Journal entry worksheet Record the lease payment received by ComputerWorld Leasing. Record depreciation for ComputerWorld Leasing. Record the lease payment received by ComputerWorld Leasing. Record depreciation for ComputerWorld Leasing.
Q: The 2017 balance sheet of Kerber's Tennis Shop, Incorporated, showed $790,000 in the common stock…
A:
Q: do all charts have to have live item that state Total Revenue?
A: Live charts are those charts that automatically updates the data at pre-established time intervals.
Q: Daves Duds reported cost of goods sold of $2,500,000 this year. The inventory account increased by…
A: Beginning inventory = Ending inventory +/- Decrease/Increase in inventory Purchases = Cost of goods…
Q: An employee works 37 regular hours during a workweek in August of 2021. He was hired four years ago,…
A: Salary = $ 140200/year. 8% deduction for 401 (K) Plan Taxable income for federal income tax…
Q: E8.5 (LO 2), AP Schopp Corporation makes a mechanical stuffed alligator that sings the Martian…
A: Cost refers to the amount of acquiring something directly by the customer from market or the cost…
Q: Population is the set of accounts or transactions from which the auditor intends to draw a…
A: Population is the Complete Set of Data from which the Auditor can use the complete data or can…
Q: On January 1, 2021, Instaform, Inc., issued 12% bonds with a face amount of $45 million, dated…
A: Solution: Bond price is computed as present value periodic interest and maturity amount discounted…
Q: Partial Income Statement Year Ending 2017 Sales revenue $350,200 Cost of goods sold $142,000 Fixed…
A: Financial statements are documents that describe the operations and financial performance of a firm.…
Q: Sandhill Company uses a job order cost system and applies overhead to production on the basis of…
A: The predetermined overhead rate is calculated as estimated overhead cost divided by the estimated…
Q: BE11.9 (LO 5), AP Journalize the following transactions for Shelton, Inc. a. Incurred direct labor…
A: The controllable variance shows the difference between the actual labor cost and the standard labor…
Q: Which in § 252 Abs. 1 HGB is exceptionally not observed in a legally permissible manner in the…
A: German accounting rules and the commercial legislation known as the Handelsgesetzbuch (HGB) govern…
Q: 4. MusicPlayerz Sales Projections MusicPlayerz is a wholesale MP3 distributor headquartered in…
A: Gross Sales :- The formula used to calculate gross sales is Total Units Sold x Original Sale Price.…
Q: Create a chart to show the escalation in sales of a detergent soap over the last three years
A: Escalation in sales means increase in the sales turnover during a period. The sales figures,…
Q: Little League, Inc. makes two kinds of Number of units sold Sales price per unit Direct materials…
A: Overhead is applied to costs on the basis of overhead rate calculated at the beginning of the year .…
Q: Instructions: Write “true” if the statement is true and "false" if otherwise. 20. $For$ Sthose$…
A: As per the LGC (Local Government Code), community tax is the changed name for residence tax. This…
Q: 1. 2. 3. The income statement of Wildhorse Co. for the month of July shows net income of $1,720…
A: Answer:- Income statement:- An organization's revenue, costs, profits and losses for a specific…
Q: Federal Semiconductors issued 8% bonds, dated January 1, with a face amount of $830 million on…
A: The bonds are the financial instruments for the business to raise money or finance from the…
Q: At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year…
A: Lease Contract An agreement that allows an individual to utilize the assets owned by another…
Q: The general ledger of Jackrabbit Rentals at January 1, 2024, includes the following account…
A: Closing Entries - Closing entries are required to close the temporary accounts after making…
Q: Excusive of capital Transactions, X corporation had 160,000 taxable income Its capital gains and…
A: Capital losses: When a taxpayer sells any capital asset at the price lower than its acquisition…
Q: Blossom Company sells leather saddles and equipment for horse enthusiasts. Blossom uses the…
A: The question is based on the concept of Cost Accounting. The valuation of the inventory is made in…
Q: Rondeau, Incorporated, manufactures and sells two products: Product V9 and Product M6. Data…
A: ABC method of costing is the method adopted by the management where the overhead costs of incurred…
Q: A company had only one job in process on September 1. The job had been charged with $2,800 of direct…
A: Cost of goods manufactured: It is the cost incurred by the company in producing the goods. It…
Q: A taxpayer earned wages of $65,100, received $850 in interest from a savings account, and…
A: Gross Income is the gross amount received which include wages or salaries, interest or taxable…
Q: On March 1, 2023, Crane Corporation issued $300,000 of 9% non-convertible bonds at 102, which are…
A: Account titles and explanation Debit Credit Cash $306,000 Bond Payable $279,000…
Q: What amount would you have if you deposited $2,500 a year for 25 years at 8 percent (compounded…
A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…
Q: Hurst, Inc. sold its 8% bonds with a maturity value of $9,000,000 on August 1, 2019 for $8,838,000.…
A: Bond payables: Bond payables are a financial instrument used by corporates and governments to raise…
Q: Ross Company makes handbags. Last month, direct materials (leather, thread, zippers, decorative…
A: Total Product Cost Includes The Direct Materials, Direct Labor And Manufacturing Overhead. Product…
Q: The following information pertains to Trenton Glass Works for the year just ended. Budgeted…
A: ANSWER Predetermined overhead rate= Estimated manufacturing overhead /Estimated direct labor hour…
Q: ! Required information [The following information applies to the questions displayed below.] C. W.…
A: Market share variance: = Actual Market Sales Quantity x (Budgeted Market Share % - Actual Market…
Q: 1. The following information is available for the Aston Company for the month of December. a. On…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: is a set of accounts or transactions from which the auditor intends to draw a conclusion from it…
A: In the context of auditing, a population is a set of accounts, transactions, records, or data that…
Q: 4) Prepare a statement of cash flows from operations and financing for Mega corporation wuith the…
A: Statement of Cash Flow - A statement of Cash flow is a financial statement that includes the inflow…
Q: n 2022, Farmington Corporation had 2,000 outstanding stock options, where employees could purchase…
A: The question is based on the concept of Financial Accounting. Earning per share is calculated by…
Q: line A company uses a job-order costing system and has provided the following partially completed…
A: Material is the cost which may be directly or indirectly involved in the production process. The…
Q: [The following information applies to the questions displayed below.] The Township of Thomasville’s…
A: The non-spendable funds are part of funds that are not in spendable form or cannot be spent because…
Q: Req 1 Req 2 to 4 Prepare the journal entries to record their issuance by The Bradford Company on…
A: The journal entry can be defined as the very first step where a transaction is entered into books of…
Q: On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: The financial controller of McEwan Limited, a publishing company, noted the following two items in a…
A: Prior period errors - are errors on account of errors or omissions taking place in the entity's…
Q: York Corporation declares a property dividend on June 30, payable in bonds of Laurens Company, which…
A: A company's operations are documented via journal entries. These transactions are recorded in a book…
Q: Dream Corporation reported net income of $44,000 for 2019. The company has 10,000 shares of common…
A: Earnings per share (EPS) is a company's net profit divided by the number of common shares it has…
Q: The following data are taken from the December 31 annual report of Bailey Company: ($ in thousands)…
A: Fair Value method of Accounting Using fair value accounting, which bases its recognitions on…
Q: ACC 320 Ch 3- JEs & AJES Practice Attached is a template that has the beginning balances of Sara's…
A: Balance Sheet - Balance Sheet is a financial statement. It includes assets, liabilities and…
Q: BE6.5 (LOD), AP For Rivera Company, variable costs are 70% of sales, and fixed costs are $210,000.…
A:
Q: Tiny's Toys has the following financial information for the month of July available: Revenues…
A: The phrase "cost of goods sold" refers to the direct costs a business incurs when producing the…
Q: On January 1, 2020, Everly Bottle Company sold $3,000,000 in long-term bonds. The bonds will mature…
A: The journal entry is the first stage in entering a transaction into the books of accounts. Bonds are…
Q: DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a…
A: Financial statements are those statements which are prepared at the end of accounting period.…
Q: ______________ is a form of cash misappropriation where employees steal incoming funds prior to…
A: In internal control system and auditing system the efforts are made to prevent frauds…
Q: Heron Company purchases commercial realty on November 13, 2003, for $650,000. Straight-line…
A: Corporations do often pay more taxes than single proprietorships. The reason for this is that an…
Q: Consider the following statements: (1) Total costs will equal the sum of fixed and variable costs.…
A: (1) Total costs will equal the sum of fixed and variable costs. This statement is true because fixed…
On January 1, 2021, Nath-Langstrom Services, Inc., 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 $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1, and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Required: 2
2. Prepare appropriate journal entries recorded by ComputerWorld Leasing for the first year of the lease. (If no entry is required for a transaction/event, select “No
Journal entry worksheet
- Record the lease payment received by ComputerWorld Leasing.
- Record depreciation for ComputerWorld Leasing.
- Record the lease payment received by ComputerWorld Leasing.
- Record depreciation for ComputerWorld Leasing.
Step by step
Solved in 2 steps with 2 images
- On January 1, 2021, Nath-Langstrom Services, Inc., 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 $11,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $93,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. Record the beginning of the lease for Nath-Langstrom Services (January 1, 2021). Record the lease payment made by Nath-Langstrom Services (June 30, 2021). Record amortization for Nath-Langstrom Services (June 30, 2021). Record the lease payment made by Nath-Langstrom Services (December 31,…On January 1, 2021, Nath-Langstrom Services, Inc., 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 $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1, and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1.Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lease. Journal entry worksheet Record the beginning of the lease for Nath-Langstrom Services. Record the leases payment made by Nath-Langstrom Services.…On January 1, 2021, Nath-Langstrom Services, Inc., 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. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 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-year operating lease agreement from ComputerWorld Lessing, which routinely finances equipment for other firms at an annual Interest rate of 4%. The contract calls for four rent payments of $13,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $97,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare appropriate journal entries recorded by Nath-Langstrom Services for the first year of the lesse. 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 tabs…On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Lessing, which routinely finances equipment for other firms at an annual Interest rate of 4%. The contract calls for four rent payments of $13,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $97,000 and were expected to have a useful life of five years with no residual value. Both firma record amortization and depreciation semiannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 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 tabs…On January 1, 2021, Nath-Langstrom Services, Inc., 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 $14,500 each, payable semlannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $99,000 and were expected to have a useful life of five years with no residual value. Both firms record amortization and depreclation semlannually. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use approprlate factor(s) from the tables provided.) Required: 1. Prepare approprlate journal entries recorded by Nath-Langstrom Services for the first year of the lease. 2. Prepare approprlate 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-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.Required:Prepare the appropriate entries for both (a) the lessee and (b) the lessor from the beginning of the lease through the end of 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 Computer World Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $12,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $95, 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: Prepare appropriate journal entries recorded by Nath - Langstrom Services for the first year of the lease. Prepare appropriate journal entries recorded by Computer World 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 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 $10,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $91,000 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. (EV 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 $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…