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Sunny_sXe [5.5K]
3 years ago
12

1. Why are fewer customers entering local bank branches?(Select all that apply)

Business
1 answer:
ExtremeBDS [4]3 years ago
4 0

Answer:

2.a. new account and loans, 3. b. make a deposit

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On January 1, Company A leased equipment for a six-year period. Annual lease payments are $12,000 due on December 31 of each yea
raketka [301]

Answer:

Dr Right of use asset 59,007.60

    Cr Lease liability 59,007.60

Explanation:

Variable lease payments are generally not included as right of use asset or lease liability. Even though a 60% possibility exists that an additional $5,000 will be paid, they are not based on an index and are not disguised payments (only two exceptions to this rule).

Annual lease payments = $12,000

PV annuity factor, 6%, 6 periods = 4.9173

PV of lease payments = $12,000 x 4.9173 = $59,007.60

3 0
3 years ago
To raise operating funds, North American Courier Corporation sold its building on January 1, 2021, to an insurance company for $
Ganezh [65]

Answer:

North American Courier Corporation

1. Appropriate Entries:

Jan. 1, 2021:

Debit Cash Account $503,000

Credit Building $500,000

Credit Gain on Sale-Leaseback $3,000

To derecognize the asset and recognize the gain on the sale-leaseback.

Dec. 31, 2021:

Debit Lease Rental $89,023

Credit Cash Account $89,023

To account for the lease rental for the year.

Note: This treatment is in accordance with ASC 842 and not IFRS 16, which has withdrawn the concepts of operating and finance (capital) leases.  The treatment under IFRS 16 is quite different.

Explanation:

A transaction qualifies for sale and leaseback accounting under ASC 840 when an entity has determined if the transfer of the underlying asset meets the definition of a sale under ASC 606 Revenue from Contracts with Customers.   The two key criteria which can be used by an entity to determine this, are as follows:

1. Does a contract exists; and

2. Has control of the asset been transferred?

We believe that the criteria are met.  Since this transaction qualifies for sale and leaseback accounting under the old ASC 840, the accounting for the Seller-lessee (North American Courier Corporation) is:

1. Recognize transaction price (determined under ASC 606) when buyer-lessor obtains control, adjusted for any off-market terms

2. Derecognize the carrying amount of the underlying asset

3. Recognize gain or loss in full, subject to any off-market terms

4. Account for the (operating) lease in accordance with ASC 840.

8 0
3 years ago
One of the goals of the Federal Reserve is price stability. For the Fed to achieve this​ goal,
rewona [7]

Answer:

The correct answer is option C.

Explanation:

One of the goals of the federal reserve banks is to have price stability in the economy. Though price stability does not imply zero inflation. A small level of inflation is good for economy as it helps in growth of production.

So in order to acheive the goal of price stability, the rate of inflation should be low such as 1-3% and it should be consistent.

Very high inflation is harmful for the economy as it erodes the real income and wealth. Deflation is also not good for economy as it causes reduction in production and employment

5 0
3 years ago
The organization that is primarily responsible for developing GAAP for use by all U.S. companies is the:
victus00 [196]

Answer:

C. FASB

Explanation:

The FASB refers to the Financial Accounting Standards Board that is an independent non profit organization who is responsible for developing accounting and finance related standards for reporting with respect to companies and non profit organization in the United states that followed GAAP

So as per the given situation, the option C is correct

4 0
4 years ago
Required information Use the following information for the Quick Study below. [The following information applies to the question
Zolol [24]

Answer:

1. How much cash did Anders receive from the sale of equipment?

$ 47,400    

How much depreciation expense was recorded on equipment during 2019

$ 57,000

What was the cost of new equipment purchased by Anders during 2019?

$ 185,000

Explanation:

Book Value -$ 53,000

Sale Value $ 47,400

Sold Loss -$ 5,600

Accum. Depreciation Eq. 2018 $ 236,000

Accum. Depreciation Eq. 2019 -$ 126,000

Book Value                                  -$ 53,000

REAL Depreciation During 2019 $ 57,000

Property and Equipment 2018 -$ 335,000

Property and Equipment 2019 $ 245,000

Original Cost $ 275,000

REAL Depreciation During 2019 $ 185,000

6 0
3 years ago
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