How should a lease for a general capital asset be recorded in the governmental activities accounts at the inception of the lease?
Q: ) Which of the following items would not appear in a statement of revenues, expenditures, and…
A: A governmental fund is an accounting entity used to account for the financial resources and…
Q: Cheyenne, a coffee-mug producer, generally conducts over half of its business in the last month of…
A: The manufacturing overheads account balance is computed by taking into account all the indirect…
Q: If fixed costs are $500,000 and the unit contribution margin is $20, what amount of units must be…
A: The break even sales represent the number of units sold where business earns zero profit. At this…
Q: $ 4,000,000 75% of sales $12,000,000 Sales Variable costs Average assets employed Fixed costs How…
A: If sales increase by $5000, the profit also increase. The increased profit increase the ROI &…
Q: If the chance to go back in time and change anything about acounting Profession experience, what…
A: If the chance to go back in time and change anything about accounting Profession experience, what…
Q: 12. If the net realizable value method is used, how much of the joint costs would be allocated to…
A: Joint cost means the cost incurred to produce more than one units and then joint cost need to be…
Q: X Incorporation produces three products, Product A. Produc requires 8 Labor hours per unit to be…
A: under this, the contribution in sales will be shown as the percentage of the total sales. That is…
Q: Cost $38,250 65,520 $103,770 Fair $
A: Answer : a) Balance of valuation allowance for available for sale investment as of January 1,20Y5…
Q: Whitney received $77,400 of taxable income in 2022. All of the income was salary from her employer.…
A: Tax liability refers to the actual amount due to the revenue collection authority by the income…
Q: Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2024. Insight…
A:
Q: Tax returns of the principals for previous three years Personal financial statements (all banks have…
A: Tax returns of the principals for the previous three years: This document provides information about…
Q: Question 1 A company borrowed $100,000 by signing a 180-day promissory note at 12%. The total…
A: Time value of money :— According to this concept, value of money in present day is greater than the…
Q: The governmental funds of the City of Westchester report $541,000 in assets and $156,000 in…
A: Therefore, the total fund balance is $385,000. ($541000 - $156000)
Q: The primary objective of management accounting is O A. to provide management with information useful…
A: The primary objective of management accounting is to provide management with information useful for…
Q: Pyle Garage 629 Main Street HAZARD, GA 30321 Beginning balance 3/1/Year 2 Total deposits and other…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: Oriole Company issued $750,000, 7%, 10-year bonds on December 31, 2021, for $680,000. Interest is…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: In its first year of operations a company produced and sold 70,000 units of Product A and 17,500…
A: Activity based costing means where the product is valued on the basis of actual direct material ,…
Q: Which of the following expenses would most likely be reported as a separate line item on the…
A: The statement of activities is a financial statement used by not-for-profit organizations and…
Q: Activity 1 - ABC Company (De Jesus, MC 19, Chap 10) The ABC Company seeks to streamline the costing…
A:
Q: A Treasury bond is quoted at a price of 101.4621. What is the market price of this bond if the face…
A: BOND Bond is a Financial Securities which is Generally Issued by the Corporation's, Government…
Q: J candles provided the following information for its three types of candles: Type of Contribution…
A: Break Even Point :— It is the point of production at which total cost is equal to total revenue. At…
Q: A, B, and C are capitalist partners and D, an industrial partner. the partnership reported net loss…
A: An industrial partner is a type of partner in a partnership who contributes to the partnership with…
Q: Ipana Oy is a brewing company that was founded in 2011 and focuses on specialty beers. The company…
A: A measure called "profit before tax" examines a company's earnings before it is required to pay…
Q: Danali Corporation borrowed $270,000 on October 1. The note carried a 11 percent interest rate with…
A: Note payable: Note payable is also called a promissory note. It is a legal instrument in which one…
Q: A.G.C. Inc. provided you with the following information about its costs in 2023: Budgeted costs…
A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost object…
Q: The Fashion Shoe Company operates a chain of women's shoe shops that carry many styles of shoes that…
A: Break Even Point (BEP) :It is the point where total cost is equal to total revenue. At this point,…
Q: A company uses a perpetual system to record inventory transactions. The company purchases inventory…
A: Given that, Purchase of inventory = $53000 Sale value of inventory = $73000
Q: Below is the ledger of XYZ Company Account Titles Accounts Receivable Accumulated depreciation -…
A: Answer:- 1. Net assets = Total assets - Total liabilities 2. Total liabilities = Total non-current…
Q: Between (10%) a. Independent pooled data and panel data b. Logit model and probit model 2. List and…
A: Panel data, also known as longitudinal or repeated measures data, is a type of dataset that tracks…
Q: The following transactions regarding the capital balance of the partners for year 2023 are provided:…
A: Partnership is an agreement between two or more than two person for doing business and sharing…
Q: On May 10, a company issued for cash 1,500 shares of no-par common stock (with a stated value of $2)…
A: Common stock is one of the types of shares issued by the entity for raising funds from the market.…
Q: stations. Its beginning inventory of chairs was 220 units at $46 per unit. During the year, Cortez…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. Using…
Q: . Accounts receivable from customers $890,000 Less: Allowance for doubtful accounts 20,000 5 . The…
A: Bad debt expense :— It is the amount of receivable that becomes uncollectible from customer. Bad…
Q: When seller pays for shipping, the cost of freight is added to the cost of inventory by debiting…
A: The shipping cost when paid by the seller is freight outward. It is a selling expense. This expense…
Q: Sam Hart decides to invest $70,000 in a fund that will earn 6% annual interest, compounded…
A: Time value of money is a concept of payment of interest for using money. Under this concept we…
Q: whats the best tax deduction i can get for adoption
A: Tax deduction refers to the provision which helps in decreasing or reducing the taxable income.…
Q: Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions,…
A: The charitable contributions deduction enables taxpayers to write off donations of money and other…
Q: Scenario 1 Scenario 2
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Salary expense of $10,000 paid was recorded twice by the accountant. The entry to correct the error…
A: The company enters into multiple transactions during a period, it is possible that the amount…
Q: h 6 basd no aboo Starter 5-4 Starter 5-5 Starter 5-6 a. Prepare entries for the following…
A: DISCOUNT TERM The 2/15 net 45 calculation is a way of providing cash discounts on purchases. It…
Q: Prepare a flexible budget performance report for May. Indicate whether each variance is favorable or…
A: A Budget Refers To a Statement Prepared By The Company's Management Based On Estimations Of Expected…
Q: On January 2, 2025, Hill Corp. issued 5-year, $1,000,000 bonds at par. Interest is payable annually…
A: The recording of the business transaction in the books of the entity is called a journal entry. A…
Q: Strong Metals Incorporated purchased a new stamping machine at the beginning of the year at a cost…
A: Depreciation is being recorded as reduction in value of asset over the period of time. Under…
Q: On 1 December, a client paid $50,000 for a service to be performed. The accountant recorded the…
A: Unearned revenue is one of the current liability being incurred in business. It means revenue…
Q: Assume the following year 2 income statement for Johnstone Corporation, which was a C corporation in…
A: Answer:- Dividend income meaning:- Dividend is the sum given to a company's shareholders.…
Q: On February 1, Marine Company reac share. On June 2, Marine sold the rem Requir
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Lewis Production Company had the following projected information for the year: Selling price per…
A: Formula: Break even point in units = Fixed cost / (Selling price per unit - variable cost per unit)
Q: The following transactions apply to Jova Company for Year 1, the first year of operation:…
A: Horizontal Statement Model - This is the model of recording all the income Statement and balance…
Q: 0 Required information [The following information applies to the questions displayed below.] Fausett…
A: Depreciation is an reduction in the value of asset due to its use, wear and tear. Depreciation…
Q: On January 1, 2024, Wildhorse Company issued for cash a $570000, 5-year note bearing annual interest…
A: Interest expense refers to the expense which is incurred through entity for the borrowed funds and…
Step by step
Solved in 2 steps
- help me to answer the question with supporting computation. thank you 1. How much should malu record as an asset called right of use asset under present gaap, and a corresponding liability at the beginning of the lease? 2. Assume this time it is an operating lease insted of a capital/finance lease, how much right of use asset should malu record at the beginning of the lease?Which of the following statements is correct in accordance with AASB 16 Leases? Group of answer choices A lease contract, or part of a lease contract, conveys the right to transfer ownership of an asset for a period of time in exchange for consideration. Payments that are made by a lessee at commencement date are included in the initial amount recognised for the lease liability. Payment for executory costs reimbursed by the lessee after being paid by the lessor on behalf of the lessee are included in the calculation of lease payments. Variable lease payments may be increased or decreased during the lease term because of changes in facts and circumstances occurring after the asset is made available to the lessee to use, other than the passage of time.23. Which of the following is true regarding IFRS 16? * a. Lessors shall recognize assets held under a contract of lease as a receivable at an amount equal to the net investment in the lease. b. Lessors shall recognize assets held under a contract of lease as a receivable at an amount equal to the cost of the asset which is the subject of the lease. c. Lessors shall recognize assets held under a finance lease as a receivable at an amount equal to the net investment in the lease. d. Lessors shall recognize assets held under a finance lease as a receivable at an amount equal to the cost of the asset which is the subject of the lease less any initial direct cost paid by the lessor.
- 44. The right-of-use asset is increased by lease prepayments made by the lessee and initial direct costs incurred by the lessee. lease incentives received. initial direct costs incurred by the lessee only. prepaid lease payments only.Which of the following statements is correct related to lease? a. The leased asset is depreciated over the asset's useful life or lease term whichever is higher. b. The leased asset is depreciated over the asset's useful life. c. The leased asset is recorded using the higher amount between fair value of the asset and present value of the minimum lease payments. d. Under IFRS 16 a lease is defined as ‘a contract that conveys the right to use an asset for a period of time in exchange for consideration'.9.When a company sells property and then leases it back, any gain on the sale should usually be Select one: a. recognized in the current year. b. recognized at the end of the lease. c. deferred and recognized as income over the term of the lease. d. recognized as a prior period adjustment.
- ONLY NEED ASSISTANCE WITH NUMBER 8, What amount would NIC record as a right-of-use asset at the beginning of the lease?For a depreciable asset, the amount of depreciation recognised shall be in accordance with AASB 116. The asset shall be: a fully depreciated over the shorter of the lease term and its useful life, if there is a reasonable certainty that the lessee will obtain ownership by the end of the lease term. b fully depreciated over the shorter of the lease term and its useful life, if there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term. c fully depreciated over the longer of the lease term and its useful life, if there is a reasonable certainty that the lessee will obtain ownership by the end of the lease term. d fully depreciated over the longer of the lease term and its useful life, if there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term.For a lease that transfers ownership of the property to the lessee by the end of the lease term, the lessee should: a.amortize the right-of-use asset over the economic life of the asset in a manner consistent with the lessee's normal depreciation policy for owned assets b.amortize the right-of-use asset over the lease term in a manner consistent with the lessee's normal depreciation policy for owned assets c.record each lease payment as lease expense d.combine interest expense and amortization expense and report as a single lease expense
- 45. In a lease that is recorded as a sales-type lease by the lessor, interest revenue should be recognized over the period of the lease using the straight-line method. should be recognized over the period of the lease using the effective interest method. does not arise. should be recognized in full as revenue at the lease’s inception.1. What amount should be reported as lease liability on December 31,2020? 2. What is the initial recognition of the right of use asset?One of the determinative criteria for a finance lease specifies that the lease term be equal to or greater than the economic life of the leased asset 50% of the economic life of the leased asset 75% of the economic life of the leased asset 90% of the economic life of the leased asset