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Oksana_A [137]
3 years ago
8

Stellar Company sells goods that cost $309,500 to Record Company for $415,500 on January 2, 2020. The sales price includes an in

stallation fee, which has a standalone selling price of $45,500. The standalone selling price of the goods is $370,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
Nina [5.8K]3 years ago
5 0

Answer:

See explanation section

Explanation:

The journal entry to record the sale of goods is as follows:

January 2, 2020 Accounts receivable-Record Company   Debit  $415,500

                            Sales Revenue                      Credit          $370,000

                            Unearned service revenue  Credit           $45,500

As the selling price is $415,500, Stellar will receive $415,500 from Record company. However, the sales revenue is the selling price of the goods, which is $370,000. $45,500 is an installation fee for which Steller will give service for the next 6 months. Therefore, it is an unearned revenue assuming that the receivable will pay the money within a few months or earlier or before the service has been performed.

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The reason for a bimodel distribution is that a bimodal distribution may occasionally result from merging data from two processes or populations.

<h3>What is a bimodel distribution?</h3>
  • Two modes comprise a bimodal distribution. In other words, the results of two distinct processes are integrated into a single collection of data.
  • The distribution sometimes goes by the name "double-peaked." Consider the distribution of production data over two shifts in a manufacturing facility.
  • Bimodal distributions frequently happen as a result of underlying events.
  • A bimodal distribution, for instance, can be seen in the amount of patrons who visit a restaurant each hour because people typically eat out for lunch and dinner.
  • The bimodal distribution is brought on by the underlying human behavior.
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3 0
1 year ago
When megan purchased several bottles of pepsi beverages and snacks to bring to her family's holiday celebration, it represented
den301095 [7]
When Megan purchased the Pepsi beverages and snacks to bring to her family's holiday celebration this represented the purchase of consumer goods. Consumer goods are anything from Pepsi products, to automobiles and refrigerators.
4 0
3 years ago
If new york city imposed a 50 cent tax on soft-drink beverages that contain sugar or high-fructose corn syrup, it would:_____.
Serjik [45]

If new york city imposed a 50 cent tax on soft-drink beverages that contain sugar or high-fructose corn syrup, it would decrease the demand of the soft-drink beverages.

Given that new york city imposed a 50 cent tax on soft-drink beverages that contain sugar or high-fructose corn syrup.

We are required to find the effect of 50% tax on soft-drink beverages that contain sugar or high-fructose corn syrup.

When 50% tax is imposed on soft-drink beverages then it will increase the price of soft drink beverages, which will decrease the demand of soft drink beverages because now the drink become costly for the customers to buy.

Suppose the initial price of 1 soft drink is $100.

Now tax is applied so tax would be 100*50%=50

Price after tax=100+50

=$150

Now consumers have to pay $150 for 1 drink in place of $100.

Hence if new york city imposed a 50 percent tax on soft-drink beverages that contain sugar or high-fructose corn syrup, it would decrease the demand of the soft-drink beverages.

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7 0
2 years ago
Cinnamon Corp. started business in 2007, uses a periodic inventory system and uses the weighted average cost method. During 2007
Nesterboy [21]

Answer:

€4,883,000

Explanation:

The computation of cost of sales is shown below:-

Inventory = 35,000 ÷ €12

= 2,917 units

Weighted average cost of inventory

= (2,917 × €12) + (35,000 × €14)

=  €35,004 + €490,000

= €525,004

So weighted average cost = €525,004 ÷ €40,833.33

= €12.85

So, cost of sales = weighted average cost × sold units

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= €4,883,000

3 0
3 years ago
While JIT systems have many benefits, they:______.
Fiesta28 [93]

Answer:

Option A

Make the logistics function more complicated

Explanation:

The JIT inventory system refers to the Just In Time inventory system.

The just-in-time (JIT) inventory system is a management strategy where warehousing of parts is minimum. Rather, the raw material supply is aligned accurately with the production schedule of a particular good.

For example, in car production, the various car parts are supplied by various manufacturers at just the right time so they can be assembled to make up the car in the assembly line. The car assembly companies may not necessarily have to store raw materials in their ware house since the raw materials arrive "Just in time".

However, aligning the supply of raw materials accurately with production time, is a complicated task especially when a lot of manufacturers are involved and can need to plant down time if care is not taken. This makes the logistics function more complicated.

5 0
3 years ago
Read 2 more answers
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