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Mila [183]
4 years ago
5

Pina Windows manufactures and sells custom storm windows for three-season porches. Pina also provides installation service for t

he windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pina enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Pina to do the installation. Pina charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $610. The customer pays Pina $2,050 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pina completes installation on October 15, 2020, and the customer pays the balance due.Prepare the journal entries for Pina in 2020.
Business
1 answer:
tia_tia [17]4 years ago
8 0

Answer:

Journal Entries for Pina in 2020:

July 1:

Debit Accounts Receivable with $2,050

Credit Sales Account with $2,050

Being sales on account

Sept 1:

Debit Cash with $2,050

Credit Accounts Receivable with $2,050

Being cash received

Oct 15:

Debit Cash with $320

Credit Installation Service Income with $320

Being cash receipt for installation service

Explanation:

a) The value of actual sales excluding installation is equal to $2,050.  So, the Sales and Accounts Receivable are credited and debited respectively with this amount.

b) Installation service was completed on October 15, 2020.  The element of the contract value $320 is recognized in the accounts on this date and the respective cash and income accounts are debited and credited.

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V125BC [204]

Answer:

it helps them save resources.

Explanation:

Outplacement services are those that help an employee that is leaving the firm with obtaining a new job or transitioning to a new career. For employers providing these services provides various benefits that can save resources for the company that may otherwise be wasted on various organizational and legal costs that may arise during termination of work.

8 0
3 years ago
Which statement is TRUE about insurance coverage on customer brokerage accounts maintained at banks registered solely as municip
Norma-Jean [14]

Answer: D. No insurance protection is offered on customer municipal accounts maintained at bank broker-dealers

Explanation:

Broker-Dealer are required to register their customers for insurance under the Securities Investor Protection Corporation (SIPC).

Broker-Dealers who however handle only tax-exempt securities such as municipal bonds are not required to be registered under the SIPC.

As this bank handles only municipal securities, they is not required to be registered under the SIPC which means that no insurance protection is offered on customer municipal accounts maintained by them.

5 0
4 years ago
Chew Corporation prepares its statement of cash flows using the indirect method of reporting operating activities. Net income fo
kodGreya [7K]

Answer:

Cash flows from operating activities for 2016

Particulars                                                                                Amount

Net income                                                                            $1,269,000

<em>Adjustments</em>

Depreciation expense                                                          $159,000

Increase in accounts receivable                   -$152,000  

Decrease in inventories                                  $108,000

Decrease in prepaid expenses                      $62,000

Decrease in salaries payable                        -$30,000  

Increase in income taxes payable                  <u>$44,000   </u>    <u>$32,000</u>

Net cash inflow from operations                                        <u>$1,460,000</u>

7 0
4 years ago
Roslyn has decided to purchase a $14,000 car. She plans on putting $2000 down toward the purchase, and financing the rest at a 6
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8 0
3 years ago
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How can we apply the knowledge of green chemistry in village four points​
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