Coco rented a building on 7/1/2019 by signing a one year lease and making one upfront annual payment of $18,000 in cash at that time. what is the adjusting entry?
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Coco rented a building on 7/1/2019 by signing a one year lease and making one upfront annual payment of $18,000 in cash at that time.
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- Lorene, Inc., owns an apartment complex. The terms of Lorenes lease agreement require new tenants to pay the first and last months rent and a cleaning deposit at the inception of the lease. The cleaning deposit is returned when tenants move out and leave their apartment in good condition. If the apartment is not in good condition, Lorene hires a cleaning company and uses the tenants deposit to pay the cleaning bill, with any excess deposit returned. During the current year, Lorene receives monthly rents totaling 28,000, last months rent deposits from new tenants of 8,000, and cleaning deposits of 7,000. Lorene keeps 5,000 in cleaning deposits to pay the cleaning company bill on apartments that are not left in good shape (the 5,000 is the actual cost that is paid in cash to the cleaning company) and returns 4,000 in deposits. Lorenes expenses related to the rental property (other than the cleaning costs) are 14,000. What is Lorene, Inc.s gross income from the rental property if Lorene is a cash basis taxpayer? an accrual basis taxpayer?At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.Betina Apparael Inc., operates a retail store and must determine the proper December 31, 2019, year-end accrual for the following expenses: The store lease calls for fixed rent of P1,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over P200,000 per calendar year, payable on January 31 of the following year. Net sales for 2019 are P800,000. Betina has personal property subject to a city property tax. The citys fiscal year runs from June 1 to June 30 and the tax, assessed at 3% of personal property on hand at April 30, is payable on June 30. Betina estimates that its personal property tax will amount to P6,000 for the citys fiscal year ending June 30, 2020.How much accrued expenses should Betina report in its Statement of Financial Position?
- On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,000 per month. Under the lease terms, Carlos pays 18 months' rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2021? a.$1,000 b.$18,000 c.$13,000 d.$12,000On December 1, 2020, Carlos entered into a lease on a building for use in his business for $1,500 per month. Under the lease terms, Carlos pays 12 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2020? a. $18,000 b. $1,000 c. $13,000 d. $12,000You are given the following information: On 01/04/2019, the company XPSO paid to the owner of the property (company KLM) the rents for one year with a total amount of € 66,000. At the time of payment, the account was charged prepaid rents. The landlord displayed the amount of rent collection in an obligation account. The payment of rents concerns the same property. Requested: Α. Relevant calendar entries 01/04/2019, 31/12/2019, 01/04/2020 for the company XPSO Β. Relevant calendar entries 01/04/2019, 31/12/2019, 01/04/2020 for the company KLM You are given the following information: The company DELTA 01/05/2019 received a long-term loan from the National Bank of Greece amounting to 205,000 with an annual interest rate of 7%. Interest is charged twice a year 30/4 and 31/10. The repayment of the full amount of the loan will take place on 30/04/2024. Requested: The relevant calendar entries 01/05/2019, 31/10/2019, 31/12/2019, 30/04/2020 and 31/10/2020 and 31/12/2020 for the company…
- On March 1, 2019, XYZ company paid P54,000 for 2 year insurance premium on property. The bookkeeper debited prepaid insurance account at the time of paymentOn 1 January 2020, a tenant paid OMR 18000 in advance for rental to Dhofar LLC for the next six months. At the end of April 2020, 4 month advanced rental amount has been expired. Record the expired rental income at the end of April 2020. Select one: a. Date Particulars Debit (OMR) Credit (OMR) April 30 Prepaid Rental Income Dr. Rental Income Cr. 18000 18000 b. Date Particulars Debit (OMR) Credit (OMR) April 30 Cash Dr. Unearned Rental Income Cr. 18000 18000 c. Date Particulars Debit (OMR) Credit (OMR) April 30 Rental Income Receivable Dr. Rental Income Cr. 12000 12000 d. Date Particulars Debit (OMR) Credit (OMR) April 30 Prepaid Rental Income Dr. Rental Income Cr. 12000 12000 e. Date Particulars Debit (OMR) Credit (OMR) April 30 Rental Expenses Dr. Prepaid Rent Cr. 12000 12000 f. Date Particulars Debit (OMR) Credit (OMR) April 30 Unearned Rental Income Dr. Rental…On January 1, 2019, Stacie signed a lease agreement with Amy. Amy will use the equipment and make ten annual payments of $25,000 beginning December 31, 2019. The lease is considered to be a finance lease. When reading the Amy income statement, you would expect to find which of the following accounts? A.Rent Revenue B.Rental Expense C.Interest Revenue D.Interest Expense
- Maple Tree Inc. purchased a 12-month insurance policy on March 1, 2019 for $900. At December 31, 2019, the adjusting journal entry to record expiration of this asset will include a: o Debit to Insurance Expense and a credit to Prepaid Insurance for $900 o Debit to Prepaid Insurance and a credit to Insurance Expense for $100 o Debit to Insurance Expense and a credit to Prepaid Insurance for $75 o None of the aboveOn October 1, 2019, Viking Trivia Company paid $72,000 for a two-year lease on an office building. The payment was recorded as prepaid rent, and the lease commenced on the date of payment. Debit Account: Debit Amount: Credit Account: Credit Amount:Please have mercy please. Answer the two problems below. Please. a. Liberty Co entered into an agreement to lease office space on January 1, 2019 for a fixed period of five years. As an incentive to encourage the office space to be occupied, a first year rent-free period was included in the agreement after which, Liberty is required to pay an annual rental of P780,000. What amount should be recorded as rent expense if any for the year ended December 31, 2019? b. On January 1, 2020, an entity leased an equipment for four years at an annual rental of P170,000 payable at the end of each year. The estimated useful life of the equipment is four years. The present value factor of an ordinary annuity of 1 for four years of an implicit rate of 12% is 3.0373. The lease provides for a transfer of ownership of the equipment to the lessee at the end of the lease term. Compute for the depreciation expense for the right of use of asset for the year ended December 31, 2020.
