All categories

3 years ago

Which of the following institutions may be owned by shareholders OR members?

Business

1 answer:

Sladkaya [172]3 years ago

6 0

Answer:

O Savings and loan associations

Savings and loan associations- best financial for businesses and contractor. Big benefits, big short-term loans.

You might be interested in

On-Time Truckers prepares monthly financial statements. On July 1, the Supplies account had a balance of $3,500. During July, ad

serious [3.7K]

Answer:

Explanation:

The adjusting entry is shown below:

Supplies expense A/c Dr $6,100

To supplies A/c $6,100

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies beginning balance + purchase of supplies - supplies on hand

= $3,500 + $4,800 - $2,200

= $6,100

To find out the adjusting balance we added the purchase of supplies and deducted the supplies on hand from the beginning balance of supplies account

7 0

3 years ago

Sheridan Company shows the following balances in selected accounts of its adjusted trial balance.

DanielleElmas [232]

Answer:

I really don't know but ight

3 0

3 years ago

Tony made the following table to compare two career paths that he would like to consider. Review his table. Then, answer the que

andrew-mc [135]

Answer: D- the outlook for accountant jobs is better than for advertising sales agent jobs

8 0

3 years ago

Read 2 more answers

List 2 ways in which constellations are used.

tangare [24]

In Ancient times, constellations were used to create and track the calendar so they knew when to plant crops and harvest them. Constellations were also used for navigation and to help sailors travel across oceans.

3 0

3 years ago

Read 2 more answers

(Lessee-Lessor Entries, Sales-Type Lease; Guaranteed Residual Value) Phelps Company leases a building to Walsh, Inc. on January

Artist 52 [7]

<u>Solution and Explanation:</u>

Calculation of Minimum lease annual payments from (MLP)

Year MLP from lessor Present value Present valur of

point of view factor 8% cash flows

1 $4,703 $1 /(1.08)=0925$ $4,350.28

2 $4,703 $1 /(1.08)^{\wedge} 2=0.857$ $4,030.47

3 $4,703 $1 /(1.08)^{\wedge} 3=0.793$ $3,729.48

4 $4,703 $1 /(1.08)^{\wedge} 4=0.735$ $3,456.71

5 $4,703 $1 /(1.08)^{\wedge} 5=0.680$ $3,198.04

Total of Minimum

lease Payments $23,515 $ 18,764.97

Add

Unguaranteed

residual value(ugrv) 4000 $1 /(1.08)^{\wedge 5}=0.680$ $2,720.00

Asset to be recorded

in the books of lessor

(sum of mlp +ugrv) $27,515 $ 21,484.97

Here

Gross Investment=$27515

Lease receivable recorded in in the books of lessor(Phelps)(Mimum lease payments + Unguaranteed residual )value = $21484 $21,484

Walsh (lessee) shoiuld be recorded the amount of present value of minimum lease payments + Guaranteed Residual value=$18764.97 as asset and liabilty

b) In the books of phelps (lessor)

2017.01.01 Lease Recievble from walsh ….Dr $21,484

to Asset $21,484

(Being Lease receivable recorded )

In the books of Walsh (lessee)

2017.01.01 Asset ac ……………Dr $18,764

to Lease Liabilty(Lessor) $18,764

(Being the asset and liabilty recorded )

2017.12.31 Depreciation ……Dr 3752

to Asset 3752

(Beint Depreciation recorded charged during the year recorded 18764/5 provided for 5 years)

Here annual payment started from the at the beginning of year i.e annual lease payments start from 01.01.2018.

c) If expected residual value of $4000 is guaranteed by walsh no changes will be made in classification of lease and there is no chages in asset recorded in Lessor books. But changes will be made in the books of lessee as present value of guaranteed residual value should be added to asset I.e $18764+Present vlue of $4000 $18764+2720=21484

d) If expected residual value of $3000 is guaranteed by walsh no changes will be made in classification of lease and there is no chages in asset recorded in Lessor books But changes will be made in the books of lessee as present value of guaranteed residual value should be added to asset I.e $18764+Present vlue of $3000 $18764+$2040=$20804

5 0

3 years ago