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kenny6666 [7]
3 years ago
11

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipm

ent from International Machines at a cost of $168,120. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $22,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $168, 120 Implicit interest rate (Also lessee's incremental borrowing rate) 88 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis.

Business
1 answer:
nadezda [96]3 years ago
8 0

Complete Question

The  complete question is shown on the first uploaded image

Answer:

Now the calculation of this question and its solution is shown on the second and  third uploaded image

Explanation:

For this question we will be making use of the excel formula

Now note since the installment is paid at the beginning of each quarter, there will be no interest charged in the first quarter and the whole amount paid will be adjusted against the outstanding lease balance.

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What happens if an offeree alters and then signs any part of an offer?
bekas [8.4K]
That mean they are going through something
3 0
3 years ago
Hushovd Iron Works has collected the following data for its Thunderbolt line of​ products: Direct materials standard 15 pounds p
Hitman42 [59]

Answer:

The direct material quantity variance is $10,800 favourable.  (the options in the question are not correct).

Explanation:

The direct materials quantity variance represents a difference between what was actually produced and the standard or idea that should have been produced especially with regards to the use of direct materials.

To calculate material quantity variance

Step 1:Calculate the Standard Usage of Material

Formula= (Actual Units of Finished goods Purchased x Standard Price of Material per unit)

= 4,000 units x 15 Pounds

= 60,000 Pounds

This means the standard material usage is 60,000 pounds

Step 2: Now calculate the Direct Material Quantity Variance

Formula= (Standard Material Usage - Actual Material Usage) x The Standard Price per Unit of Material

= 60,000 pounds (computed in step 1) - 40,000 pounds (given in the question)

= 20,000 pounds x $0.54

=$10,800

Since the standard Material is higher than the actual material usage, it means that the answer is as follows;

The direct material quantity variance is $10,800 favourable.

Kindly note that the multiple options in the question above are for a different set of figures and a different question.

6 0
3 years ago
Cuso Company purchased equipment on January 1, 2016, at a total invoice cost of $400,000. The equipment has an estimated salvage
grigory [225]

Answer:

D. $156,000

Explanation:

Cost = $400,000

Residual value = $10,000

Useful life = 5 years

Now,

Annual straight line depreciation = \frac{Cost-Residual Value}{Useful life}  

Annual straight line depreciation = \frac{400,000 - 10,000}{5}  

Annual straight line depreciation = \frac{390,000}{10}  

Annual straight line depreciation = $78,000

Annual depreciation expense is transferred to the accumulated depreciation. Thus, accumulated depreciation is sum of depreciation expense charged over the useful life of the asset.

Depreciation table has been constructed to compute the accumulated depreciation on 31st December 2017.

5 0
3 years ago
Vanvalkenburg, Inc., manufactures and sells two products: Product Q5 and Product J0. The company has an activity-based costing s
Nata [24]

Answer:

c.  $88.17 per order

Explanation:

The computation of the activity rate for the production order is shown below:

Activity rate = Production orders ÷ order size

where,

The Production order is $70,536

And, the order size is 800

Now placing these values to the above formula

So, the activity rate is

= $70,536 ÷ 800 order size

= $88.17 per order

We simply applied the above formula so that the activity rate could come

4 0
3 years ago
Heidi ganahl's life story helps the employees and franchisees of camp bow wow understand _____.
GrogVix [38]

Answer: Culturally consistent decisions

Explanation:

The options are:

a The organizational structure

b The environmental complexity

c Behavioral substitutions

d Culturally consistent decisions

Heidi Ganahl's life story helps the employees and franchisees of Camp Bow Wow understand culturally consistent decisions.

Organizational stories are being told by people in order to recall certain things that has happened in an organization and to also emphasize culturally consistent decisions, assumptions, and actions.

4 0
3 years ago
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