Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Feb 2018 My Price 7.00

Applebee Limited

Applebee Limited is a manufacturer of harvesting equipment. Applebee Limited sells the equipment to farmers all around the country. Some customers purchase the equipment for cash and others purchase under Applebee Limited’s finance lease arrangement.

Mr. Hatfield purchased a harvester from Applebee Limited and made use of their finance lease agreement. The details of the lease are as follows:

• The lease period is 5 years (signed on 1January 20X5)

• Lease instalments of C200 000 are payable annually in arrears on 31 December. A fair market interest rate for this type of lease is 16.9911%.

The cost to Applebee Limited to manufacture this harvester was C500 000. Applebee Limited implements a mark-up of cost plus 28% on their cash sales.

Required:

a) Journalise the entries required to account for the abovementioned transaction for each of the years ended 31December 20X5 to 20X9 in the books of Applebee Limited.

b) Disclose the statement of financial position and finance lease debtor in the books of Applebee Limited for the year ended 31 December 20X9.

Ignore all taxes.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Feb 2018 06:02 PM My Price 7.00

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