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Neporo4naja [7]
3 years ago
15

The following table summarizes Nowman's non-cancelable operating lease payments with remaining terms in excess of one year for t

he years succeeding December 31, 2018:
Year Ending December 31

Payment

2019

$220,000

2020

$180,000

2021

$240,000

2022

$210,000

2023

$190,000

Thereafter (2024-2027)

$832,000



What is the amount of operating lease obligation that needs to be reported on the balance sheet on December 31, 2018? Assuming that the discount rate is 8%. (Hint: for years after 2023, the annual lease payment should be treated as the average of prior years between 2019 to 2023.)
Business
1 answer:
Anna007 [38]3 years ago
8 0

Answer:

$1,872,000

Explanation:

The amount of operating lease obligation that needs to be reported on the balance sheet on December 31, 2018 is the total  lease payment in next following years

= $220,000 + $180,000 + $240,000 + $210,000 + $190,000 + $832,000

= $1,872,000

If you want to know the payment lease in 2024 - 2027, we do as following:

The average of prior years between 2019 to 2023

= ($220,000 + $180,000 + $240,000 + $210,000 + $190,000)/ 5 years

= $208,000

And for years after 2023, the annual lease payment should be treated as the average of prior years between 2019 to 2023, then lease payment in 2024 - 2027 is $208,000 annually. Total $832,000 in 4 years.

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Misty and John formed the MJ Partnership. Misty contributed $50,000 of cash in exchange for her 50% interest in the partnership
Pie

Answer:

$78,000

Explanation:

The computation of interest at year end is shown below:-

Interest at year end = Cash contribution + Income of partnership + Share of partnership liabilities - Cash from the partnership

= $50,000 + $20,000 × 50% + $60,000 × 50% - $12,000

= $90,000 + $10,000 + $30,000 - $12,000

= $78,000

Therefore for computing the partnership interest at year end we simply applied the above formula by considering all the items given in the question

4 0
3 years ago
Think of an organization that you’re a part of. It could be a workplace, team, or club. Identify Schein’s four key elements in t
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One of the most important key elements in Schein’s four key elements according to me would be a common purpose because, without having a common purpose, people working in the organization will be disoriented and directionless. Thus, it can hamper the ultimate goal of the organization.

<h3>What is the common purpose of an organization?</h3>

A corporation with a clear purpose or undertaking is one that is simple to recognize and manage. A common purpose unifies personnel and facilitates them to understand the corporation’s direction.

Hence, according to me, among all the Schein’s four key elements in the organization’s structure, the Common purpose is the most key element.

Learn more about common purpose of an organization:

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2 years ago
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4 0
2 years ago
Some hoodlums who have been earning money by stealing copper pipes and cable and selling them to recyclers are driving around on
icang [17]

Answer:

  • Yes they have
  • 18 U.S. Code § 32 (a) Clause 3

Explanation:

With aviation being such a sensitive field that requires a lot of oversight, Congress enacted rules to punish aviation crimes which means that such crimes fall under Federal jurisdiction and as this crime is a crime against an aviation facility, it is a Federal crime.

The crime in question here falls under <em>US. Code 32 - Destruction of aircraft or aircraft facilities under subsection (a)3</em> which talks about damaging an air navigation facility and how this can endanger the safety of flights en route.

Their punishment would be either a fine, imprisonment of not more than five years or both.

4 0
3 years ago
On August 20th, one of your employees comes to you with a vacation request. The employee’s available vacation time expires on Se
dexar [7]

Answer:

No

Explanation:

Her vacation is expired and therefore invalid. Also she is requesting for a pay during this period which counters Amy form of sympathy for this employee. However, depending on the relationship the employee has with her employer, there might be a compromise especially if the employee really does need the vacation as she may be burned out or may have postponed vacation till expiration for the interest of the company

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