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LuckyWell [14K]
3 years ago
13

On March 31, 2021, Southwest Gas leased equipment from a supplier and agreed to pay $350,000 annually for 15 years beginning Mar

ch 31, 2022. Generally accepted accounting principles require that a liability be recorded for this lease agreement for the present value of scheduled payments. Accordingly, at inception of the lease, Southwest recorded a $3,187,770 lease liability. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required:
Determine the interest rate implicit in the lease agreement. (Do not round intermediate calculations.)

Business
1 answer:
Levart [38]3 years ago
3 0

Answer:

Answer for the question:

On March 31, 2021, Southwest Gas leased equipment from a supplier and agreed to pay $350,000 annually for 15 years beginning March 31, 2022. Generally accepted accounting principles require that a liability be recorded for this lease agreement for the present value of scheduled payments. Accordingly, at inception of the lease, Southwest recorded a $3,187,770 lease liability. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Required:

Determine the interest rate implicit in the lease agreement. (Do not round intermediate calculations.)

Is given in the attachment.

Explanation:

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The answer is

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which term is defined as the state government granting power, license, or real property to a private individual or individuals u
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law on property rights is defined as the state government granting power, license, or real property to a private individual or individuals using a land patent

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6 0
1 year ago
Drew is in charge of writing a report for his company that talks about the quality and safety of his company's products, busines
ira [324]

Answer: Compliance review

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In the given case, Drew is  writing the report to spread the information that they are following all the guidelines related to safety and quality.

Thus, from the above we can conclude that the correct option is C.

7 0
3 years ago
At the beginning of the year, Kimball Company had total assets of $700,000 and total liabilities of $400,000. If the total asset
svlad2 [7]

Answer:

$ 480 000

Explanation:

Assets : $700 000(@ beginning of year )

$100 000 increase (during year )

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Liabilities : $400 000(@ begininng of year )

$80 000 decrease (@ during of year)

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4 0
3 years ago
1. If the government decides to subsidize the production of a good, the result would be a decrease in the equilibrium price and
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Answer: False

Explanation:

When the government subsidies production of a good, it leads to a rise in the supply of the good. The supply curve shifts down to the right leading to a <em>fall in the price level</em>. But the <em>equilibrium quantity increases</em>.

Thus, the given statement is false that if the government decides to subsidize the production of a good, the result would be a decrease in the equilibrium price and a decrease in the equilibrium quantity.

7 0
3 years ago
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