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rjkz [21]
3 years ago
5

On May 1, 2020, Vaughn Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contr

act requires Kickapoo to pay the contract price of $893 in advance on May 15, 2020. Kickapoo pays Vaughn on May 15, 2020, and Vaughn delivers the mower (with cost of $566) on May 31, 2020.(a) Prepare the journal entry on May 1, 2020, for Vaughn.
Business
1 answer:
Alchen [17]3 years ago
7 0

Answer:

May 1, 2020 - No Entry

Explanation:

IFRS 15 requires an entity to recognise revenue <em>when</em> entity transfers the goods or services to the customer.

Transfer of the mower happens on May 31, 2020, this is the date at which Revenue is recognised.

The cash is also paid on May 15, 2020, according the <em>accruals concept</em>, no entry must be done on May 1,2020. Only when the payment occurs should there be a record in Vaughn books.

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A company purchased $270,000 in supplies during the year. The supplies account increased by $10,000 during the year to an ending
LuckyWell [14K]

Answer:

$260,000

Explanation:

Opening balance = Ending balance - Increase in ending balance

=$66,000 - $10,000

=$56,000

Supplies Expenses = Opening balance + Purchases - Closing balance

=$56,000 + $270,000 - $66,000

=$336,000 - $66,000

=$260,000

Therefore, the amount that will be the adjusting entry to supplies expenses is $260,000

7 0
3 years ago
Master scheduling is __________. a. a field in the master schedule record that indicates the number of units that are available
Karolina [17]

Answer:

D if this is anything related to business then there is always something that reviews everything and the most common term for it is Master scheduling.

Explanation:

5 0
3 years ago
DEF Corporation had two issues of ordinary preferred stock with a $100 par value traded on the NYSE. One issue paid $5.56 annual
asambeis [7]

Answer:

5.93%

Explanation:

Cumulative Dividend for both (5.56+5.88)          $11.44

share price for both types of preferred stock (95.55+97.5) $193.05

Cost of preferred stocks $11.44/193.05=5.93%

6 0
3 years ago
And an anonymous survey, 2.5% of your employees say that they are “ready to quit”. You employ 50,000 people. How many are ready
Anit [1.1K]

Answer:

1250

Explanation:

2.5%*50,000=1250

or

50,000*0.025=1250

7 0
2 years ago
EB15.
Tems11 [23]

Answer:

Cost per unit under variable costing                               $

Direct material                                                                 110

Direct labour                                                                    150

Variable manufacturing overhead                                 <u> 75 </u>

Cost per unit                                                                   <u>335 </u>

<u />

Cost per unit under absorption costing                         $

Direct material                                                                 110

Direct labour                                                                    150

Variable manufacturing overhead                                  75    

Fixed manufacturing overhead ($2,700,000/90,000)  <u>30</u>        

Cost per unit                                                                   <u>365</u>

Explanation:

In variable costing, cost per unit is calculated by the addition of all variable costs while in absorption costing, fixed manufacturing overhead      application rate is added to the variable costs in order to obtain the cost per unit.

8 0
4 years ago
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