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Bess [88]
3 years ago
5

On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f

ull contract price of $1,840 on July 15, 2020. The cost of the goods is $1,170. Crane delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Crane related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Business
1 answer:
belka [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

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Barnes Corporation manufactures two models of office chairs, a standard and a deluxe model. The following activity and cost info
777dan777 [17]

Answer:

Standard= $24,800

Explanation:

Giving the following information:

Number of:  Setups Components

Standard 22 8

Deluxe 28 12  

Overhead costs $20,000 $40,000

<u>First, we need to calculate the predetermined overhead rate for each activity:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Setups= 20,000 / (22+28)= $400per setup

Components= 40,000 / (8+12)= $2,000 per component

<u>Now, we can allocate overhead:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Standard= 400*22 + 2,000*8

Standard= $24,800

3 0
2 years ago
Lambert Manufacturing has $120,000 to invest in either Project A or Project B. The following data are available on these project
Angelina_Jolie [31]

Answer:

c. $74,450

Explanation:

The computation of the Net present value is shown below  

= Present value of all yearly cash inflows after applying discount factor + salvage value - initial investment  

where,  

The Initial investment is $120,000

All yearly cash flows would be

= Annual net operating cash inflows × PVIFA for 6 years at 14%  

= $50,000 × 3.8887

= $194,435

Refer to the PVIFA table

Now put these values to the above formula  

So, the value would equal to

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= $74,435 approx

6 0
3 years ago
What is the best Honda dirt bike?
Illusion [34]

Answer:

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Explanation:

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How does the viscosity of the magma fed to volcanoes affect nearby life and property?
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<span>A volcano that expels highly viscous magma is a greater threat to life and property because it is more explosives and thus is more difficult or impossible to predict. When there are more explosives happen, the damage that created to nearby life and poverty will also be increased. Depending on the amount of magma that being erupted, it might take more than ten years for the soil to have good enough composition for plants to grow.</span>
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2 years ago
Privatisation refers to .... 
Nana76 [90]

Answer:

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Explanation:

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