ABC Corporation leased equipment for use in production at the beginning of 20X5. The agreement specifies that ABC must pay $50,000 annually, at the beginning of the year, and $1 per unit produced, payable at the end of each year. Expected production each year is 25,000 units. During 20X5, ABC produced 28,000 units. What is ABC's contingent rental payment for 20X5?
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ABC Corporation leased equipment for use in production at the beginning of 20X5. The agreement specifies that ABC must pay $50,000 annually, at the beginning of the year, and $1 per unit produced, payable at the end of each year. Expected production each year is 25,000 units. During 20X5, ABC produced 28,000 units. What is ABC's contingent rental payment for 20X5?
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- The Naples Company uses the percentage-of-completion method and the cost-to-cost method for its long-te construction contracts. On one such contract, Naples expects total revenues of 260,000 and total costs of 200,000. During the first year, Naples incurred costs of 50,000 and billed the customer 30,000 under the contract. At what net amount should Naple's Construction in Progress for this contract be reported at the end of the first year?On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two- year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. • The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. • The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. • Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Complete this question by entering your answers…A company buys a machine for $17,000, which it agrees to pay for in six equal annual payments, beginning one year after the date of purchase, at an annual interest rate of 5%. Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment?
- On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two- year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. . The contract calls for four rent payments of $18,500 each, payable semiannually on June 30 and December 31 each year. • The computers were acquired by ComputerWorld at a cost of $107,000 and were expected to have a useful life of five years with no residual value. . Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-ye operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual inte of 4%. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each ye computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with n residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD o PVAD of $1) (Use approprlate factor(s) from the tables provided.)On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two- year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual Interest rate of 4%. • The contract calls for four rent payments of $16,000 each, payable semiannually on June 30 and December 31 each year. • The computers were acquired by ComputerWorld at a cost of $102,000 and were expected to have a useful life of six years with no residual value. . Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate Journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate Journal entries recorded by ComputerWorld Leasing for the first year of the lease. Complete this question by entering your answers…
- For each unit of computer sold, Blue Company sells a service contract. The contract provides that the computers sold will be repaired by the company within a period of three years from the date of sale. Based on company’s experience, 10% of repairs are done in the 1st year from the date of sale, 30% in the 2nd year and 60% in the 3rd year. Sale of service contracts for the year 2019, 2020 and 2021 are; P500,000; P600,000 and P700,000 respectively. Sale of service contracts and repairs are made evenly throughout the year. How much is the unearned service contract revenue at December 31, 2021?On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $11,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $92,000 and were expected to have a useful life of five years with no residual value. Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.On January 1, 2024, Nath - Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually.
- On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $10,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $90,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Complete this question by entering your answers in the…On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two- year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. • The contract calls for four rent payments of $18,000 each, payable semiannually on June 30 and December 31 each year. • The computers were acquired by ComputerWorld at a cost of $106,000 and were expected to have a useful life of five years with no residual value. • Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1., FVA of $1. PVA of $1., FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease.On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two- year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. • The contract calls for four rent payments of $18,000 each, payable semiannually on June 30 and December 31 each year. • The computers were acquired by ComputerWorld at a cost of $106,000 and were expected to have a useful life of five years with no residual value. . Both firms record amortization and depreciation semiannually. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. Complete this question by entering your answers…