Delaney Company leases an automobile with a fair value of $10,000 from Simon Motors, Inc., on...

Delaney Company leases an automobile with a fair value of $10,000 from Simon Motors, Inc., on the following terms. 1. Non-cancelable term of 50 months. 2. Rental of $200 per month (at the beginning of each month). (The present value at 0.5% per month is $8,873.) 3. Delaney guarantees a residual value of $1,180 (the present value at 0.5% per month is $920). Delaney expects the probable residual value to be $1,180 at the end of the lease term. 4. Estimated economic life of the automobile is 60 months. 5. Delaney’s incremental borrowing rate is 6% a year (0.5% a month). Simon’s implicit rate is unknown. Instructions (a) What is the nature of this lease to Delaney? (b) What is the present value of the lease payments to determine the lease liability? (c) Based on the original fact pattern, record the lease on Delaney’s books at the date of commencement. (d) Record the first month’s lease payment (at commencement of the lease). (e) Record the second month’s lease payment. (f) Record the first month’s amortization on Delaney’s books (assume straight-line). (g) Suppose that instead of $1,180, Delaney expects the residual value to be only $500 (the guaranteed amount is still $1,180). How does the calculation of the present value of the lease payments change from part (b)? Please be sure to use current law change

In: Accounting

As an accountant for Lee Company, your supervisor gave you the following calculations of the gross...

As an accountant for Lee Company, your supervisor gave you the following calculations of the gross profit for the first quarter:

Alternative           Sales ($50 per unit)                  Cost of goods sold                      Gross Profit

    A                       $500,000                                 $200,000                                    $300,000

    B                       $500,000                                  228,000                                     272,000

    C                        500,000                                  213,333                                      286,667

The three alternative cost flow assumptions are FIFO, average, and LIFO (the alternatives are not necessarily presented in this sequence). Lee uses the periodic inventory system. The computation of the cost of goods sold under each alternative is based on the following:

                                                 Units                   Cost/Unit

Inventory, January 1                    12,000                      $20

Purchase, January 10                   4,000                      21

Purchase, February 15                  6,000                     22

Purchase, March 10                      8,000                     23

Required: Prepare schedules computing the ending inventory (in units and dollars) and proving the cost of goods sold shown here under each of the three alternatives.

In: Accounting

A consumer has an income of $1,000 to spend on food and medicine. The price of...

A consumer has an income of $1,000 to spend on food and medicine. The price of one unit of food is $$5 and the price of one unit of medicine is $10. For each question, write down the mathematical expression of the budget constraint and draw it carefully. Put food on the x-axis and medicine on the y-axis. Label the intercepts, slopes, and kinks.

  1. Suppose the consumer receives coupons for 50 units of food and those can only be used to buy food.

  2. Suppose the consumer receives coupons for 50 units of food and can sell the coupons at half of the market price of the food.

  3. Instead of the coupon, the consumer receives a 10% discount for additional units of food that exceed 100 units. That is, the consumer pays $5 for each of the first 100 units and $4.5 for each additional unit.

In: Economics

A particular reactant decomposes with a half-life of 131 s when its initial concentration is 0.361...

A particular reactant decomposes with a half-life of 131 s when its initial concentration is 0.361 M. The same reactant decomposes with a half-life of 233 s when its initial concentration is 0.203 M. What is the value and unit of the rate constant for this reaction?

In: Chemistry

1. What is the function of risk assessment? How is it conducted for information systems?. 2....

1. What is the function of risk assessment? How is it conducted for information systems?.

2. Why are computer systems so vulnerable? Describe the most common threats against contemporary information systems.

In: Computer Science

During the 2008-2009 recession, many companies were recipients of government bailout money. Do you think the...

During the 2008-2009 recession, many companies were recipients of government bailout money. Do you think the bailout was a good idea, and do you think the companies listed in the link above deserved the bailout money? Explain your reasoning. A yes/no/maybe answer to the question with an explanation of your reasoning. Include a detailed and accurate application of one or more of the concepts: discretionary fiscal policy, automatic stabilizers (automatic fiscal policy), incentives.

In: Economics

There are two sorted arrays nums1 and nums2 both of size n. Find the median of...

There are two sorted arrays nums1 and nums2 both of size n. Find the median of the two sorted arrays. The overall run time complexity should be O(log(n)).

In: Computer Science

Assess the internal environment of the company, ULTA BEAUTY INC.. Specifically evaluate the core competencies, sources...

Assess the internal environment of the company, ULTA BEAUTY INC.. Specifically evaluate the core competencies, sources of competitive advantage, and the sustainability of the advantages. The analysis should leverage the tools such as value chain, VRIN. Also, link to company performance.

In: Economics

ETHICS 301 - Business ethics 1. Discuss the importance of stakeholder perspective in business ethics. 2.Discuss...

ETHICS 301 - Business ethics

1. Discuss the importance of stakeholder perspective in business ethics.

2.Discuss the steps to implement stakeholder perspective.

In: Operations Management

Illustrate step-by-step the stack algorithm to convert this to postfix. a + b * (d *...

Illustrate step-by-step the stack algorithm to convert this to postfix.
a + b * (d * e + f)

In: Computer Science

On October 1, 2018, Santana Rey launched a computer services company called Business Solutions, which provides...

On October 1, 2018, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company’s first set of financial statements on December 31, 2018. The company’s initial chart of accounts follows.

Account No. Account No.
Cash 101 Common Stock 307
Accounts Receivable 106 Dividends 319
Computer Supplies 126 Computer Services Revenue 403
Prepaid Insurance 128 Wages Expense 623
Prepaid Rent 131 Advertising Expense 655
Office Equipment 163 Mileage Expense 676
Computer Equipment 167 Miscellaneous Expenses 677
Accounts Payable 201 Repairs Expense—Computer 684
Oct. 1 S. Rey invested $48,000 cash, a $24,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock.
2 The company paid $3,280 cash for four months' rent. (Hint: Debit Prepaid Rent for $3,280.)
3 The company purchased $1,420 of computer supplies on credit from Harris Office Products.
5 The company paid $1,980 cash for one year's premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $1,980.)
6 The company billed Easy Leasing $5,300 for services performed in installing a new web server.
8 The company paid $1,420 cash for the computer supplies purchased from Harris Office Products on October 3.
10 The company hired Lyn Addie as a part-time assistant for $130 per day, as needed.
12 The company billed Easy Leasing another $1,600 for services performed.
15 The company received $5,300 cash from Easy Leasing as partial payment on its account.
17 The company paid $775 cash to repair computer equipment that was damaged when moving it.
20 The company paid $1,718 cash for advertisements published in the local newspaper.
22 The company received $1,600 cash from Easy Leasing on its account.
28 The company billed IFM Company $5,708 for services performed.
31 The company paid $910 cash for Lyn Addie’s wages for seven days' work.
31 The company paid $3,300 cash in dividends.
Nov. 1 The company reimbursed S. Rey in cash for business automobile mileage allowance (Rey logged 1,000 miles at $0.23 per mile).
2 The company received $5,533 cash from Liu Corporation for computer services performed.
5 The company purchased computer supplies for $1,105 cash from Harris Office Products.
8 The company billed Gomez Co. $6,668 for services performed.
13 The company received notification from Alex’s Engineering Co. that Business Solutions’s bid of $4,450 for an upcoming project was accepted.
18 The company received $2,708 cash from IFM Company as partial payment of the October 28 bill.
22 The company donated $150 cash to the United Way in the company's name.
24 The company completed work and sent a bill for $4,450 to Alex’s Engineering Co.
25 The company sent another bill to IFM Company for the past-due amount of $3,000.
28 The company reimbursed S. Rey in cash for business automobile mileage (1,200 miles at $0.23 per mile).
30 The company paid $1,820 cash for Lyn Addie's wages for 14 days' work.
30 The company paid $1,700 cash in dividends.


Required:

1. Prepare journal entries to record each of the above transactions for Business Solutions.
2. Post journal entries from requirement 1 to the general ledger accounts.
3. Prepare a trial balance as of the end of November.

In: Accounting

The following analysis of fuel by volume as per cent: H2=50.4, CO=17, Ch4=20, .C4H8=2, O2=0.4, N2=6.2,...

The following analysis of fuel by volume as per cent: H2=50.4, CO=17, Ch4=20, .C4H8=2, O2=0.4, N2=6.2, CO2=4


(1)Product of CO2% for dry analysis if 30% excess air


(2)Product of N2% for dry analysis * if
30% excess air


(3)Product of O2% for dry analysis * if 30%
excess air

(4)Product of H2O% for wet analysis if 30% excess air

(5)The Stoichiometric A/F ratio by *
volume is

(6)Product of N2% for wet analysis * if
30% excess air

(7)Product of O2% for wet analysis * if 30% excess air

(8)Product of CO2% for wet analysis if 30% excess air

In: Other

We live in an increasingly regulated society. Laws and regulations play a central part in practically...

We live in an increasingly regulated society. Laws and regulations play a central part in practically every aspect of our lives, from the foods we eat, to the cars we buy, to the sports our children can play. We cannot ignore the centrality of law in our lives. What do you think the role of law should be in our society today?

In: Psychology

Build a class called “Animal” which has three attributes: “ArrayList<String> diet”, “int numOfLegs”, and “Boolean carnivore”....

Build a class called “Animal” which has three attributes: “ArrayList<String> diet”, “int numOfLegs”, and “Boolean carnivore”. Build a constructor with three parameters to set the three attributes. In the constructor, if the number of legs given in the parameter is below 0 set the number of legs equal to 0. Add seven methods:

  • “void addToDiet(String item)” which will add a single item to the animals diet
  • “void addToDiet(ArrayList<String> items)” which will add all items given to the animals diet
  • “void setDiet(ArrayList<String> newDiet)” which will set the animals diet to be the new diet
  • “ArrayList<String> getDiet()” returns the animals diet
  • “Boolean isCarnivore()” returns if the animal is a carnivore or not
  • “int getNumOfLegs()” returns the animal’s number of legs
  • “String makeSound()” returns the string “Any Sound”

Now that we have a base class, we’re going to make a subclass of our “Animal” class. Make a class called “Cat” that is a subclass of “Animal”. In “Cat” add a new attribute “String color”. Build a constructor with two parameters, an arrayList<String> diet and String color, in the new constructor call the superClass’s constructor and assume the number of legs of all cats is 4 and every cat is a carnivore. Add a method “String getColor()” that returns the cat’s color. Replace (override) the original “makeSound()” method with a new “makeSound()” function that returns the string “Meow”.

In: Computer Science

what the technical barriers for hydrogen production using solar?

what the technical barriers for hydrogen production using solar?

In: Chemistry