1 On January 1, 2021 Thoughtless Corporation leased a machine with a present value of $70,000 re quiring four annual lease payment of $21,607 each The interest rate on the lease is 9 (a) Prepare the Company's journal entry to record the lease (b) Prepare the journal entries to record the first and...

4 Journal entory to record the lease 1 January 2011 Right of use Asset ...

1. On January 1, 2021 Thoughtless Corporation leased a machine with a present value of $70,000...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Accounting Introduction To Financial Accounting

ISBN: 9781517089719

1st Edition

Authors: Henry Dauderis, David Annand

See More Books

Posted Date: Jul 06, 2022 09:23 AM

See More Questions

On January 1, 2019, Cage Company contracts to lease equipment for 5 years, agreeing to make a payment of $120,987 at the beginning of each year, starting January 1, 2019. The leased equipment is to...
The following schedule is based on the notes to the financial statements of Beth County Health District. Future minimum payments under capitalized leases and non-cancellable operating leases with...
On January 1, 2018, Irik Corporation issued $2,550,000 face value, 7%, 10-year bonds at $2,378,893. This price resulted in an effective- interest rate of 8% on the bonds. The bonds pay annual...
Given the definition of the radian angle: S l Where [s] = m, [4] = m What are the dimensions of angles? A. No way to know B. meters, m C. 1 (or no units/dimensions) D. seconds, S E. kilograms, kg
Fast Second and Speedo are trying to decide what to bid for a license in a cellular phone auction where the possible values of the new license are $10 million, $20 million, $30 million, $40 million,...
Dresses by Audrey Inc., manufactures silk dresses in a small manufacturing facility. Manufacturing has 20 employees. Each employee presently provides 36 hours of productive labor per week....
Describe a mutual fund prospectus.
Kohler Corporation reports the following components of stockholders equity on December 31, 2013: Common stock $ 10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding . . . . ....
A stock has an expected return of 13.5% and a beta of 1.16, and the expected return on the market is 12.5%. What must the risk-free rate be? Please use excel and explain the answer. (2 decimal...
A string of length 0.80 m is fixed at both ends. The diagram shows a standing wave formed on the string. P and Q are two particles on the string. 0.8 The variation with time t of the displacement of...
what is the standard deviation for a portfolio invested 50% in A and 50% in B? Probability 0.5 10% Return A Return B 25% a. 9.19% b. 10.59% 11.75% d. 12.63% e. None 0.25 0% -10% 0.25 20% 0%
Suppose a spring is constructed that DOESN'T obey Hooke's law, but instead exhibits a restoring force given by Fx =kx3 where k =8 N m3(it needs these units so that force is newtons). How much work is...
Chemet manufactures chemicals in a continuous process. The company combines various materials in a machine at the beginning of the process, and conversion costs are added evenly during the process....
The comparative balance sheets for Crane Company show these changes in noncash current asset accounts: Accounts Receivable increased $83,800, Prepaid Expenses decreased $29,330, and Inventory...
Alvis Construction Supply Company has a department that manufactures wood trusses ( wood frames used in the construction industry ) . The following information is for the production of these trusses...
How does symbolic interactionism contribute to our understanding of micro-level social processes, and what are its limitations when addressing macro-level phenomena ?
The brain region chosen is cerebellum. The behavior controlled by the cerebellum is balance and helps coordinate movement. The frontal lobe controls movement, with the cerebellum helping with fine...
(a) Find the equation of the tangent line to f(x) = x 3 at the point where x = 2. (b) Graph the tangent line and the function on the same axes. If the tangent line is used to estimate values of the...
Explain what liquidity means. When a corporation is becoming less liquid, what are the implications for shareholders? For creditors?
The following transactions were made by Landers Corp. in March 2015. Mar. 1 Established a petty cash fund of $200 12 Reimbursed the fund for the following: Postage $10 Office supplies 50 Maintenance...
Even if a corporation is making a substantial net income each year, why might the board of directors decide to not pay any cash dividends?
Herbalife Ltd: has a subsidiary in Spain, Herbalife International Espafia, S.A., whose functional currency is the euro. Relevant translated data for the subsidiary appear below. Required a. Calculate...
Oliver Corporation decided on January 1, 2017, that its Canadian subsidiary's functional currency is the Canadian dollar rather than the U.S. dollar. On that date, the net assets of its Canadian...
The Thode Company established a wholly-owned subsidiary in Saudi Arabia on January 1, 2016, when the exchange rate was $$0.30/riyal$ (SAR). Of Thode's initial SAR200,000,000 investment, SAR...

1. On January 1, 2021 Thoughtless Corporation leased a machine with a present value of $70,000...

Question:

Expert Answer:

4 Journal entory to record the lease 1 January 2011 Right of use Asset ... View the full answer

Accounting Introduction To Financial Accounting

Students also viewed these general management questions