ACC2363_QUIZ 2_Q #37

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Laura leasing company on januar 1, 2025, to lease to Plote Company. the following information relates to this agreement.

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the following facts pertain to a non-cancelable lease agreement between Alschuler leasing company and mcKee Electronics, a leessee,for a computer system.

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The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Companyand Mckee Electronics, a lesee, for a computer system.

Instructions General Journal Shaded cells have feedback. X Chart of Accounts Sax Company signs a lease agreement dated January 1, 2019, that provides for it to lease computers from Appleton Company beginning January 1, 2019. The lease terms, 4a. Prepare journal entries for Sax for the year 2019. CHART OF ACCOUNTS provisions, and related events are as follows: Sax Company 1. The lease term is 5 years. The lease is noncancelable and requires equal rental payments to be made at the end of each year. The computers General Journal Instructions General Ledger are not specialized for Sax. 2. The computers have an estimated life of 5 years, a fair value of $300,000, and a zero estimated residual value. ASSETS REVENUE How does grading work? 3. Sax agrees to pay all executory costs directly to a third party. 111 Cash 411 Sales Revenue PAGE 2019 4. The lease contains no renewal or bargain purchase options. 121 Accounts Receivable 5. The annual payment is set by Appleton at $83,222.92 to earn a…

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How much should Thelma report as net investment in lease on December 31, 2022 statement of financial position?  a. P 291,049 b. P 320,154 c. P 321, 049 d. P 331, 049   please explain the answer and provide the solution in good accounting form.

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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.

Question 6 (22 pts): Margin Account Assume you buy one July '23 KC HRW contract today at $5.2875; its initial is $2,310 with a maintenance of $2,100. o Today - July KC HRW settles at 528'6. What do you deposit in the margin account? o Session 2-July KC HRW settles at 520'2 What is the gain or loss from session 2? What is the balance? Is there a margin call? If so, what is it? o Session 3-July KC HRW settles at 526'6 What is the gain or loss from session 3? What is the balance? Is there a margin call? If so, what is it? o Session 4 - Offset July KC HRW at 536'4 What is the gain or loss from session 4? What is the balance? Is there a margin call? If so, what is it? o Session 5 - Offset July KC HRW at 530'0 Calculate the profit or loss on the trade.

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Requirement: Provide the journal entries on Jan. 1, 20x1, Jan. 1, 20x3 5. On January 1, 20x3, Foggy Co. subleases the building to Creek Case 2: Sublease as an Operating lease On January 1, 20x1, Foggy Co. enters into a 10-year lease of a Sublease Fact pattern: machine from Bamboo, Inc. The annual·rent is P200,000 payable at the beginning of each year. The building has a remaining useful life of 25 years. The interest rate implicit in the lease is 10%. Case 1: Sublease as a Finance lease 4. On January 1, 20x3, Foggy Co. subleases the building to Creek Co. for 8 years at an annual rent of P208,000 payable at the beginning of each year. The first payment is due on January 1, 20x3. The interest rate implicit in the sublease is 9%. urement: Provide the journal entries on Jan. 1, 20x1, Jan. 1, 20x3 and Dec. 31, 20x3. Case 2: Sublease as an Operating lease beginning of each year. 31, 20x3.

Brief Exercise 9-5 (Algo) Record leases (LO9-3) On April 1, 2024, Primer Corporation signs a five-year lease to use office space. The present value of the monthly lease payments is $194,000. Record the lease. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account ield.) View transaction list Journal entry worksheet

*attached is the problem REQUIRED: choose the letter What is the lease liability on Dec. 31, 2020?  a. 1,352,000b. 1,152,000c. 1,067,200d. 1,552,000 What is the lease liability to be reported as non-current on Dec 31, 2020? a. 1,215,920b. 1,090,240c. 1,067,200d. 973,920

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Please answer both Part 1 and Part 2 questions for Case Study. Thank you. (additional reference from professor: please check the most updated ASC 842 leases) Case 13-8 Sale and Leaseback Part I Lessee Obtains Control Prior to Lease Commencement Phoenix Company wishes to lease a new vehicle for five years. The vehicle manufacturer is not willing to enter into lease arrangements, so Phoenix Company identifies a bank that is willing to purchase the vehicle and enter into a lease under an agreement that Phoenix Company expects to classify as an operating lease. Phoenix Company purchases the vehicle from the manufacturer, takes possession, and obtains legal title. Shortly thereafter, Phoenix Company sells the vehicle to the bank. The sale agreement requires the bank to reimburse Phoenix Company for all costs incurred to acquire the vehicle from the manufacturer and provides the bank with legal title to the vehicle. Concurrent with the sale, Phoenix Company and the bank enter into a…

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ACC 201 Chapter 15 Open-Ended Assignment             Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below.   On December 31, Year One, the Dispersion Company decides to lease a piece of equipment rather than buy it. The lease is for 8 years. Payments are $49,000 every December 31 beginning on December 31, Year One. The implicit rate is 11 percent and is known by Dispersion.              Required: A. Assume this lease is classified as a finance lease. What journal entries are made in Year One and Year two? B. Assume this lease is classified as an operating lease. What journal entries are made in Year One and Year two?     Your answers to this open-ended assignment should be placed in the space below this line.             A Assuming the lease is a finance lease:   Date Account Name   Debit Credit   Dec. 31, Year One                                               Dec. 31, Year One…

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Regading the information in the screenshot, pease answer requirements 1-5. Thanks! Requirement #1 Calculate the present value of the lease payments and record the journal entry at lease inception for the lessee. Requirement #2 In the space below, prepare the lease amortization schedule. Requirement #3 Prepare the journal entries the lessee would record on January 1st 2022 and December 31st, 2022 for the first two $30,000 lease payments. Requirement #4 Determine the effect on Café Med's earnings (net income) for the first year (2022)? Requirement #5 Determine the balances relating to the lease (the lease payable & right-of-use asset) on Café Med's balance sheet as of December 31, 2022?

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6. On August 1, 2012, Gabriel Company leased a machine to Baby Company for a six-year period requiring payments of P100,000 at the beginning of each year. The machine cost P480,000, which is the fair value at the lease date, and has a useful life of eight years with no residual value. Gabriel's implicit interest rate is 10% and present value factors are rounded off to three decimal places. Gabriel appropriately recorded the lease as a direct financing lease. /