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lana [24]
3 years ago
11

Wilson foods corporation leased a commercial food processor on september 30, 2018. the five-year finance lease agreement calls f

or wilson to make quarterly lease payments of $195,774, payable each september 30, december 31, march 31, june 30, with the first payment at september 30, 2018. wilson's incremental borrowing rate is 12%. wilson records amortization on a straight-line basis at the end of each fiscal year. wilson recorded the lease as follows:
Business
1 answer:
ella [17]3 years ago
8 0

Answer:

The journal entry to record the lease would be:

                      Debit        Credit

Asset            $3,000,000

   Lease Payable     $3,000,000

                    Debit        Credit

Lease Payable           $195,774

   Cash     $195,774

Explanation:

To prepare the journal entry to record the lease we would have to calculate the present value of lease payments as follows:

present value of lease payments=$195,774*15.32380=$3,000.000

Therefore, the journal entry to record the lease would be:

                      Debit        Credit

Asset            $3,000,000

   Lease Payable     $3,000,000

                    Debit        Credit

Lease Payable           $195,774

   Cash     $195,774

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A complex sentences has at least one subordinate clause.

Explanation:

6 0
3 years ago
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Newman Finley wishes to become a millionaire. His money market fund has a balance of $296,375 and has a guaranteed interest rate
Rus_ich [418]

Answer:

Investment period = 24 years

Explanation:

The total amount that an investment made today would become  if invested at a particular rate for certain number of years is known as the future value.

The $1,200,000 is the desired future value, the $296, 375 is the present value and the 6% is the interest rate.

FV = PV × (1+r)^n

1,200,000 = 296,375 × (1.06)^(n)

(1.06)^(n) = 1200000/96,375

(1.06)^(n) =4.048924504

find the log of both sides

n log 1.06= log 4.048924504

n= log 4.048924504/log 1.06

n = 24

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3 0
3 years ago
The following information was taken from the records of Roland Carlson Inc. for the year 2017: income tax applicable to income f
avanturin [10]

Answer:

Following are the  solution to the given question:

Explanation:

Revenue before continuing business                                      585000

less:income tax                                                                         -187000 

Continuous business revenue                                                398,000

Operations stopped

Loss of non-compliance                                    -75000

Less: Applicable drop in income tax from        25500           - 49500

net sales                                                                                     348500

Popular inventory per share

Continued operating revenue [\frac{398000}{100000}] \ \ \ \ \ \ \ \ \ \ \ \ \  \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \$3.98

Losses on disrupted businesses, tax net[\frac{-49500}{100000}] Net-0.495

Net profits [\frac{348500}{100000}] \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 3.485

8 0
3 years ago
In order to offset the competitive disadvantage of FOB plant pricing, Texas Granite Company in Dallas could use _____ pricing to
ozzi

Answer:

Freight-absorption

Explanation:

Based on the information provided within the question it can be said that the Texas Granite Company in Dallas should use Freight-absorption pricing in this situation. This is a pricing strategy in which the seller takes responsibility for all the freight charges that the company incurs in order to attract the amount of business that they hope to achieve. Since company's that are looking to buy see 0 freight charges it becomes a deal since they are saving money as opposed to buying from another company that charges the freight charges to the buyer.

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Most organizations spend more time and money on the systems ________ phase than on any of the other phases. Group of answer choi
mariarad [96]

Answer:

maintenance phase

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Maintenance phase -

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The company or the organisation tries to invest the maximum amount in the maintenance phase .

Hence , from the given statement of the question,

The correct option is maintenance phase .

6 0
3 years ago
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