14. On January 1, 20x1, Chirp Co. leased out to Tweet Inc. a machine, which Chirp Co. has recently acquired for P394,833. The machine has an estimated useful life of 5 years. the lease contract states an annual rent of P120,000 due at the beginning of each year over a lease term of 4 years. Chirp Co. incurred initial direct costs of P25,000 in negotiating the lease. The machine reverts back to Chirp Co. at the end of the lease, at which time the residual value of the machine is expected to be P10,000. What is the interest rate implicit in the lease and how much is the carrying amount of the net investment in the lease on Dec 31 , 20x1? O a. 10%; 212,815 O b. 11%; 332, 815 O c. 11%; 212,815 O d. 12%; 298,564

14. On January 1, 20x1, Chirp Co. leased out to Tweet Inc. a machine, which Chirp Co. has recently acquired for P394,833. The machine has an estimated useful life of 5 years. the lease contract states an annual rent of P120,000 due at the beginning of each year over a lease term of 4 years. Chirp Co. incurred initial direct costs of P25,000 in negotiating the lease. The machine reverts back to Chirp Co. at the end of the lease, at which time the residual value of the machine is expected to be P10,000. What is the interest rate implicit in the lease and how much is the carrying amount of the net investment in the lease on Dec 31 , 20x1? O a. 10%; 212,815 O b. 11%; 332, 815 O c. 11%; 212,815 O d. 12%; 298,564

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

E Touch t. 04:04 45% D 9:28 elearning.jadara.edu.jo/E (15 1 3 Question : 1 B The point is when total revenues equal total costs. 2 downloads complete. Details
sanju
My Courses-alam X ouTube Maps mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Northwest Vista Co... t Typing Lessons | C,... 1: Homework i UL ACCT-2301-047 X Required 1 Required 2 Company 1 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the expanded accounting equation to compute the missing financial statement amounts. 2 Complete this question by entering your answers in the tabs below. $ Use the expanded accounting equation to compute the missing financial statement amounts. Common Stock Assets 44,000 = 83,800 = Liabilities Question 2- Requi X O Mail-Alsadoon, H X $ $ 17,000 33,000 + + $ $ Welcome to Rosett... Saved 22,000 46,000 14,000 26,000 O I - $ $ Expenses 9,000 19,000 ✔K
Create a schedule of accounts receivable using the accounts receivable subsidiary ledger‘s.
Dinesh bhai
ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…
i need the answer quickly
How to you solve this?
Please see below. Need help with this asap please and thank you.
Answer each of the questions below. Due by Wednesday at 11:59 pm. What are a few of the main advantages of the use of special journals? Now that things are more computerized what happens to the special journal in a computerized accounting system that uses electronic forms? Do you feel that the computerized accounting system will soon take over the need for full time accountants?
Question 3: Setting up and Managing Payroll A. Use the template below and prepare a list of all accounts that are required for setting payroll in QuickBooks Online. (Add rows if required)" Template Account Number Account Name Account Type ▬▬▬
Need help with question please. Thank you