lease prepare the journal entries. In journal entries, please provide description.
Q: Prepare closing journal entries
A: Closing entries are recorded at the end of the period to close the temporary accounts to the income…
Q: lease present i
A: PARTICULARS RETA sales $ 300,000 Less margin(12%)…
Q: Discuss the accounting and reporting for special features of lease arrangements.
A: Special features of lease arrangements: - Residual type- Sale type leases- Bargain purchase option-…
Q: Required a. State two uses of the control accounts b. Use the above data to determine the opening…
A: Here asked for preparation of control account which are needed for rectify the errors which are…
Q: How would we prepare a journal entry for an unrecorded and unpaid entry?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: You are reguired to prepare the journal entries to record all the transactione
A: Share capital refers to the capital which is raised by the issue of shares. it is an amount that is…
Q: Write a note on closing entries and what are those. Explain in Detail?
A: Definition :- A closing entry is a journal entry made to transfer balances from a short lived…
Q: Define Prepaid rent.
A: Prepaid Expense: It refers to the expenditure incurred by company that is paid in one accounting…
Q: What adjusting journal entry is required to record accrued liabilities?
A: Accrued liabilities: Accrued liabilities means that the amount will be paid in the future period for…
Q: ear in the consolidated adjusting journal entries for
A: Given as, Sales price = $820,000 Salvage value of equipment when sold = $520,000
Q: rite a short note on accrued expenses
A:
Q: Write a description note on closing entries and what are those. Please Explain?
A:
Q: Required: 1. Should this lease be accounted for as a financing-type lease or a sales-type lease? O…
A: A lease is classified as a finance lease if it transfers substantially all the risks and rewards…
Q: At the beginning of a Type B lease, the lessor will record what asset and liability, if any?
A: Lease:An agreement of contract that is made to transfer the right to utlize the resources for a…
Q: How to prepare a closing Journal entry and how to draft journal entry?
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: Required A. Prepare the lease payment schedule for the lessee (show all workings); and B. Prepare…
A: A. Lease payment by lessee: Cost of lease= Present value of lessee rent (-) present value of tax…
Q: Prepare the journal entries required by the lessee and the lessor on 12/31/Year 5.
A: Cost of Equipment $ 295000 Fair Value of Equipment $ 295000 Lease Term 5 years Lease Rent is…
Q: when evaluating a tenant and a lease proposal, the owner considers it?
A: Lease is an agreement where landlord and tenant agrees to certain terms and conditions. In this…
Q: Explain an example of adjusting journal entries.
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: Prepare journal entries to reooed the transactions using the mora Bum method and presen the…
A: Journal entry is entry which is made at the time of transaction, however in order to record the…
Q: Give an example and explain how to journalize depreciation entry.
A: Depreciation is a reduction of value of an asset over its useful life time. It is an accounting…
Q: the building and journalize the purchase.
A: Definition: Property, plant, and equipment: These assets are long-lived economic resources which are…
Q: Requirements: a. Journalize each transaction and prepare the necessary adjusting entries.
A: The transactions for the month of Dec 2021 for K-Dynamite company are given to us. The Company has…
Q: lease read and answer journal entry questions using table.
A: Recording the Monthly transaction of DS unlimited
Q: uestion Prepare the related books of prime entry for the above transactions.
A: Sales Books is a book of original entry in which only credit sales are recorded similarly purchase…
Q: Requirement: Give the journal entries for the foregoing transactions.
A: Dividend is the amount which is paid to the shareholders of the company and the dividend amount is…
Q: or b
A: Make-or-Buy Decision Process The main output of planning procurements is the make-or-buy decision…
Q: Describe how to record lease expense.
A: A lease for capital is a lease where the lessee recognizes the underlying asset as if it acquires…
Q: Write up the Journal and Ledger entries in the books of both the parties.
A:
Q: Journalize the entries required on each date.
A: Dividends are a part of net income that is paid to the shareholder of the company in the form of a…
Q: Identify and describe the different types of adjusting journal entries.
A: Adjusting entry: To satisfy the principle of Matching cost and revenue, amount of every expense and…
Q: Define accrued liabilities. What adjusting journal entry is required to record accrued liabilities?
A: The accrued liabilities means that the amount will be paid in the future period for the expenses…
Q: What is leasing? Explain the process of leasing’s Underwriting process of Tenants.
A: Lease can be defined as a right to use equipment or capital goods on payment of periodical amount…
Q: Prepare the journal entries in relation to the provision liability
A: Liability can be defined as present obligation arising due to past events resulting into outflow of…
Q: Write a short note on prepaid expenses with Literature Review and by providing examples
A:
Q: Please prepare a full trial balance – Trial Balance, Adjustments, Adjusted Trial Balance, Income…
A: Calculation of Unadjusted Trail Balance for the given information of one month period September 1,…
Q: 12. Security deposits for rental property should be listed in a closing statement as a debit to A.…
A: A security deposit in rent agreement is an upfront amount by buyer to seller to hold until the…
Q: Prepare the journal entries
A: Other Comprehensive Income (OCI) is the part of comprehensive income statement in which the…
Q: The Consumer Finance Protection Bureau re- quires that the Closing Disclosure be provided to A. the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Complete
A:
Q: When do we make closing journal entries?
A: Closing journal entry: It can be defined as a type of journal entry that is made by the business at…
Q: Required: Prepare the journal entries to recoru the Busilness ComUIna of ABC Ltd. in the records
A: ABC Ltd takes over DEF Ltd on 01.10.20*5 DEF is liquidated on takeover. (No Non controlling interest…
Q: Prepare general journal entries for the following transactions:
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Describe when an adjusting entry to accrue an expense is needed and what the journal entry will…
A: Answer
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- 5 - Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts is correct to use in the relevant accounting record ? a) 191 VAT Deductible 72.000 TL (Creditor) B) 250 Land and Lands Hs. 400.000 TL (Creditor) NS) 391 Calculated VAT Hs. 72.000 TL (Borrower) D) 252 Buildings Hs. 72.000 TL (Borrower) TO) 250 Land and Lands Hs. 400.000 TL (Borrower)A new cash register was purchased on the 1 April 200X for R5000 cash. Which of the following amount represents tje depreciation expense for the new cash register purchased on 1 April? A.R250 B.R125 C.None of the above D.R167Assets $ 64,900 88,878 $ 83,5ee 68,625 261,8e0 Cash Accounts receivable Inventory Prepaid expenses 298,656 1,310 437,736 147,500 2,095 408,e20 118,e00 Total current assets Equipment Accum. depreciation-Equipment (41,625) $ 543,611 (51,e00) $ 475,020 Total assets Liabilities and Equity Accounts payable Short-term notes payable $ 63,141 13,000 76,141 6e,000 136,141 $ 129,675 8,e0e Total current liabilities 137,675 58,750 Long-term notes payable Total liabilities 196,425 Equity Connon stock, $5 par value Paid-in capital in excess of par, connon stock Retained earnings 160, 250 76 , 77ב 52,500 177,220 118,345 $ 475,020 Total liabilities and equity $ 543,611 FORTEN COMPANY Incone Statement For Current Year Ended Decenber 31 Sales $ 632,500 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Other gains (losses) Loss on sale of equipment 295,eee 337,5ee $ 30,75e 142,480 173,158 (15,125) 149.225 38,250 $ 110,975 Income before taxes Income taxes expense Net…
- MC Qu. 12-182 Marvin Industries owns a piece of. Marvin Industries owns a plece of equipment with a cost of $149,000 and accumulated depreciation of $123,000. The equipment is sold for $52,300 cash. The amount that should be reported as a cash Inflow from Investing activities is: Multiple Cholce $52.300. $26,300. $26,000. $0; this transaction is a financing activity.The double entry Non-current assets Case study no. 1: A VAT payer company has the following financial position at the beginning of the financial reporting period: subscribed and paid in social capital 20,000 lei, petty cash 20,000 lei The company records the following transactions referring to noncurrent intangible and tangible assets entering its estate: a) It pays 1,000 lei setup costs through petty cash; b) It purchases software from a supplier at 4,000 lei, VAT 19% c) It develops machinery measured at a production cost of 40,200 lei Homework: Based on the transactions that were recorded, fill in the corresponding Ledger and Final Balance Sheet. In order to do so, you must first settle the company's accounts with the state in terms of VAT and close the revenue (income) accounts. Case study no. 2: The entity considered for case study no. 1 records monthly amortisation and depreciation by using the straight line depreciation method for the following categories of noncurrent assets: a)…The double entry Non-current assets Case study no. 1: A VAT payer company has the following financial position at the beginning of the financial reporting period: subscribed and paid in social capital 20,000 lei, petty cash 20,000 lei The company records the following transactions referring to noncurent intangible and tangible assets entering its estate: a) It pays 1,000 lei setup costs through petty cash b) It purchases software from a supplier at 4,000 lei, VAT 19%, c) It develops machinery measured at a production cost of 40,200 lei Homework: Based on the transactions that were recorded, fill in the corresponding Ledger and Final Balance Sheet. In order to do so, you must first settle the company's accounts with the state in terms of VAT and close the revenue (income) accounts. Case study no. 2: The entity considered for case study no. 1 records monthly amortisation and depreciation by using the straight line depreciation method for the following categories of noncurrent assets: a)…
- Strawbale, Incorporated purchases a $329,800 building, paying $228,000 in cash and signing a $101,800 promissory note. What will be reported on the statement of cash flows as a result of this transaction? Multiple Choice A $228,000 cash outflow from investing activities and a $101,800 noncash transaction A $329,800 cash outflow from investing activities A $228,000 cash outflow from investing activities and a $101,800 cash inflow from financing activities A $329,800 cash outflow from investing activities and a $101,800 cash inflow from financing activitiesIf a loss of R.O.5,000 is incurred in selling (for cash) office equipment having a book value of R.O.100,000, the total amount reported in the cash flows from investing activities section of the statement of cash flows is Select one: O a. R.O.95,000. O b.R.O.115,000. c. R.O.15,000. O d. d. R.O.100,00o,Acruni Co had the following loans in place at the beginning and end of 20X6. 1 January 20X6 $m 31 December 20X6 $m 10% Bank loan repayable 20X8 9.5% Bank loan repayable 20X9 8.9% debenture repayable 20X7 120 120 80 150 80 The 8.9% debenture was issued to fund the construction of a qualifying asset (a piece of mining equipment), construction of which began on 1 July 20X6. On 1 January 20X6, Acruni Co began construction of a qualifying asset, a piece of machinery for a hydro- electric plant, using existing borrowings. Expenditure.drawn down for the construction was: $30m on 1 January 20X6, $20m on 1 October 20X6. Required Calculate the borrowing costs that can be capitalised for the hydro-electric plant machine.
- Q7)Rohit carrying on real estate business sold a piece of land for Rs 4,00,00.000 (cost Rs.3,50,00,000) then the type of receipt is nature and profit on sale is a) Capital & transferred to capital reserve b) Revenue & transferred to P & L a/c c)Capital & transferred to P&L a/c d) Revenue transferred to general reserve Q8)In income measurement concepts goes together 7 recognisation of assets & liabilities which of the following a) Periodicity. Accural, Matching b) Cest, Accural, matching C) Going concern, eest, Realization (d) Going concem. Periodicity, Reliability. Q9) Imerpretation means (a) Explanation of meaning and significance of the dats in Financial Statements (b) Concerned with preparation and presentation of classified data (c) Systematic analysis of recorded data (d) Methodical classification of data given in Financial Statements.Total value of assets of M as follows: [House 20M: House hold furniture 2M; and personal car 5M; Cash 3057864]. How much Zakah is payable by M? ANSWER FORMAT: 12345.70 Answer:Record the entry for the purchase of the net assets of Heart by Diamond at the following cash prices: a. $700, 000 b. $300,000