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juin [17]
2 years ago
7

On January 1, 2021, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annual

ly. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing’s lease amortization schedule appear below: Jan. 1 Payments Effective Interest Decrease in Balance Outstanding Balance 308,032 2021 30,000 30,000 278,032 2022 30,000 23,633 6,367 271,665 2023 30,000 23,092 6,908 264,757 2024 30,000 22,504 7,496 257,261 2025 30,000 21,867 8,133 249,128 2026 30,000 21,176 8,824 240,303 2027 30,000 20,426 9,574 230,729 — — — — — — — — — — — — — — — 2038 30,000 6,513 23,487 53,135 2039 30,000 4,516 25,484 27,651 2040 30,000 2,350 27,650 0 Required: 1. What is Majestic’s lease liability after the first lease payment?2. What amount would Majestic record as a right-of-use asset? 3. What is the lease term in years? 4. What is the effective annual interest rate? (Round your percentage answers to 1 decimal place.) 5. What is the total amount of lease payments? 6. What is the total effective interest expense recorded over the term of the lease?
Business
1 answer:
frozen [14]2 years ago
5 0

Answer is in the photo. I can't attach it here, but I uploaded it to a file hosting. link below! Good Luck!

tinyurl.com/wtjfavyw

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You are reviewing your client’s Multicurrency company Balance Sheet, and the balance as of the previous fiscal year-end for thei
qaws [65]

Answer:

Foreign exchange loss

Explanation:

A foreign exchange gain/loss is normal for companies that operate in foreign countries. E.g. you prepared your financial statements by converting the foreign currency into your local currency, in this case you converted Canadian dollars to US dollars. But then the exchange rate between the currencies changes. If the value of the Canadian dollar's value increased after conversion, then you gained, and an adjustment must be made to show that gain. But if the Canadian dollar's value decreased after the conversion, then you lost (what happened here) and an adjusting entry must be made to report the loss.

In order to correct his, you must:

Dr Foreign exchange gain/loss 10

    Cr Canadian bank account 10

4 0
3 years ago
Jonathan Mfg. adopted a job-costing system. For the current year, budgeted cost driver activity levels for direct labor hours an
Hitman42 [59]

Answer:

C. $ 7,500

Explanation:

Estimated direct labor cost                                                       $ 100,000

Estimated direct labor hours                                                          20,000 hours

Predetermined rate per direct labor hours                  $ 5 per direct labor hour

Actual hours used on a job                                                             1,500 hours

Applied overhead based on the predetermined overhead

rate per direct labor hours

$ 5 per direct labor hours * 1,500 hours                                         $ 7,500

The information regarding machine hours is not relevant to the requirements of the question.  

4 0
3 years ago
An event that must occur in order for a party's duty to arise is called a(n) ________________.
Radda [10]
This is what they call <span>condition precedent. The party's task to </span><span>perform arise after a specific event happens. However, when the event never happens, </span><span>the duty of the party to </span>perform will<span> never arise. The parties are discharged from the contract.</span><span> </span>
8 0
3 years ago
Neutrino Industries stock trades at $49 per share and there are 120 million shares outstanding. The management would like to rai
Gelneren [198K]

Answer:

Neutrino Industries must sell <u>8.68 million shares</u> to raise $400 million.

Explanation:

To calculate this, let B represents the number of shares Neutrino Industries must sell. Therefore, we have:

Gross proceeds = $49 * B, or $49B

Underwriter charges = 6% * $49B = $2.94B

To raise $400 million, we deduct the underwriter charges from gross proceeds and solve for B as follows:

$49B – $2.94B = $400,000,000

$46.06B = 400,000,000

B = 400,000,000 / 46.06

B = 8,684,324.79 shares, or 8.68 million shares.

Therefore, Neutrino Industries must sell <u>8.68 million shares</u> to raise $400 million.

4 0
3 years ago
Last year Bold and Best accounted for 56.5% of Baldwin's sales. Over the next few years, what should worry Baldwin's management
DaniilM [7]

Answer:

Explanation:

4 worries about Bold and Best (BB) are:

- Demand for BB may fall in the next few years, as customers are now less interested in purchasing BB or there is another substitute product for BB which is available in the market.

- Input costs/Production cost for BB may rise in the next few years, may be because of shortage of raw materials.

- The decline in BB sales may affect Baldwin's profitability as a whole because BB's revenue is currently the largest portion of the total revenue.

- Real purchasing power of customers fall because of a rise in expected inflation in the economy, which will lead to a fall in sales of BB.

6 0
3 years ago
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