Simulation _ CPA1
.pdf
keyboard_arrow_up
School
University of Texas, Rio Grande Valley *
*We aren’t endorsed by this school
Course
6321
Subject
Accounting
Date
May 6, 2024
Type
Pages
3
Uploaded by ChefKnowledge4166 on coursehero.com
11/26/23, 12:24 AM
Simulation | CPA
https://cpa.becker.com/module/F-06-02/V4.3/sim/session
1/3
From Bentley's perspective, provide the journal entries for the following:
From Acwen's perspective, provide the journal entries for the following:
11/26/23, 12:24 AM
Simulation | CPA
https://cpa.becker.com/module/F-06-02/V4.3/sim/session
2/3
For these questions, it is helpful to see the amortization table that relates to this lease. The ROU asset is the present value of a series of eight (8) payments of
30,000 at a semiannual rate of 2.175 percent (4.35 percent annual rate). Using the factor 7.27053, the calculated ROU asset is $218,116. The table below
shows how the payments every six months are broken out into interest and ROU asset amortization.
Date
Lease Expense
(straight-line)
Interest on
Liability (4.35%
annual =
2.175%
semiannual
rate)
Amortization of
ROU Asset
Carrying Value
of ROU Asset
218,116 6/30/Year 1
30,000 4,744 25,256 192,860 12/31/Year 1
30,000 4,195 25,805 167,055 6/30/Year 2
30,000 3,633 26,367 140,688 12/31/Year 2
30,000 3,060 26,940 113,748 6/30/Year 3
30,000 2,474 27,526 86,222 12/31/Year 3
30,000 1,875 28,125 58,097 6/30/Year 4
30,000 1,264 28,736 29,361 12/31/Year 4
30,000 639 29,361 (0) 240,000 21,884 218,116
1. As noted above, the ROU asset of $218,116 is calculated by applying the appropriate factor to the $30,000 payments. The lease liability is equal to the
ROU asset at the initiation of the lease.
2. The ±rst payment on June 30, Year 1, of $30,000 is broken out into interest ($218,116 initial lease liability × 0.02175 = $4,744) and ROU asset amortization
(the remaining $25,256).
3. The new carrying value of both the ROU asset and lease liability after the June 30 payment is $192,860. For the December 31, Year 1, payment, interest is
$4,195 ($192,860 × 0.02175) and the remaining $25,805 reduces the asset and the lease liability.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
Provide journal entries for d and e
arrow_forward
Journalize the following instruction
arrow_forward
Required: Journal Entries
Please make a Journal Entry of the following. Thank you
arrow_forward
Hello
Please provide the journal enty for H.
arrow_forward
Write out the journal entries for these transacstions, Thank you!!!
arrow_forward
Q.
Prepare the journal entries:
arrow_forward
Prepare The Journal Entries..!
arrow_forward
Prepare General journal entries for the given question
arrow_forward
Hello
Please provide the journal entry for I.
arrow_forward
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING
TRANSACTIONS:
Questions 10/11/12
arrow_forward
View
History
Bookmarks
Window Help
A education.wiley
Exam 1
WP NWP Assessment Player UI Application
Question 20 of 42
View Policies
Current Attempt in Progress
The usual sequence of steps in the transaction recording process is:
journal ledger → analyze.
analyze journal ledger.
journal analyze ledger.
ledger journal → analyze.
Save for Later
arrow_forward
Make a T-Account for the following journal entries:
arrow_forward
Journalize the following transactions. Thank you!
arrow_forward
Complete journal entry 1,2, & 3 please and thank you!
arrow_forward
Please prepare journal entry for question 4
arrow_forward
Accounting Question
arrow_forward
Maket the following journal entries
arrow_forward
Néed help with Part A and C. show all working.
please to show working out in the journal entries for part C aswell. Thank you .
arrow_forward
Ô https://blackboard.albany.edu/webapps/assessment/take/launch.jsp?course_assessment id= 152523_1&course_id= 157898_1&content_id%-_605..
DOSBOX SVN, CPU. G Google WebAssign- Blackboard Learn
How To Factory Res. O Honey
P Mylab IT | Pearson M Inbox (10,367) - rde..
Other favorites
Based on the Capital Asset Pricing Model
assuming the securities are correctly
priced and given the following
information, what is the return on the
market?
Expected
Security
Beta
Return
Katmai Outfitters
0.98
0.128
Wrangell
0.73
0.103
Adventures
P Type here to search
548 PM
会
10/25/2021
arrow_forward
prepare journal entries for the Enterprise Ltd
arrow_forward
SHOW THE JOURNAL ENTRY OF G AND H!
SHOW THE JOURNAL ENTRY OF G AND H!
arrow_forward
please journalize following transactions or activity thanku
arrow_forward
How to do this journal entry
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Related Questions
- MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS: Questions 10/11/12arrow_forwardView History Bookmarks Window Help A education.wiley Exam 1 WP NWP Assessment Player UI Application Question 20 of 42 View Policies Current Attempt in Progress The usual sequence of steps in the transaction recording process is: journal ledger → analyze. analyze journal ledger. journal analyze ledger. ledger journal → analyze. Save for Laterarrow_forwardMake a T-Account for the following journal entries:arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College