1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Bess [88]
4 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]4 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

You might be interested in
A print advertisement must have
harkovskaia [24]
B. If it is a print ad you do not need Music, Enunciation, or Action
8 0
3 years ago
At​ UPS, business was strong but profits were​ down, leading managers to look for ways to increase profits from existing operati
Marat540 [252]

Answer:

At this point, the managers of UPS are at the First step in the decision-making process, which is Identifying the problem.

Explanation:

The decision-making process consists of evaluating a particular situation, gathering information, developing plans and taking the necessary steps to make good quality decisions and obtain satisfactory results. This process has seven steps:

  1. Identifying the problem
  2. Collecting information
  3. Identifying the alternatives
  4. Weighing the evidence
  5. Choosing from alternatives
  6. Implementing actions
  7. Evaluating the results

For this particular case, the UPS managers are in the first step of the process. They have <u>identified an issue</u> with their profits <u>and defined a clear path for problem-solving</u>, which is increasing the profit via their existing operating income.

6 0
3 years ago
_______________ is intentionally or unintentionally using someone else's work without giving credit to the original author or cr
nasty-shy [4]

Answer:

b. Plagiarism

Explanation:

Plagiarism refers to the action of presenting somebody else work as your original work acknowledging the original author. Plagiarism may be deliberate or unintended. The internet has software applications that assist students and scholars check against plagiarism.

Plagiarism is considered an offense in the academic and scholarly world.

8 0
3 years ago
Read 2 more answers
The opportunity cost of holding money Group of answer choices varies inversely with the interest rate. varies directly with the
schepotkina [342]

Answer:

Varies directly with the interest rate.

Explanation:

Varies directly with the interest rate.

The opportunity cost of holding the money will be the earning that can be made by investing the money. Basically, it is the interest rate that an investment provides when money is invested. If the money is not invested and it just held then the interest rate that could be earned is the opportunity cost.

7 0
3 years ago
PA6.
inysia [295]

Answer:

(The data is missing so we cannot prepare the complete cash budget but lets see how it is prepared. The data given in the question has only been added in cash budget)

Cash Budget is prepared in same way as statement of cashflow. The detail cash budget format is given below.

                                             Poster Company

                                                 Cash budget

                                           1st and 2nd quarter

Cash from operations

Sales                                                                  xxxx

Purchase                                                           (xxxx)

Other expenses paid                                        (xxxx)

Net cash from operation                                   xxxx

Cash from Investment activities

Sale of Assets   (10,000+4,500)                    $ 14,500

Any investment made                                      (xxxxxx)

Net Cash from investing activities                  xxxxxx

Cash from Finance Activities

Financial Charges paid                                  ( xxxxxxx)

Dividednd paid                                              $ 4,500

Net Cash from Financing activities                xxxxxxxx

Net cash increase/ decrease                          xx/ (xx)

Opening balance                                             $60,359    

Cash balance at end                                          xxxxx

(xxx represents missing values)                                        

6 0
3 years ago
Other questions:
  • "Do we have a loyalty program?" is a question about which of the 5Cs? a. collaborators b. context c. customer d. company
    11·1 answer
  • Boeing has often cut its prices drastically to try to maintain its 60 percent of sales of commercial aircraft as it competes wit
    5·1 answer
  • If last year a pineapple cost​ $2, and this year it costs​ $4, there has been a​ ________ percent rise in the price of the pinea
    15·2 answers
  • Bela is a marketing and sales employee at Hopscotch Foods Inc. She has invented a new way to process and pack the company's food
    6·2 answers
  • Lanning Company sells 160,000 units at $45 per unit. Variable costs are $27 per unit, and fixed costs are $975,000. Determine (a
    6·1 answer
  • Dear Mr. Sanchez:
    8·1 answer
  • Amanda and jack are working on their taxes and need to determine which form to file. they had wages, interest, and dividends. in
    11·2 answers
  • Careers emerging to improve environmental conditions include:
    12·1 answer
  • A buyer is interested in buying a home in an older neighborhood where new sidewalks have just been installed. The buyer contacts
    11·1 answer
  • An outlet or brand whose performance confirms a low-performance expectation generally will result in _____.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!