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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- On July 1, 2019, Park Company leased office space for ten years to Rudd at a monthly rental of $15,000, and received the following amounts as listed in the table below. Rude made timely rent payments through November 2019; the December rent was paid, together with January 2020 rent, on January 6, 2020. At December 31, 2019, park should report rent receivable of? First Month Rent $ 15,000 Security Deposit $ 25,000 a. $0 b. $ 5,000 c. $15,000 d. $30,000On May 1, 2022, Ella leases her condo to Fitz for a 12-month lease period starting May 1 for $1,000 per month. Ella requires that Fitz pay first month’s rent, last month’s rent and a $1,000 security deposit (total $3,000) prior to turning over the keys to Fitz. The security deposit is refundable as long as Fitz abides by the terms of the lease agreement. Compute the amount of gross rental income Ella will recognize in 2022The lease was paid in full for the next 6 months for a total of $12000 on September 1, 2020. a) Create a journal entry to record the payment of the Lease. b) Create the monthly Journal Entry to record the Lease Expense. c) What is the balance remaining in the Prepaid Rent at 12/31/2020 after the December adjusting entries are done.
- On July 1, 2019, a taxpayer enters into a 36-month lease. The terms of the lease require the taxpayer to pay $1,000 a month. Based on the value of the automobile, the inclusion amounts for years 1 through 3 are $314, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net amount can be deducted for lease expense in 2020? $7,987 $5,705 $11,587 $12,000 $4,920On 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.$12,000Rahul deposits $4450.00 in an account on April 1, 2019 which earns 9.5% compounded quarterly. How much is in the account on September 15, 2024 if simple interest is allowed for part of a conversion period?
- Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Swifty Company. The following information relates to this agreement. 1. 2. 3. 4. 5. 6. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2020, is $70,000. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $7,000, none of which is guaranteed. The agreement requires equal annual rental payments of $21,827.58 to the lessor, beginning on January 1, 2020. The lessee's incremental borrowing rate is 4%. The lessor's implicit rate is 3% and is unknown to the lessee. Swifty uses the straight-line depreciation method for all equipment. Click here to view factor tables. Prepare all of the journal entries for the lessee for 2020 to record the lease agreement, the lease payments, and all expenses related to this lease.…On January 1, 2020 Venti Company rented out an apartment to Barbatos Company for an operatinglease term of 3 years. Any executory costs are responsibility of the Venti. The following items arerelevant to the lease:Annual rental payments 250,000Maintenance & property taxes 30,000Security deposit 80,000Requirements:a. What are the journal entries in the books of the Barbatos in 2020?b. What are the journal entries in the books of the Venti in 2020?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?
- On 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. $12,000Dee began leasing a business auto on January 1, 2022. The lease terminates on April 30, 2024. The fair market value of the car is $66,500. Dee uses the auto 75% for business. The 2022 lease-income inclusion table indicates an inclusion amount of $14 for a vehicle with a FMV of $66,500. How much is the 2022 lease income inclusion that Dee must report on her Schedule C? O A. $0 OB. $14 O C. $11 OD. $13227. On Oct. 1, 2017, Diana company leased office space at a monthly rental of 400,000 for 10 years expiring Sept. 30,2027. As an inducement for Diana to enter into the lease, the lessor permitted Diana to occupy the premises rent free from Oct. 1 to Dec. 31, 2017. For the year ended Dec. 31, 2017, what amount of rent expense should Diana recognize?
