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]
2 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]2 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
A decrease in demand for cameras would likely be caused by
nignag [31]
A decrease in demand for cameras would likely be caused by increased abilities in cell phones for filming
3 0
3 years ago
​kellogg's begins to sell its cereals in new markets after conducting extensive marketing research. after the cereal begins to a
Dafna11 [192]
<span>The fact that Kellog is increases its promotion expenditure to counteract competitive responses means that </span>Kellogg's is in the​ maturity stage of the product life cycle. The maturity stage us the third stage of the product life cycle, and comes a<span>fter the </span>Introduction<span> and </span>Growth<span> stages.
</span>In this stage the companies are focused on maintaining their market share in the face of a number of different challenges.
7 0
3 years ago
"A customer has purchased 1,000 shares of ABC stock at $44 per share, paying a commission of $1.00 per share for the transaction
ikadub [295]

Answer:

1,200 shares held at a cost basis of $37.50

Explanation:

Since there are 1,000 shares are purchased

and the stock dividend is 20%

So the number of shares after the dividend is  

= 1,000 × (1 + dividend percentage)

= 1,000 × (1 + 0.20)

= 1,000 × 1.20

= 1.200

And, the price per share is

= $44 + $1

= $45

So, the cost basis would be

= $45 ÷ 1.20

= $37.50

hence, the tax status of the investment is 1,200 shares held for cost at $37.50 basis

5 0
3 years ago
A consumer's weekly income is $250, and the consumer buys 12 bars of chocolate per week. When weekly income increases to $280, t
Vikentia [17]

Answer:

0.69

Explanation:

Given that we have the formula for calculating income elasticity of demand as the percent change in quantity demanded divided by the percent change in income, hence, we have the percent change in quantity demanded => 13 - 12 = 1 ÷ 12 = 0.083

the percent change in income => 280 - 250 = 30 ÷ 250 = 0.12

Therefore we have => 0.083 ÷ 0.12 = 0.69

Hence, the final answer is 0.69

6 0
2 years ago
Read the following scenario: A contributing member of a project is out sick. Identify the possible risks to the project. Busines
Elodia [21]

It's the last one, "Timeline and resources"

3 0
3 years ago
Read 2 more answers
Other questions:
  • यासकी-चान को अपने बेड़ पर चढ़ाने के लिए तोत्तो-चान ने अथक प्रयास
    12·1 answer
  • 2. One of the most fundamental determinants of the exchange rate is ______________ whereby the exchange rate between the currenc
    13·1 answer
  • The management of Kabanuck Corporation is considering dropping product V41B. Data from the company's accounting system appear be
    12·1 answer
  • Palmona Co. establishes a $270 petty cash fund on January 1. On January 8, the fund shows $181 in cash along with receipts for t
    9·1 answer
  • Lisa conducts a qualitative study of people's shopping behavior online. She compares her results to that of similar studies and
    5·1 answer
  • The advantage of a limited partnership business structure as opposed to a corporate business structure is:
    6·1 answer
  • If a company uses the periodic inventory system, what is the impact on net income of including goods in transit f.o.b. shipping
    11·1 answer
  • Calculate percent change if the original value of your stock was $25 and the new value of your stock $30
    14·2 answers
  • When preparing a statement of cash flows (indirect method), an increase in ending inventory over beginning inventory will result
    9·1 answer
  • Step 5 in the marketing plan process is when a firm ______ the outcome of the strategy and implementation process.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!