Answer:
year beginning interest payment total ending
balance payment payment balance
<em>1 150000 0 50000 50000 150000</em>
<em>2 100000 10500 50000 60500 100000</em>
3 50000 7000 50000 57000 50000
4. 0 3500 50000 53500 0
b. The balance of the lease liability reported would be $ 150000
Interest payable would be $150000*0.07 = 10500
Explanation:
the opening balance is without the $50000 paid at the beginning of every year.
interest for the previous year is paid on the beginning of the current along with the payment for the year at the beginning.
I’m not sure but roughly 2.66. PLEASE don’t get mad if I’m wrong
Answer:
Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin
Answer:
No impairment loss would be reported
Explanation:
The computation is shown below;
Impairment loss = carrying value - recoverable amount
Where,
The recoverable amount would be the higher amount of fair market value and value in use
So the recoverable amount would be $2,545,000
Now the impairment loss is
= $2,500,000 - $2,545,000
= -$45,000
Since the impairment loss comes in negative so no impairment would be recorded
Answer: a. The listing agreement they will use
b) Ted's office policy regarding intermediary brokerage
c) Ted's office policy regarding commission splits with "other" brokers
Explanation:
Apart from the fact that the statutory written statement regarding the brokerage services will be presented, it is appropriate for Ted to discuss the following with the sellers.
• The listing agreement they will use
• Ted's office policy regarding intermediary brokerage
• Ted's office policy regarding commission splits with "other" brokers.
These are needed to ensure that both the sellers and the buyer understands each other's stand and the agreement that are in place to ensure a smooth transaction.
