Access Point acquired an asset under a finance lease. The fair value of the asset was 440,000
Question:
Access Point acquired an asset under a finance lease. The fair value of the asset was £440,000 and it is estimated that the residual value after 5 years will be £20,000. The lease is for 5 years. Lease payments are £50,000 per half year and are paid in advance. The lease commences on 1 January 20X8. The interest rate implicit in the lease is 2.96 per cent per half year.
Required:
Prepare extracts of the financial statements for the years ended 31 December 20X8 and 20X9.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Solution The extracts of the financial statements for the years ended 31 December 20X8 and 20X9 is a...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
International Financial Reporting And Analysis
ISBN: 9781473766853
8th Edition
Authors: David Alexander, Ann Jorissen, Martin Hoogendoorn
Question Posted:
Students also viewed these Business questions
-
The summarized statements for the year ended 31 December 2007 for Mat, Rug and P entities are as follows: Statements of comprehensive income for the year ended 31 December 2007 The following...
-
The summarized financial statements for the year ended 31 December 2021 for Rose Bhd. and Lily Bhd. are as follows: (1) (11) Statements of profit or loss for the year ended 31 December 2021 Rose Bhd....
-
It is estimated that while world coffee prices hover around 50 per pound, production costs are around 80 per pound. According to a report issued in September 2002 by the relief agency Oxfam, prices...
-
The need to be liked and to stay on good terms with most other people is the need for? a. Affiliation b. Power c. None of the above d. Achievement
-
Lester Inc. owns 55 percent of the outstanding stock of Marvin Corporation. The two corporations engage in numerous intercompany transactions that must be accounted for on both their financial...
-
Find a polar equation for the curve represented by the given Cartesian equation. 4y 2 = x
-
P&G would like consumers to engage in __________ for its consumer products. a. counteractive construal b. evaluative criteria c. prevention motivation d. habitual decision making e. social scoring
-
1. Assume you have AUD100,000 that you must invest in stocks. Construct a portfolio of 5 stocks from the data provided. Design the portfolio in any which way you deem fit. Justify your portfolio...
-
Examine the concept of genetic anticipation in inherited diseases, discussing the underlying mechanisms, such as trinucleotide repeat expansions, and their clinical implications.
-
1. What were the key forms of human, social and organizational capital generated in One Team? 2. What role did HR practices play in supporting these forms of capital? 3. In the future: a. How might...
-
Critically appraise the different cost assumptions underlying the valuation of closing inventory.
-
On 1 January 20X8, a lessee acquires new equipment, with a fair value of 730,000, by entering into a ten-year lease. Lease payments are 90,000 per annum and all payment are made at the end of the...
-
Show that the infinite series diverges. - + + + + +
-
Given the following financial data, calculate the following (show all calculations): 1. Gross profit/margin 2. Operating income 3. Earnings before taxes 4. Income taxes 5. Net income Tax rate Cost of...
-
Could you provide elucidations on ethnocentrism, cultural relativism, and cultural imperialism, along with illustrative examples to elucidate each concept?
-
exc!-2 Jobe date of 201 ha. Find the minimum service Jate at a printer buffer cet printer to the expected queule eize then 3 and the probability of then 3 not more a arrive new job requaring mode...
-
Prudent Bank holds a stock in its portfolio which has the following discrete probability distribution of payoffs: Probability Payoff 33.0 65.5 0.5 0.013 0.987 ($ millions) Answer: 28 36 40 -300 -532...
-
Onward and Upward Corp. is a US corporation. It earns $100,000 of net income in the US and $50,000 of net income in Luxembourg in 2023. It pays Luxembourg tax of $20,000. US tax liability before...
-
Explain the Paradox of Leverage, how it contributed to the Great Recession, and how it made recovery more difficult.
-
Does log 81 (2401) = log 3 (7)? Verify the claim algebraically.
-
EJ publishes trade magazines and sells them to retailers. EJ has just concluded negotiations with a large supermarket chain for the supply of a large quantity of several of its trade magazines on a...
-
Johan, a public limited company, operates in the telecommunications industry. The industry is capital intensive with heavy investment in licences and network infrastructure. Competition in the sector...
-
The IAS 18 method of revenue recognition proves that accountants are prudent. Discuss.
-
Research a controversial event or legal case raising issues of media ethics or media law from the last ten years. "Specific media ethics or law issue" should be interpreted broadly. You may select...
-
Patrol Procedures- How is social media effecting law enforcement? Has the use of social media assisted or hurt law enforcement? Provide examples.
-
Explain how and why social media is being used by law enforcement. Also discuss the problems that may result from the adoption of social media by law enforcement agencies.?
Study smarter with the SolutionInn App