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Describe how a lessee accounts for a capital lease both at interception of the lease and during the 1 year of lease?
At the inception of a capital lease, the lessee recognizes an asset and a corresponding liability on their balance sheet, both recorded at the present value of the lease payments. Over the course of the lease year, the lessee depreciates the leased asset and records interest expense on the lease liability. The depreciation expense is typically calculated on a straight-line basis or in accordance with the asset's useful life, while the interest expense is determined based on the outstanding liability. Lease payments made during the year reduce the principal amount of the liability.
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Which accounts is not closed during the closing procedure?
During the closing procedure, temporary accounts are closed to prepare them for the next accounting period. However, permanent accounts, such as assets, liabilities, and equity accounts, are not closed. These accounts carry their balances forward to the next period, reflecting the ongoing financial position of the business.
Which account is not closed during the closing process?
nominal accounts
What accounts are both opened and closed during the closing process?
income summary
How do you calculate net cash by operating activities?
Net cash from operating activities is calculated using the cash flow statement, where you start with net income and adjust for non-cash items like depreciation and changes in working capital accounts (such as accounts receivable, inventory, and accounts payable). You can use either the direct method, which lists cash receipts and payments, or the indirect method, which adjusts net income for these non-cash items. The result gives you the net cash generated or used by operating activities during a specific period.
What is a drawing account?
A draw or drawing account is a temporary account used by proprietorships and partnerships to record withdrawals by the owners. Draw accounts are contra-equity and have a debit balance. Entries in a draw account are typically closed to the owner's capital account at the end of a period.
Can you gave me a sentence using interception?
The interception of the enemy aircraft was a success!
What was the name for Beijing when Marco Polo was in China?
When Marco Polo was in China in the late 13th century, Beijing was known as "Kinsay" or "Dadu." Kinsay was used in Polo's accounts to describe the city, which served as the capital of the Yuan Dynasty under Kublai Khan. The name "Dadu," meaning "Great Capital," was also commonly used during that time.
What is a hot or cold intercept?
hot/ cold interception it a tactic in interception of fighter air craft and during hot/ cold interception fighter will fly in front of the target air craft . It would be good if this happens at close range but is not desirable for long rang attack .
How did Clinton Portis injure his shoulder during the 2006 pre-season?
Layout tackle of a defensive player after an interception
What was the capital of Egypt during the first dynasty?
The capital of Egypt during the first dyansty was Memphis. The current capital is Cairo.Memphis, Egypt
What were the Maya's capital city?
Tenochtitlan was the Aztec capital in Mexico. The Mayan empire did not go that far north. There is still debate over where the Mayan Capital was located. Depending on the period, the Mayan capital could have been Palenque, Teothiwacan, Tikal, or Mayapan. Mayapan was probably founded during the civilizations decline and was the last capital city.Tikal
What was the capital of Egypt during the middle age?
The capital of Egypt during the middle age was Thebes
What was the capital of Georgia during antebellum period?
Savannah was the capital of Georgia during antebellum period.
Which accounts is not closed during the closing procedure?
During the closing procedure, temporary accounts are closed to prepare them for the next accounting period. However, permanent accounts, such as assets, liabilities, and equity accounts, are not closed. These accounts carry their balances forward to the next period, reflecting the ongoing financial position of the business.
What was the capital of unified Egypt?
The capital of unified Egypt was in Memphis. This capital had been moved from Abydos during the first dynasty. Another capital was located in Avaris during 1600s BC.
What was the city where the capital was moved to during Washington's second term?
The city where the capital was moved to during Washington's second term was Philadelphia, where the nation's second capital was. The first capital was in New York.
Who has the longest interception return in North Carolina high school football history?
As of my last knowledge update, the record for the longest interception return in North Carolina high school football history is held by K.J. Smith. He returned an interception 109 yards during a game in 2011 while playing for East Lincoln High School. This remarkable achievement stands out in the record books of North Carolina high school football.
