In January 1,2020, Orange Corporation leased a building to Juce Company under a four-year operating lease.  The monthly rentals for 2020, 2021, 2022 and 2023 are as follows:  P100,000, P150,000, P200,000 and P250,000, respectively.  Rentals are payable at the end of each month.  All rental payments within the year were made when due.  What amount should Orange Corporation report as rent receivable on December 31, 2020?

Q: On January 1, 2020, Blossom Company leased equipment to Flynn Corporation. The following information…

A: Solution: Lease Accounting correlates to the methodology of a leasing arrangement where the lessor…

Q: On January 1, 2006, Solitaire Company leased equipment for 7 years. The lease required an annual…

A: Case : Here,  The Solitaire Company leased equipment for 7 years for which it received $ 25000 for…

Q: 960'ES C $8,600

A: In financial lease, the ownership is notionally passed to the lesse.This is beacause the risk and…

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A: Journal entries are prepared to record the financial and non-financial transactions of the business.

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A: Introduction:Lease is an arrangement wherein, owner of the asset (lessor) allows the use of the…

Q: On December 31, 2021, Yard Art Landscaping leased a delivery truck from Branch Motors. Branch paid…

A: Since you have asked so many sub parts, we are answering you the first three sub parts of the…

Q: Mando Co. leased a piece of nonspecialized equipment for use in its operations from Empire Leasing…

A: Leasing of Assets :— it means giving assets to other on rent. Leasing Assets means, with respect to…

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A: Solution: Present value of lease payment = Annual lease payments * PVAD of 1 at i for n periods…

Q: On January 1, Lessor Company signed a 1-year rental with quarterly payments of P100,000 due at the…

A: The Answer is

Q: On January 1, 2019, Solitaire Company leased equipment for 7 years. The lease is correctly…

A: Lease classify as sale type lease means it is a financial lease where lessor has given right to use…

Q: On November 1, 2022, Gordon Company collected $9,660 in cash from its tenant as an advance rent…

A: Adjusting Entries are the entries that make the accrual principle work for the organization. These…

Q: On January 1, 2021, a lessee company signed a noncancelable finance lease for equipment. The lessee…

A: On 01.01.2021, A lessee company signed a noncancelable finance lease for equipment. Lessee make…

Q: On September 30, 2021, Ferguson Imports leased a warehouse. Terms of the lease require Ferguson to…

A:

Q: On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation.…

A: calculation of present value , pretax amount of liability, right of use assets, interest expenses…

Q: On January 2, 2019, Chats leased an office space for an annual rental of P600,000 payable every…

A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: On January 1, 2020, Paulina Co. leased an equipment from Gabriela Inc. for a period of 5 years.…

A: Lease liability = Present value of minimum lease payment + Bargain Purchase price paid   =…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.