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
Alex17521 [72]
3 years ago
11

BBB Leasing purchased a machine for $280,000 and leased it to Jack Tupp Auto Repair on January 1, 2021. Lease description: Quart

erly rental payments $16,427 at beginning of each period Lease term 5 years (20 quarters) No residual value; no BPO Economic life of machine 5 years Implicit interest rate 7% Fair value of asset $280,000 What is the balance in the lease payable account after the April 1, 2021, lease payment
Business
1 answer:
Nostrana [21]3 years ago
6 0

Answer: $251758.53

Explanation:

Based on the information given in the question,

Total lease liability = $280,000

Then, the balance in the lease payable account when the first lease payment takes place on January 1, 2021 will be:

= $280,000 - $16,427

= $263573

The, the interest that is included in the lease payment that's made on April 1, 2021 Will be:

= $263573 x 7% x 1/4

= $4612.53

Then, the principal amount that's included in the lease payment made on April 1, 2021 will be:

= $16,427 - $4612.53

= $11814.47

Therefore, the balance in the lease payable account after the April 1, 2021, lease payment will be:

= $263573 - $11814.47

= $251758.53

You might be interested in
The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 3
Anvisha [2.4K]

Answer:

(A) 18,600 units

(B) 13,821 units

Explanation:

(A) The computation of the equivalent unit for material cost is shown below:

= (Completed and transferred units × completed percentage) + (ending work in progress units × completed percentage)

= (10,500 units × 100%) + (8,100 units × 100%)

= 10,500 units + 8,100 units

= 18,600 units

(B) The computation of the equivalent unit for conversion cost is shown below:

= (Completed and transferred units × completed percentage) + (ending work in progress units × completed percentage)

= (10,500 units × 100%) + (8,100 units × 41%)

= 10,500 units + 3,321 units

= 13,821 units

6 0
3 years ago
Rachel's health insurance plan requires that all tests and specialist visits be approved by her doctor. Rachel, most likely, has
lukranit [14]
The answer is b hope this helps 


3 0
2 years ago
Read 2 more answers
A new machine for harvesting corn will allow rows to be planted only fifteen inches apart, instead of the usual thirty inches. C
Alik [6]

Answer: Option D

Explanation:The optimal spacing for corn seed plant seeds 1.5 to 2 inches deep and 4 to 6 inches apart and rows spacing should be 30 to 36 inches apart. From the above case, the rows spacing is reduced by half which will increase the number of corn plant per acre which would lead to overall more profit from more yield.

Therefore the most appropriate answer to the space given above is option D.

5 0
3 years ago
Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see
andre [41]

Lisa is wondering if her company is earning the income they expected to earn at the beginning of this year. She looks at to see how the money looks, while remembering that this budget does not show cash outlays. This type of budget is called Expense Budget

<h3>What is Expense Budget?</h3>
  • The Expense Budget displays the revenue and capital expenditures of several ministries and departments and provides estimates for each under "Plan" and "Non-Plan."
  • It provides a thorough study of various expenditure kinds as well as a general explanation for why estimates vary. The Expense Budget also includes the Central Government's requests for grants.
  • Capital assets are crucial expenses for firms since they include cash outlays for production machinery and other equipment that generates revenue.
  • Due to the fact that production equipment is more expensive than standard office supplies or monthly expenses, financing is sometimes required to purchase capital assets.
  • The purchase of capital assets is typically included in expense budgets, and their effects on working capital and future cash flows are quantified. Businesses wouldn't be able to accomplish their operational goals without well managed capital investments.

To know more about Expense Budget with the given link

brainly.com/question/14318672

#SPJ4

3 0
2 years ago
Choose the best closing for a message requesting the receiver's support for a proposed change in a benefits plan.
Svet_ta [14]
<span>Choose the best closing for a message requesting the receiver's support for a proposed change in a benefits plan. C</span><span>ontacting me by December 1 about your support of this new benefits plan will allow me to present this proposal at the next strategic planning session. Out of the above options, this option sounds the best and hits all of the necessary points to conclude a request. </span>
5 0
3 years ago
Other questions:
  • What is the name of the technique used to open the airway of an unresponsive not-breathing guest?
    15·2 answers
  • The ________ value (or obtained value) is what we compute to help us determine if we should accept the null hypothesis or not.
    6·1 answer
  • if you take an assessment that me sure your behavioral characteristics in certain situations which inventory are you taking ?
    15·1 answer
  • A key to economic growth and development is to:
    12·1 answer
  • What is the major source of revenue for most state governments?
    8·2 answers
  • Most people are willing to fib every once in a while to be successful in their work.
    10·2 answers
  • Listed below are the three functions of the management of an organization. 1. Planning 2. Directing 3. Controlling Identify whic
    5·1 answer
  • Selecting EPEAT-compliant technology with a high rating over traditional, less energy efficient technology is an example of focu
    12·1 answer
  • What are hard skills?
    5·1 answer
  • Adjusting entries are made __________ of the accounting period to distribute revenue and expenses to the period in which they ar
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!