1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lana [24]
4 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]4 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

You might be interested in
A megabyte is bytes.
Paladinen [302]

Answer:

1,048,576 bytes

Explanation:

1 MB = 1048576 bytes

This is how the conversion works;

1 MB = 1024 kilo bytes

1 KB = 1024 bytes

1 MB = 1024* 1024 = 1048576

So, that's how it work it is not 1000 as many believe it's 1024. So the conversion is done as written above. Many people confuse it that 1 MB is equal to 1000 KB which is not true. it is equal to 1024 KB

3 0
3 years ago
Olivia Greer is a partner in Made for You. An analysis of Greer's capital account indicates that during the most recent year, sh
marysya [2.9K]

Answer:

Beginning capital balance will be $189500

Explanation:

We have given ending balance = $159000

It is given that she withdraw $29000 from the partnership

So withdraw amount = $29000

Net loss = $20500

And additional contribution = $19000

We have to fond the capital balance at the beginning of the year

So capital balance at the beginning of the year will be = Ending balance + withdraw amount + net loss - additional contribution = $159000 +$29000 + $20500 - $ 19000 = $189500

So beginning capital balance will be $189500

6 0
3 years ago
Allocating the cost of intangible assets to expense is referred to as
Aneli [31]

Answer: Amortization

Explanation:

4 0
3 years ago
In your role as production planner, you have experienced too many stock outs on one particular item. This item has 348 pints of
oee [108]

Answer:

:( I don't know

Explanation:

8 0
3 years ago
Heidi talks in the video about her determination to protect the brand and ensure the safety of the animals in Camp Bow Wow’s car
Romashka [77]

Answer: High cultural values and high performance.

Explanation:

The business has been able to create a strong bond between their business performance and their cultural values, The leadership of the organization has been able to steer Camp Bow Wow to a level of high performance and culture in which every decision made is guided by clear cut values in line with the organizational goals and also the employees have a say in the organization which gives them a feel of joint ownership.

High performance coupled with high cultural value helps a business to consistently deliver at top level, get results and consistently achieve more. It is the difference between a growing and a stagnant organization or business.

5 0
4 years ago
Other questions:
  • The positions of art director and editor are both supervisory ones.<br> True<br> False
    14·1 answer
  • Young's modulus is a quantitative measure of stiffness of an elastic material. suppose that for aluminum alloy sheets of a parti
    7·1 answer
  • The investment component of gdp refers to financial investment in stocks and bonds.
    5·1 answer
  • Hillsong Inc. manufactures snowsuits. Hillsong is considering purchasing a new sewing machine at a cost of $2.45 million. Its ex
    9·1 answer
  • Use the following information to determine the ending cash balance to be reported on the month ended June 30 cash budget.
    12·1 answer
  • Surprise! You just got elected president. What’s your first tweet?
    14·1 answer
  • Types of waves that can be plane polarized<br><br><br>​
    13·1 answer
  • What is demand?
    10·2 answers
  • Equipment costing $17,500 with an estimated salvage value of $1,180 and an estimated life of 4 years was purchased on October 31
    12·1 answer
  • According to Classical economists, the permanent income hypothesis was an argument supporting their view that, during a recessio
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!