Business, 04.03.2021 20:10 proutyhaylee

Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $400,000 and lists a cash selling price of $459,714. Appropriate adjusting entries are made quarterly Related Information:
Lease term 5 years (20 quarterly periods)
Quarterly lease payments $30,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter.
Economic life of asset 5 years
Interest rate charged by the lessor
12%
Required:
1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.
Jan 1, 2018 -Record the beginning of the lease for Eye Deal.
Jan 1, 2018-Record the quarterly rental paid by Eye Deal.
March 31,2018- Record the quarterly rental and interest paid by Eye Deal.
March 31, 2018- Record Ammortization of right of use equipment for eye deal
2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.
Jan 1, 2018- Record the beginning of the lease for Insight Machines.
Jan 1, 2018- Record the lease revenue recieved by insight machines.
March 31, 2018- Record the lease revenue and interest recieved by insight machines

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 20:00

Which of the following is a competitive benefit experienced by the first mover firm in an industry? a. the first mover will be able to achieve a less steep learning curve. b. the first mover will be able to reduce the switching costs. c. the first mover will not have to patent its products or technology. d. the first mover will be able to reduce costs through economies of scale.

Answers: 3

Answer

Business, 22.06.2019 20:00

Describe a real or made-up but possible example of a situation where an employee faces a conflict of interest. explain at least two things the company could do to make sure the employee won't be tempted into unethical behavior by that conflict of interest. (3.0 points)

Answers: 3

Answer

Business, 22.06.2019 20:50

Which of the statements best describes why the aggregate demand curve is downward sloping? an increase in the aggregate price level causes consumer and investment spending to fall, because consumer purchasing power decreases and money demand increases. as the aggregate price level increases, consumer expectations about the future change. as the aggregate price level decreases, the stock of existing physical capital increases. as a good's price increases, holding all else constant, the good's quantity demanded decreases.

Answers: 2

Answer

Business, 22.06.2019 21:00

Dozier company produced and sold 1,000 units during its first month of operations. it reported the following costs and expenses for the month: direct materials $ 69,000 direct labor $ 35,000 variable manufacturing overhead $ 15,000 fixed manufacturing overhead 28,000 total manufacturing overhead $ 43,000 variable selling expense $ 12,000 fixed selling expense 18,000 total selling expense $ 30,000 variable administrative expense $ 4,000 fixed administrative expense 25,000 total administrative expense $ 29,000 required: 1. with respect to cost classifications for preparing financial statements: a. what is the total product cost

Answers: 2

Answer

You know the right answer?

Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight...

Questions