Which type of lease requires that a long-term debt and an asset be recorded at the inception
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
Since a capital lease is in substance a purchase of t...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-0324787351
1st Edition
Authors: Rich Jones, Mowen, Hansen, Heitger
Question Posted:
Students also viewed these Accounting questions
-
Inception date July 1, 2017 Annual lease payment due at the beginning of each year, starting July 1, 2017 $21,27646 Purchase option price at end of lease term reasonably certain to be exercised by...
-
A lease that has a lease term (including any options to terminate or renew that are reasonably certain) of twelve months or less is considered a "short-term lease." How does a lessee record a lease...
-
A capital (or finance) lease results in both an asset and a liability on a companys balance sheet. Explain.
-
Do women lead differently than men?
-
Rock Bottom Gold Company recently repurchased 7 million shares of its common stock for $47 per share. The intent of the repurchase was to increase earnings per share to be more in line with...
-
Have you considered all the alternative ways to create brand awareness and link brand associations?
-
They filed joint tax returns in years 1 and
-
Listed below are items that are commonly accounted for differently for financial reporting purposes than they are for tax purposes. Instructions For each item below, indicate whether it involves: (1)...
-
Most Company has an opportunity to invest in one of two new projects Project Y requires a $325,000 investment for new machinery with a six-year life and no salvage value. Project Z requires a...
-
0.0613 kg of biphenyl (C12H10) is dissolve in benzene (CsH6) to create a solution with a total volume of 350.0 mL. (Assume the change in volume is negligible) If the vapor pressure of pure benzene is...
-
Name and describe two kinds of leases.
-
Describe how the bond issue price is calculated.
-
Scientific research has shown that the risk of having an automobile accident increases exponentially as the concentration of alcohol in the blood increases. The blood alcohol concentration is modeled...
-
Canis Major Veterinary Supplies Inc. DuPont Analysis Ratios Value Correct/Incorrect Ratios Value Correct/Incorrect Profitability ratios Gross profit margin (%) 50.00 Correct Asset management ratio...
-
The entrance to Salt Lake City (elevation 3,075 ft at the point of crossing) is grade separated from interstate highway (elevation 3,050 ft at the point of crossing) and will have to be connected....
-
McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem...
-
A deep reinforced concrete member carries two members with factored loads as shown in Figure 2. Material properties: fy 400 MPa, f'e = 50 MPa. a) Sketch a feasible strut and tie model indicating the...
-
If triangles ABC and DFG are similar triangles and side DF = 218, what is the value of side DG?
-
James Grant runs a small mail order business. On 1 January 20-7 there was 500 owing for rent in respect of the business premises. During the year the following payments were made for rent, by cheque:...
-
Describe a job you have had in the past or a job you are very familiar with. Indicate the negative aspects of the job and how it could be improved with current human resource management techniques.
-
For each of the three self-organizing list heuristics (count, move-to-front, and transpose), describe a series of record accesses for which it would require the greatest number of comparisons of the...
-
The adjusted trial balance for Patch Consultant Company at the end of its fiscal year is shown below. 1. Prepare the required closing entries. 2. Explain why closing entries are necessary at the end...
-
The adjusted trial balance for Greg Painting Company at December 31, 2011, is provided below. The owner made no investments during the period. Required Prepare in journal from the required...
-
Pierot Theater Company's trial balance at the end of its current fiscal year is shown below. Required 1. Enter Pierot Theater Company's trial balance amounts in the Trial Balance columns of a work...
-
Comparing the actual and planned cost of a consulting engagement completed by an engineering firm such as Allied Engineering.
-
What is the NPV of a project that costs $34,000 today and is expected to generate annual cash inflows of $11,000 for the next 7 years, followed by a final inflow of $14,000 in year 8. Cost of capital...
-
help!!! Use the above information to calculate ending inventory using FIFO for a company that uses a perpetua/inventory system
Study smarter with the SolutionInn App