{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T21:16:38-04:00", "answer_date": "2024-06-07 21:16:38", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2440945", "url": "\/study-help\/questions\/neri-foods-corporation-leased-a-commercial-food-processor-on-september-2440945", "question_creation_date_js": "2024-06-07T21:16:38-04:00", "question_creation_date": "Jun 07, 2024 09:16 PM", "meta_title": "[Solved] Neri Foods Corporation leased a commercia | SolutionInn", "meta_description": "Answer of - Neri Foods Corporation leased a commercial food processor on September 3 0 , 2 0 2 4 . The five - year finance lease a | SolutionInn", "meta_keywords": "neri,foods,corporation,leased,commercial,food,processor,september,3,2,4,five", "question_title_h1": "Neri Foods Corporation leased a commercial food processor on September 3 0 , 2 0 2 4 . The five - year finance lease agreement", "question_title": "Neri Foods Corporation leased a commercial food processor on September 3 0", "question_title_for_js_snippet": "Neri Foods Corporation leased a commercial food processor on September 3 0 , 2 0 2 4 The five year finance lease agreement calls for Neri to make quarterly lease payments of $ 1 0 4 , 4 1 3 , payable each September 3 0 , December 3 1 , March 3 1 , June 3 0 , with the first payment at September 3 0 , 2 0 2 4 Neri's incremental borrowing rate is 1 2 Neri records amortization on a straight line basis at the end of each fiscal year Neri recorded the lease as follows September 3 0 , 2 0 2 4 table General Journal,, , table Right of use asset ( calculated below ) , Lease payable ( calculated below ) , 1 , 6 0 0 , 0 0 0 , Debit , table Lease payable , Cash ( first payment ) , 1 0 4 , 4 1 3 , 1 , 6 0 0 , 0 0 0", "question_description": "\"image
Neri Foods Corporation leased a commercial food processor on September <\/span>3<\/mn>0<\/mn>,<\/mo><\/mtext>2<\/mn>0<\/mn>2<\/mn>4<\/mn>.<\/mo><\/mrow><\/math> The five<\/span>-<\/mo><\/mrow><\/math>year finance lease agreement calls for Neri to make quarterly lease payments of $<\/span>1<\/mn>0<\/mn>4<\/mn>,<\/mo>4<\/mn>1<\/mn>3<\/mn>,<\/mo><\/mrow><\/math> payable each September <\/span>3<\/mn>0<\/mn><\/mtext>,<\/mo><\/mrow><\/math> December <\/span>3<\/mn>1<\/mn>,<\/mo><\/mrow><\/math> March <\/span>3<\/mn>1<\/mn>,<\/mo><\/mrow><\/math> June <\/span>3<\/mn>0<\/mn><\/mtext>,<\/mo><\/mrow><\/math> with the first payment at September <\/span>3<\/mn>0<\/mn>,<\/mo>2<\/mn>0<\/mn>2<\/mn>4<\/mn><\/mtext>.<\/mo><\/mrow><\/math> Neri's incremental borrowing rate is <\/span>1<\/mn>2<\/mn>%<\/mo>.<\/mo><\/mrow><\/math> Neri records amortization on a straight<\/span>-<\/mo><\/mrow><\/math>line basis at the end of each fiscal year. Neri recorded the lease as follows:<\/span> <\/div>
September <\/span>3<\/mn>0<\/mn>,<\/mo>2<\/mn>0<\/mn>2<\/mn>4<\/mn><\/mrow><\/math> <\/div>
\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi><\/mrow><\/math>General Journal,,<\/span>]<\/mi>,<\/mo>[<\/mi>\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi><\/mrow><\/math>Right<\/span>-<\/mo><\/mrow><\/math>of<\/span>-<\/mo><\/mrow><\/math>use asset <\/span>(<\/mi><\/mrow><\/math>calculated below<\/span>)<\/mi>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Lease payable <\/span>(<\/mi><\/mrow><\/math>calculated below<\/span>)<\/mi>]<\/mi>]<\/mi>,<\/mo>1<\/mn>,<\/mo>6<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn>,<\/mo><\/mrow><\/math>Debit<\/span>]<\/mi>,<\/mo>[<\/mi>\\<\/mi><\/mrow><\/math>table<\/span>[<\/mi>[<\/mi><\/mrow><\/math>Lease payable<\/span>]<\/mi>,<\/mo>[<\/mi><\/mrow><\/math>Cash <\/span>(<\/mi><\/mrow><\/math>first payment<\/span>)<\/mi>]<\/mi>]<\/mi>,<\/mo>1<\/mn>0<\/mn>4<\/mn>,<\/mo>4<\/mn>1<\/mn>3<\/mn>,<\/mo>1<\/mn>,<\/mo>6<\/mn>0<\/mn>0<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div><\/span> <\/div><\/div> \"image", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "978-007811100, 78111005, 978-0078111006", "edition": "14th edition", "authors": "Ray Garrison, Eric Noreen and Peter Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/260.jpg", "uri": "\/textbooks\/managerial-accounting-14th-edition-260", "see_more_uri": "" }, "free_related_book": { "isbn": "0071159657", "uri": "\/textbooks\/financial-statement-analysis-theory-application-and-interpretation-6th-edition-9780071159654", "name": "Financial Statement Analysis Theory Application And Interpretation", "edition": "6th Edition" }, "question_posted": "2024-06-07 21:16:38", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/how-would-you-go-about-identifying-suitable-foreign-intermediaries", "description": "How would you go about identifying suitable foreign intermediaries?", "stars": 3 }, { "url": "\/study-help\/frank-woods-business-accounting\/5-some-of-the-problems-that-can-arise-when-the-1877064", "description": "5 Some of the problems that can arise when the balanced scorecard is adopted.", "stars": 3 }, { "url": "\/study-help\/introduction-to-probability-statistics\/a-telecommunications-system-transmits-binary-signals-0-or-1-the-1981813", "description": "A telecommunications system transmits binary signals (0 or 1). 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