease is 10%. On December 31, 2020, Akainu Company actually sold the leased machinery to the lessee for P 3,250,000 cash. What is the carrying amount of the lease receivable on December 31, 2020? Show your solution.
The following is the accounts found in the trial balance of Lei, Inc., an SME: 2020 2019 Lease liabilities - current portion 24,979 19,699 Income and other taxes payable 21,185 19,901 Selling and Administrative expense 85,972 82,110 Financing charges - net 45,344 38,304 Dividends Payable 4,116 4,042 Current Portion of biological assets - net 4,151 4,245 Prepaid Expenses and other current assets 86,585 92,043 Investment and advances - net 52,861 50,519 Investment in equity and debt instruments 42,055 42,126 Biological assets - net of current portion 2,808 2,844 Intangible assets - net 279,087 277,460 Other noncurrent assets 110,782 89,215 Loans payable 169,492 184,024 Accounts Payable and accrued expenses 176,037 149,764 Other Income (Charges) - net 6,848 (5,628) Income tax expense 28,513 24,468 Current maturities of long-term debt 43,808 55,697 Long-term debt - net of current portion 638,996 561,918 Cash and…
On 1 July 2020, Harry Ltd leased a crane from Potter Ltd. The crane cost Potter Ltd$120 307, considered to be its fair value on that same day. The finance lease agreement contained the following provisions as:Required1. Prepare the lease schedules for Harry Ltd2. Prepare the journal entries in the records of Harry Ltd only for the year ended 30June 2021.
On September 1, 2021, DHI Sound System Company leased office furniture and equipment at a monthly rental of ₱40,000 for 3 years expiring August 31, 2024. As an inducement for DHI to enter into lease, the lessor permitted DHI to use the asset rent-free from September 1 to November 30, 2021. For the year ended December 31, 2021, how much TOTAL expense should DHI record related to the leased asset?
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
P46 On June 1, 2019, Sorn Company signed a 10-year non-cancelable lease for a machine requiring annual payments at the beginning of each lease year. The machine has a useful life of 15 years without salvage value. Title passes to Sorn Company at the lease expiration date. Sorn Company's accounting year ends on December 31 and it uses straight-line method of depreciation for all of its property, plant and equipment, computed to the nearest full month. Aggregate lease payments have a present value of P2,520,000 on June 1, 2019 based on an appropriate rate of interest. For the year 2019, what amount of depreciation expense should Sorn record for the leased machine? A. P252,000 B. P168,000 C. P147,000 D. P98,000