Write a memo | Accounting homework help

Write a memo to the “Toys R U Audit File.”  Be sure to include the following:

1.    Brief description of current reporting rules for leases

2.    Description of proposed reporting rules for leases

3.    Example of application of proposed rules for a lessee

a.    Assume the following lease terms:

                                              i.     Identifiable Asset:  Facility (building) lease

                                             ii.     Term 10 years – assume no renewal option

                                           iii.     Monthly lease payments beginning at $125,000 per month over the ten year lease term

                                           iv.     The risk free rate is 2%, Toys R U borrows at an incremental rate of 6%, and the lessor rate is unavailable

                                             v.     Assume the lease commences on January 1, 2021 and the first payment is due February 1, 2021

4.    Include the following journal entries:

a.    Recording of lease related asset and liability at lease inception – use “Capitalized Lease Asset” and “Capitalized Lease Liability” as account titles

b.    Recording of the monthly expense for the first two months – do each month separately

5.    Attach an Excel worksheet to your memo with the following:

                                              i.     Calculation of the amount of the capitalized lease asset and related lease liability

                                             ii.     An amortization schedule for the lease term







Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Order your essay today and save 10% with the coupon code: best10