ACC 309 Final Project Student Workbook

assume that we report the reinsurance company amount of recoverable claims 35000, expected amount 28000, assume that also the balance of recoverable provision for outstanding claims a-28000 b-25000 c- 30000 what is the adjusting entry

Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2021. Courtney purchased the equipment from Doane Machines at a cost of $252,000, its fair value. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) $17,000 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter 5 years 12% Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2021. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. X Answer is not complete. Complete this question by entering your answers in the tabs below.

On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $47,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison. Leasing at a cost of $367,000 and was expected to have a useful life of five years with no residual value. Both firms record. amortization and depreciation semi-annually. Required: Prepare the appropriate journal entries for the lessor (Jamison Leasing) from the beginning of the lease through the end of 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

On January 1, 2019, Bridgeport Ic., a construction company, leased an excavator from Leaselt Inc. The lease terms are as follows: Annual lease payments of $26,900 at the beginning of each year for five years At the end of the lease term the asset reverts back to the lessor and the residual value guarantee is $8,100 The incremental borrowing rate is 7% and the implicit rate in the lease is 6% (known by the lessee) Bridgeport Inc. has a December 31 year end Prepare the journal entries for 2019 for Bridgeport Inc. Assume Bridgeport follow IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. Round factor values to 5 decimal places, e.g. 1.25124. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

Please answer in good accounting form Thankyou 1. How much is to be reported in the statement of financial position as lease liability for the year ended December 31, 2021? 2. 2. What is the interest expense for the calendar year 2022? (round off answer to the nearest WHOLE NUMBER) 3. How much depreciation expense is to be recorded for the year ended 2021? (present answer with 2 DECIMAL PLACES)

Listed below are 15 terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. TERM 1. Interest expense 2. Disclosure only 3. Lessor's gross investment 4. Lessee's lease payments 5. Lessor's net investment 6. Initial direct costs 7. Operating lease 8. Bargain purchase option 9. Depreciable assets 10. Loss to lessee PHRASE Periodic rent payments plus excess guaranteed residual value. Deducted in lessor's computation of lease payments. Leasehold improvements. Cash paid to satisfy residual value guarantee. Sales-type lease selling expense. Depreciation longer than lease term. Sale-leaseback as operating lease. PV of lease payments plus PV of residual value. Future lease payments in each of the next five years. Periodic rent payments plus residual value. Lease payments plus guaranteed residual value. 11. Finance lease expense 12. PV of bargain purchase option price 13. Title transfers to lessee Nonlease payments. 14. Loan…

Access the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ) Required: Determine the specific citation for accounting for each of the following items: 1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed. 2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities. 3. Accounting for the revenue from separately priced extended warranty contracts. 4. The criteria to determine if an employer must accrue a liability for vacation pay.

Oriole Company specializes in leasing large storage units to other businesses. Oriole entered a contract to lease a storage unit to Ivanhoe, Inc. for 4 years when that particular storage unit had a remaining useful life of 5 years. The fair value of the unit was $15,000 at the commencement of the lease on January 1, 2025. The present value of the five equal rental payments of $3,808 at the start of each year, plus the present value of a guaranteed residual value of $1,000, equals the fair value of $15,000, Oriole's implicit rate of return on the lease of 5%. The following is a correct, complete amortization schedule created by Oriole. Date 1/1/25 1/1/25 1/1/26 1/1/27 1/1/28 12/31/28 Lease Payment $3,808 3,808 3,808 3,808 1,000 $16,232 Interest (5%) on Outstanding Lease Receivable $560 397 227 48 $1,232 Reduction of Lease Receivable $3,808 3,248 3,411 3,581 952 $15,000 Balance of Lease Receivable $15,000 11.192 7,944 4,533 952 0 Given the above schedule, make the appropriate entries at…

View Policies Current Attempt in Progress 1. 2. Prepare the journal entries that the lessee should make to record the above transactions assuming the entities report under ASPE. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) The lessee makes a lease payment of $75,200 to the lessor for equipment in an operating lease transaction. Wildhorse Company leases equipment from Noble Construction Inc. The present value of the lease payments is $658,000. The lease qualifies as a capital lease.. No. Account Titles 1. 2. List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer

LeBron James (LBJ) Corporation agrees on January 1, 2025, to lease equipment from Blossom, Inc. for 3 years. The lease calls for annual lease payments of $22,000 at the beginning of each year. The lease does not transfer ownership, nor does it contain a bargain purchase option, and is not a specialized asset. In addition, the useful life of the equipment is 10 years, and the present value of the lease payments is less than 90% of the fair value of the equipment. Prepare LBJ's journal entries on January 1, 2025 (commencement of the operating lease), and on December 31, 2025. Assume the implicit rate used by the lessor is unknown, and LEY's incremental borrowing rate is 6%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. For calculation purposes, use 5 decimal places as displayed in the factor…

Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items:1. If it is only reasonably possible that a contingent loss will occur, the contingent loss should be disclosed.2. Criteria allowing short-term liabilities expected to be refinanced to be classified as long-term liabilities.3. Accounting for the revenue from separately priced extended warranty contracts.4. The criteria to determine if an employer must accrue a liability for vacation pay

Assume that on December 31, 2019, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to this lease agreement. 1. The agreement requires equal rental payments of $66,299 beginning on December 31, 2019. 2. The fair value of the building on December 31, 2019 is $486,019. The building has an estimated economic life of 12 years, a guaranteed residual value of $12,000, and an expected residual value of $9,800. Kimberly-Clark depreciates similar buildings on the straight-line method. 3. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. 5. Kimberly-Clark's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

tasks will provide further exposure to the year-end adjustments. 5.17.1 Enter the following year-end adjustments under the headings i The first one has been done for you as an example. The year-end is 28 February interest on capital Ve covered some of these adjustments. Subsequent The previous iation accounts Revision of adjustments & accounting equation covered in Grade 10 TASK 5.17 el Agency on s B. Bester and Required: the table below. 20.7. GAAP Account debited Account credited Name of No. Description Amount Name of concept applicable Section in Section in account ledger account ledger 1. Correction of Business entity rule Drawings Balance Sheet Sundry Nominal R3 000 expenses error following: 5472 For each of the adjustments indicate the effect on the accounting equation A = 0 + L. Information: 166750 in the ratio 1. Correction of error: The owner took stock for personal use at cost price, R3 000, but this has been deb- ited to Sundry expenses. 2. Omission: A direct electronic…

Financial Statement Reporting for an Operating Lease Harmeling Paint Ball (HPB) Corporation needs a new air compressor that costs $80,000. HPB will need it for only 5 years even though the compressor's economic life is long enough so that the lease is an operating lease. The firm can lease the compressor for 5 years with $30,000 lease payments at the end of each year. HPB's cost of debt is 13%. Answer the following questions. (Hint: See Table 19-1.) a. What is the initial lease liability that must be reported on the balance sheet? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value. $ b. What is the initial right-of-use asset? Do not round intermediate calculations. Round your answer to the nearest cent. $ c. What will HPB report as the Year-1 lease expense? Round your answer to the nearest cent. Enter your answer as a positive value. $ d. What is the Year-1 imputed interest expense? Do not round intermediate…

Compute the Impairment Loss on 2020 Compute the Allowance For Loan Impairment on Dec 31, 2020 Compute the Carrying amount of the Loan on Dec 31, 2020 Compute the Carrying amount of the Loan on Dec 31, 2021 Compute the Carrying amount of the loan on Dec 31, 2022 Journal Entries from 2020-2022

When a lessee makes periodic cash payments for a finance lease, which of the following accounts is increased? A.Lease Liability B.Lease Rental Expense C.Right-of-Use Asset D.Interest Expense

Are the following assets real or financial?a.Patentsb.Lease obligationsc.Customer goodwilld.A college educatione.A $5 bill

Which of the following accounts would not appear on the income statement of a lessee in connection with a finance lease? 0 A. Amortization expense B. Interest expense OC. Services expense for a nonlease component D. Rental expense

t24 In a lease that is recorded as a manufacturer’s or dealer’s lease by the lessor, interest revenue should beA. recognized in full as revenue at the lease’s inception.B. recognized over the period of the lease using the straight-line method C. recognized over the period of the lease using the interest method.D. not be recognized in the accounts.

Subject: Advance finance accounting Required:a) Determine the present value of minimum lease rental payment. b) Prepare the journal entries for FRM Ltd (the Lessee) using the Net Method for the following;i. Transfer of controlii. Payment of annual payments for 2015 and 2016.

Intermediate Accounting ll ch 16   9. In 2024, DFS Medical Supply collected rent revenue for 2025 tenant occupancy. For income tax reporting, the rent is taxed when collected. For financial statement reporting, the rent is recorded as deferred revenue and then recognized as revenue in the period tenants occupy the rental property. The deferred portion of the rent collected in 2024 amounted to $360,000 at December 31, 2024. DFS had no temporary differences at the beginning of the year. Required: Assuming an income tax rate of 25% and 2024 income tax payable of $910,000, prepare the journal entry to record income taxes for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

Under a capital lease: Select one: a. The lessee report assets on balance sheet O b. None of the options c. The lessee report rent expenses on income statement d. The lessor report rent expense on income statement

Needed: 1. Determine the total financial income that will be recognised over the lease period. 2. Calculate the new implicit rate that will be utilised in the interest income calculation. 3. Prepare journal entries for the current year in the AEI Company's books.

Accounting Given the following 1. Gross Premium 2. Commission 3. Claims 4. Outstanding Claims and 5. Incurred but not reported reserve. How do you calculate the Unearned premium for different contracts under IFRS 4. What is the formular.

Required 1 Required 2 Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. (Round your Intermediate calculations and final answers to the nearest whole dollar) View transaction list Journal entry worksheet < 1 2 3 Note: Enter debits before credits. Record the beginning of the lease for Nath-Langstrom Services. Date January 01, 2024 Record entry → Show Transcribed Text < View transaction list Journal entry worksheet 1 2 5 Note: Enter debits before credits. General Journal Date January 01, 2024 Clear entry Record entry Required 1 Required 2 Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. (Round your intermediate calculations and final answers to the…

Under operating lease: Select one: a. Nome of the options O b. lessee report assets on balance sheet c. Lessor recognized rent expense d. lessee recognize rent revenue

Financial Statement Reporting for a Finance Lease Reynolds Construction (RC) needs a piece of equipment that costs $80,000. The equipment has an economic life of 2 years and no residual value. The equipment will not require maintenance because its useful life is so short. RC can borrow the full cost of the equipment at an interest rate of 7% with payments due at the end of the year. Alternatively, RC can lease the equipment for $45,000 with payments due at the end of the year. Assume RC chooses the lease, which is a finance lease for financial reporting purposes. Answer the following questions. (Hint: See Table 19-1.) a. What is the initial lease liability that must be reported on the balance sheet? Do not round intermediate calculations. Round your answer to the nearest cent. Enter your answer as a positive value. $ b. What is the initial right-of-use asset? Do not round intermediate calculations. Round your answer to the nearest cent. $ c. What will RC report as an interest expense…

Part 1: New Lease Accounting – using IFRS 16 Leases Effect Analysis.  Which payments are to be included in the measurement of lease assets and lease liabilities? Also, discuss the pros and cons of excluding the following payments from the measurement. - Variable lease payments linked to future use or sales - Optional payments relating to lease-extension option when a lessee is not reasonably certain to exercise the option.

An amount paid by the lessee to the lessor in addition to the periodic rental which is treated by the lessor as an unearned rent income to be amortized over the lease term.    a. Contingent rent b. Lease bonus c. Initial direct cost d. Security deposit

Provision, Contingent Assets, Contingent Liabilities and Restructing Required: Determing the ff for the year ended Dec. 31, 2014 1. Accrued asset on Dec. 31, 2014 2. Disclosed Contingent Asset on Dec. 31, 2014