Financial Lease: It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period. Operating Lease: It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them. The amount of prior period adjustment in the year of correction.

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Answer 1

Question

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

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Answer 2

Question

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

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Answer 3

Question

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

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Answer 4

Question

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

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Answer 5

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

Answer 6

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

Answer 7

Chapter 21, Problem 21.4P

a.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period of time. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

The amount of prior period adjustment in the year of correction.

Answer 8

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

Answer 9

b.

To determine

Financial Lease:

It refers to a way of providing funds where the owner leases his or her assets to the users for rent for a specific period. In this ownership of the assets is to be transferred to the user at the end of the lease period.

Operating Lease:

It refers to a lease where risk and reward related to ownership of the assets remain with the owner of the assets. In this user of the assets return the assets to the owner after using them.

To prepare: Partial comparative income statement for the year ended December 31 2019 through 2021.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 21 - Are accounting changes permitted in financial...Ch. 21 - How do firms report accounting changes under the...Ch. 21 - Prob. 21.3Q Ch. 21 - How do firms account for changes in accounting...Ch. 21 - Prob. 21.5Q Ch. 21 - Prob. 21.6Q Ch. 21 - Prob. 21.7Q Ch. 21 - Prob. 21.8Q Ch. 21 - Do accounting errors that self-correct within two...Ch. 21 - Does a firm need to correct an error that...

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