Sheridan Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at $146000, the present value of the lease payments discounted at 9%. The first of eight annual lease payments of $22000 due at the beginning of each year of the lease term was received and recorded on July 3, 2021. Sheridan had purchased the equipment for $113000. What amount of interest revenue from the lease should Sheridan report in its 2021 income statement
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sheridan Co. leased equipment to Union Co. on July 1, 2021, and properly recorded the sales-type lease at $146000, the present value of the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In the context of managerial accounting, the relevant information is information that a. has been provided by the controller. b. must be analyzed by the chief financial officer before being provided to managers. c.
Answers (1)
Suppose that an installment plan calls for five payments to be made. The total paid in this plan is 20% more than the price would be if paid in full immediately. The price of the item is $200. How much will each installment payment be? A. $40 B.
Answers (1)
Canyon Tours showed the following components of working capital last year: Beginning of Year End of Year Accounts receivable "$ 25,200" $ 23,600 Inventory 12,600 13,700 Accounts payable 15,100 17,700 a.
Answers (1)
Calvin and Liz have summarized several lengthy research items for their business plan. In case an investor wants more details on the research, they've also included A. a file of price quotes and survey results. B. their mission statement. C.
Answers (2)
When Uncle Sam died in 2019, he left his estate to his ungrateful cousin, Brian. Sam's cost basis in his property was $1.5 million, but, due to turbulent political and economic times, it was only worth $0.5 million at his death.
Answers (1)
New Questions in Business
A consulting firm has a predetermined overhead rate of $120 per labor hour. The Smith job required 5 hours to compete. The overhead cost applied to this job is $
Answers (1)
Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra. Kendra transfers her right to payment under the contract to County Bank. This transfer is a. an alienation b.
Answers (1)
Clara, at age 47, decided to adopt a child on her own because she tired of waiting around for "mr. Right" to come along. She decided to move on with her life. Clara is an example of a (n) :
Answers (1)
Sandusky Company borrowed $28,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount of $11,259.21.
Answers (1)
Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes: a. the time the product was full price and didn't sell b. the value of their time and energy c.
Answers (1)