Carter County entered into a capital lease to finance an Emergency-911 telecommunications system. The capitalized cost of the equipment was $185,000. The county made a required down payment of $25,000. The first debt service payment will not be due until the next fiscal year. The entry to record the inception of this lease in the General Fund would be Expenditures ... Lease Payable ... Cash ... $185,000 $160,000 25,000 Expenditures ... Other Financing Source ... Cash ... $185,000 $160,000 25,000 Capital Asset ... Lease Payable ... Cash ... $185,000 $160,000 25,000 Capital Asset ... Other Financing Source ... Cash ... $185,000 $160,000 25,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Carter County entered into a capital lease to finance an Emergency-911 telecommunications system. The capitalized cost of the equipment was ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Greene Sisters has a DSO of 20 days. The company's average daily sales are $20,000. What is the level of its accounts receivable? Assume there are 365 days in a year. Ehrhardt, Michael C ...
Answers (1)
Keeton Company had the following dа ta:Cost of materials used $60,000Direct labor costs 58,000Factory overhead 33,000Work in process, beg. 29,000Work in process, end. 18,000Finished goods, beg.
Answers (1)
How are the fundamental economic decisions determined in Canada? A. These decisions are made by the country's elders who have had much experience in answering these questions. B. The government decides because Canada is a centrally planned economy.
Answers (2)
A barter economy is one in which a. money serves as a medium of exchange. b. only precious metals are accepted as money. c. goods are traded directly for other goods. d. paper money is backed by gold.
Answers (1)
Rory Company has a machine with a book value of $75,000 and a remaining five-year useful life. A new machine is available at a cost of $112,500, and Rory can also receive $60,000 for trading in its old machine.
Answers (1)
New Questions in Business
Read the following except from a warranty. What time period is this warranty for? "This warranty is given by XYZ motors. The Zoom car is guaranteed to be free of defects for 30,000 miles or three years, whichever is reached first.
Answers (1)
Orange Corporation is developing standards for its products. Product A requires a material that is purchased for $80.00 per pound from the supplier. By paying cash, the company gets a discount of 3% off this purchase price.
Answers (1)
The most recent financial statements for Alexander Co. are shown here: Income Statement Balance Sheet Sales $ 42,800 Current assets $ 17,500 Long-term debt $ 37,000 Costs 35,500 Fixed assets 68,300 Equity 48,800 Taxable income $ 7,300 Total $ 85,800
Answers (1)
Which of the following is a positive economic statement? A. The government should implement a national consumption tax. B. The standard of living in the United States is too low. C. The U. S.
Answers (1)
Rachel is working on a project that technically allows three activities to be done at the same time. if they were to be implemented at the same time, she would need 5 contractors in order for the activities to be completed on time.
Answers (1)