subject
Business, 24.04.2020 15:48 iamabeast51

Metlock enters into an agreement with Traveler Inc. to lease a car on December 31, 2019. The following information relates to this agreement.

1. The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term.
2. The fair value of the car was $15,270 at commencement of the lease.
3. Annual payments are required to be made on December 31 at the end of each year of the lease, beginning December 31, 2020. The first payment is to be of an amount of $5,652.82, with each payment increasing by a constant rate of 5% from the previous payment (i. e., the second payment will be $5,935.46 and the third and final payment will be $6,232.23).
4. Metlock’ incremental borrowing rate is 8%. The rate implicit in the lease is unknown. 5. Metlock uses straight-line depreciation for all similar cars.

Required:
Prepare Windsor’ journal entries for 2016, 2017, and 2018.

ansver
Answers: 1

Another question on Business

question
Business, 22.06.2019 02:30
The amberssen specialty company is a chain of twelve retail stores that sell a variety of imported gift items, gourmet chocolates, cheeses, and wines in the toronto area. amberssen has an is staff of three people who have created a simple but effective information system of networked point-of-sale registers at the stores and a centralized accounting system at the company head- quarters. harry hilman, the head of amberssens is group, has just received the following memo from bill amberssen, sales director (and son of amberssen’s founder). harry—it’s time amberssen specialty launched itself on the internet. many of our competitors are already there, selling to customers without the expense of a retail storefront, and we should be there too. i project that we could double or triple our annual revenues by selling our products on the internet. i’d like to have this ready by - giving, in time for the prime holiday gift-shopping season. bill after pondering this memo for several days, harry scheduled a meeting with bill so that he could clarify bill’s vision of this venture. using the standard con- tent of a system request as your guide, prepare a list of questions that harry needs to have answered about this project.
Answers: 1
question
Business, 22.06.2019 05:40
According to the philosopher immanuel kant, the right of employees to know the nature of the job they are being hired to do and the obligation of a company not to deceive them in this respect is mainly reflective of the basic right of . privac yb. free consentc. freedom of speechd. freedom of consciencee. first refusal
Answers: 1
question
Business, 22.06.2019 11:20
Ardmore farm and seed has an inventory dilemma. they have been selling a brand of very popular insect spray for the past year. they have never really analyzed the costs incurred from ordering and holding the inventory and currently fave a large stock of the insecticide in the warehouse. they estimate that it costs $25 to place an order, and it costs $0.25 per gallon to hold the spray. the annual requirements total 80,000 gallons for a 365 day year.a. assuming that 10,000 gallons are ordered each time an order is placed, estimate the annual inventory costs.b. calculate the eoq.c. given the eoq calculated in part b., how many orders should be placed and what is the average inventory balance? d. if it takes seven days to receive an order from suppliers, at what inventory level should ardmore place another order?
Answers: 2
question
Business, 22.06.2019 17:30
Danielle enjoys working as a certified public accountant (cpa) and assisting small businesses and individuals with managing their finances and taxes. which general area of accounting is her specialty? danielle specialized in
Answers: 1
You know the right answer?
Metlock enters into an agreement with Traveler Inc. to lease a car on December 31, 2019. The followi...
Questions
question
Mathematics, 03.11.2020 17:50
question
Chemistry, 03.11.2020 17:50
question
Mathematics, 03.11.2020 17:50
question
Mathematics, 03.11.2020 17:50