Real World Financials Walmart Inc. is the world's largest retailer. A large portion of the premises that the company occupies are leased. Its financial statements revealed the following information: (Amounts in millions) Assets Operating lease right-of-use assets, net July 31, 2020 July 31, 2019 $16,869 $17,239 4,843 3,949 Finance lease right-of-use assets, net Liabilities Current liabilities: Operating lease obligations due within one year 1,734 1,795 Finance lease obligations due within one year 549 439 Long-term debt: Long-term operating lease obligations Long-term finance lease obligations 15,669 16,079 4,673 3,915 Required: 1. The net asset "Finance lease right-of-use assets, net" has a July 31, 2020 balance of $4,843 million. Liabilities for these leases total $5,222 ($549 $4,673). Why do the asset and liability amounts differ? 2. Prepare a journal entry that summarizes Walmart's finance lease payments for the twelve months ended July 31, 2020. Walmart's income statement reports finance lease interest of $331 million.

Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $114,321. (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.) Related Information: Lease term Quarterly rental payments. Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule Payment Date 01/01/2021 01/01/2021 04/01/2021 07/01/2021 10/01/2021 01/01/2022 04/01/2022 07/01/2022 10/01/2022 General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal…

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $135.990. Note: Use tables, Excel, or a financial calculator. (EV of $1., PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) at the beginning of each period years $ 18,200 2 $ 135,990 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Amortization General Schedule Journal Complete this question by entering your answers in the tabs below. Record the appropriate entries for Manufacturers Southern from the beginning of…

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2024. Edison purchased the equipment from International Machines at a cost of $135,990. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly rental payments Economic life of asset 2 years (8 quarterly periods) years $ 18,200 at the beginning of each period 2 $ 135,990 Implicit interest rate (Also Fair value of asset lessee's incremental borrowing rate) 8% Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2025. Amortization is recorded at the end of each fiscal year (December 31) on a straight-line basis. Complete this question by entering your answers in the tabs below. Amortization Schedule General Journal Prepare a lease amortization schedule for the term of the lease for…

How much should Thelma report as net investment in lease on December 31, 2022 statement of financial position?  a. P 291,049 b. P 320,154 c. P 321, 049 d. P 331, 049   please explain the answer and provide the solution in good accounting form.

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Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,080. (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.) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $15,000 at the beginning of each period 2 years $112,080 88 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31.…

The following trial balance relates to Glory plc at 31 December 2020:”   “£000” “£000” “Leasehold property – at valuation 31 December 2019 (Note (i)) 25,200   Plant & equipment (owned) at cost (Note (ii) & (iv)) 46,800   Accumulated depreciation           - Owned plant & equipment   12,800 Finance lease payments (Note (iii)) 10,128   Inventory (Note (vi)) 29,400   Trade receivables & payables 39,100 35,000 Bank   4,928 Revenue (Note (v))   310,000 Purchases (Note (v)) 234,500   Distribution costs 19,500   Administrative expenses 27,500   Preference dividend paid 1,200   Equity dividend paid 2,000   Equity shares of 50p each   25,000 6% £1 preference shares (Note (ix))   40,000 Retained earnings   4,900 Current taxation 700   Deferred taxation   3,400   436,028 436,028” “The following notes are relevant:” “(i)      The leasehold property was…