Company X Leased an Asset to Y on December 31

question 111

Essay

Company X leased an asset to Y on December 31 2014 with the first payment occurring on that date.The lease was a sales-type lease (it met all the conditions).The cash payment on December 31,2014 was $1,582 representing 1/5^th of the lease arrangement.Assuming that the profit on the sales amounted to 11% of the total lease receivable and the unearned finance revenue was 1.57 times the profit on the sale,prepare the journal entry at the inception of the lease (use the gross profit method).

Grasp the importance of the financial arrangement clarity when borrowing from friends and family as it relates to crowdfunding.

Differentiate crowdfunding platforms based on their focus areas such as technology, science, and creative projects.

Recognize the importance of early and effective communication of product or service ideas to potential backers.

Understand the implications of rewards and equity sharing in crowdfunding campaigns and their effects on campaign approval and backer expectations.

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Definitions:

Basic Assumptions

Fundamental beliefs or principles that are taken for granted without verification in various contexts, such as scientific theories, workplace cultures, or personal ideologies.

Highly Cohesive Teams

Teams characterized by strong bonds and unity among members, fostering a sense of solidarity and collaboration.

Relationship Conflict

involves discord or disagreement between individuals in a work setting, often due to personal issues or incompatible goals.

Constructive Conflict

A type of conflict that leads to positive outcomes, promoting growth, improving performance, and enhancing relationships.