At the end of your car lease period, you intend to turn in the car, and you will not pay extra at that time based on the residual value of the car, then you will have an open-end lease.
<h3>What is open-end lease?</h3>
An open-end lease serves as a rental agreement whereby the one that is to make a periodic lease payments enter an agreement with the owner so as to be able to make balloon payment at the end of the lease agreement.
Therefore, in this type of lease, there will no be extra pay at that time based on the residual value of the item.
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Answer:
D
Explanation:
just did it and got it right
Rent expense, land purchased, utility, salary expense, accounts payable, dividend, salaries, insurance---that is your expense for the year. Look at your income is Retained earning, accounts receivable, service revenue, common stock. Add all the expense and subtract from earning that will be your net income.
