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blsea [12.9K]
3 years ago
7

On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year

operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $13,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annually.
Required:
1. Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2018.
Business
1 answer:
LiRa [457]3 years ago
7 0

Answer:

Answer to the question :

On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $13,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annually.

Required:

1. Prepare the appropriate entries for both the lessee and the lessor from the beginning of the lease through the end of 2018.

is explained in the attachment.

Explanation:

Download pdf
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Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general jou
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<u>Solution and Explanation:</u>

<u>The following journal entries are passed in the books of accounts.</u>

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Contribution of automobile to the company:

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12- nov     Automobiles          17000

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( To record contribution of automobile to the company)

Sale of merchandise on credit:

Not recorded in gernal journal

Return of merchandise sold:

Date           Details                                            debit                 credit

19- Nov       Sales return and allowances      175

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3 0
3 years ago
2. An entrepreneur must make sure to budget carefully since they oversee their own company's finances.
Fynjy0 [20]

Answer:

True .....this is because the entrepreneur is the risk bearer of the business...he is liable for any profit/loss.

8 0
2 years ago
5. An ATM allows a customer to withdraw a maximum of $400. If the customer withdraws more than $200, the service charge is 3% of
tankabanditka [31]

Answer:

//algorithm for ATM money withdrawal

Algorithm: Algorithm for cash withdrawals from ATM.

Input: withdraw_amount

Output: amount+service_charges.

Algorithm:

step 1:

  balance =account balance.

  withdraw_amount = (Get input from user)

 

step 2:

  if(withdraw_amount>400)

      then, print "maximum limit exceeds"

 

step 3:

  if(withdraw_amout<1)

      then, print "enter a valid amount"

 

 

step 4:

  if(withdraw_amount>balance)

      then, print "insufficient balance.. withdraw money $30 as service charges "

 

 

step 5:

  if(withdraw_amount<400 && withdraw_amount<balance)

      if(withdraw_amount>200)

          service_charge=withdraw_amount*(3/100)

          print " Your cash is dispensed... total amount withdrawn +service_charges 30% (withdraw_amount +service_charge) "

4 0
3 years ago
Consider a single-server queuing system. If the arrival rate is 82 units per hour, and each customer takes 36 seconds on average
Tanzania [10]

Answer:

The average # of customers in the line is 4.

Explanation:

arrival rate, x = 82/3600

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service rate, y = 1/36

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utilisation, p = x/y

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average number of costomers = p^2/[1 - p]

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                                                   = 3.75

Therefore, The average # of customers in the line is 4.

6 0
3 years ago
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