Answer:
Part 1
Dr Lease rentals $300........ Expense
Cr Cash Account $300
Part 2
Dr Leased Equipment $63,536
Cr Finance Lease Liability $63,536
Explanation:
Part 1. Under the operating leases the lessee pays the monthly rentals which must be accounted for as an expense and the double entry is as under:
Dr Lease rentals $300........ Expense
Cr Cash Account $300
Part 2. Under the finance lease agreement, the lessee pays the value of the asset and the interest as well. So after the date of agreement when the asset is handed over the journal entry would be recording of the equipment received, which would written at its fair value or present value of the payments made. The journal entry would be:
Dr Leased Equipment $63,536
Cr Finance Lease Liability $63,536
Answer:
The acceptable format for reporting comprehensive income are 1. In one continuous financial statement and 4. In two separat but consecutive financial statements.
If a firm that presents a full set of financial statements has items of other comprehensive income it must present comprehensive income either (1) in a single continuous statement of comprehensive income or (2) in two separate but consecutive statements.
Answer:
that answer is d
Explanation:
Angela uses cup of strawberries to make of a liter of smoothie. What is the unit rate in cups of strawberries per liter of smoothie?
C you need to be able to count money
