Business, 21.04.2020 21:51 hsandshsands2329

Marin Corporation manufactures drones. On December 31, 2016, it leased to Althaus Company a drone that had cost $118,900 to manufacture. The lease agreement covers the 5-year useful life of the drone and requires 5 equal annual rentals of $41,800 payable each December 31, beginning December 31, 2016. An interest rate of 10% is implicit in the lease agreement. Collectibility of the rentals is probable. Prepare Marin's December 31, 2016, journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e. g. 5,275.) Click here to view the factor table. Date Account Titles and Explanation Debit Credit December 31, 2016 Lease Receivable Cost of Goods Sold Sales Revenue Inventory (To record the lease) December 31, 2016 Cash Lease Receivable (To record receipt of lease payment)

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 11:00

If the guide wprds on the page are "crochet " and "crossbones", which words would not be on the page. criticize, crocodile,croquet,crouch,crocus.

Answers: 1

Answer

Business, 22.06.2019 12:30

howard, fine, & howard is an advertising agency. the firm uses an activity-based costing system to allocate overhead costs to its services. information about the firm's activity cost pool rates follows: stooge company was a client of howard, fine, & howard. recently, 7 administrative assistant hours, 3 new ad campaigns, and 8 meeting hours were incurred for the stooge company account. using the activity-based costing system, how much overhead cost would be allocated to the stooge company account?

Answers: 1

Answer

Business, 22.06.2019 13:40

Randall's, inc. has 20,000 shares of stock outstanding with a par value of $1.00 per share. the market value is $12 per share. the balance sheet shows $42,000 in the capital in excess of par account, $20,000 in the common stock account, and $50,500 in the retained earnings account. the firm just announced a 5 percent (small) stock dividend. what will the balance in the retained earnings account be after the dividend?

Answers: 1

Answer

Business, 22.06.2019 21:50

Which of the following best describes the economic effect that results from the government having a budget surplus? a. consumers save more and spend less, enabling long-term financial planning. b. overall demand decreases, reducing the incentive for producers to increase production. c. banks have more deposits, enabling them to make more loans to investors. d. government spending increases, increasing competition for goods and services and driving prices up.

Answers: 3

Answer

You know the right answer?

Marin Corporation manufactures drones. On December 31, 2016, it leased to Althaus Company a drone th...

Questions