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puteri [66]
3 years ago
12

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

for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Geraths completes installation on October 15, 2020, and the customer pays the balance due.
Required:
Prepare the journal entries for Geraths in 2020.
Business
1 answer:
defon3 years ago
5 0

Answer:

July 1

No Entry

Sep 1

Dr Cash $2,000

Dr Accounts Receivable $400

Dr Cost of goods sold $1,100

Cr Inventory $1,100

Cr Unearned Service Revenue $554

Cr Sales Revenue $1,846

Oct 15

Dr Cash $400

Dr Unearned Service Revenue $554

Cr Service Revenue $554

Cr Accounts Receivable $400

Explanation:

Preparation of the journal entries for Geraths in 2020.

July 1

No Entry

Sep 1

Dr Cash $2,000

Dr Accounts Receivable $400

($2400-$2000)

Dr Cost of goods sold $1,100

Cr Inventory $1,100

Cr Unearned Service Revenue $554

($600/$600+$2000*$2400)

Cr Sales Revenue $1,846

($2,000/$600+$2000*$2400)

Oct 15

Dr Cash $400

($2400-$2000)

Dr Unearned Service Revenue $554

Cr Service Revenue $554

($600/$600+$2000*$2400)

Cr Accounts Receivable $400

($2400-$2000)

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It is crucial and vital that the implementation of the planning section of a systems proposal report address: training, communication, and support of the system.

<h3>What is the planning section of a system?</h3>

The planning section of a system is an integral part of action planning. The Head of the Planning Section conducts briefing sessions, offers crucial advice on targets, and predicts future requirements.

The Planning Section is a member of the leadership team in charge of setting incident objectives and strategies for the specified operating period.

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Learn more about the Planning section here:

brainly.com/question/25453419

7 0
3 years ago
During the annual fund-raising drive, the Cancer Society raised $900,000 in pledges of financial support for general operations.
Gnoma [55]

Answer:

$ 870,000

Explanation:

Given data:

The funds raised by the cancer society = $ 900,000

The amount that has been collected back = $ 600,000

The amount that is uncollectible = 10% of the remaining amount

i.e 10% of ( $ 900,000 - $ 600,000 ) = $ 30,000

Therefore,

the net amount of revenue the society should recognize during the current year from this pledge drive is calculated as:

= The funds raised by the cancer society  - The amount that is uncollectible

or

= $ 900,000 - $ 30,000

or

= $ 870,000

4 0
3 years ago
The market risk premium is defined as __________. the difference between the return on an index fund and the return on Treasury
Paha777 [63]

Answer:

The difference between the return on an index fund and the return on Treasury bills

Explanation:

The market risk premium explains critically the difference between an expected return on a given market portfolio and the risk-free rate.

It is also the additional return a given investor will receive (or is expected to gain) from holding a risky market portfolio instead of risk-free assets.

6 0
3 years ago
Suppose a plaintiff hires a lawyer to represent her in a court case. The lawyer will receive a share of the settlement if the pl
UNO [17]

Answer:

Answer B

Explanation:

Plaintiff attorney is the last resource for the damaged or injured party, that he/she can turn to. They usually represent those who suffered as a result of someone else's negligence and in the process cover all the costs and expenses of the trial. They cover all the financial costs in exchange of portion of Final verdict or settlement.

3 0
4 years ago
A share of stock is now selling for $155. It will pay a dividend of $6 per share at the end of the year. Its beta is 1. What mus
Hoochie [10]

Answer:

$180

Explanation:

Expected return E(r) = \frac{(D1+ P1 -P0)}{P0}

D1= Next year's dividend

P1 = Next year's price

P0 = Current price

Since the beta is 1, it means this stock's return = market return = 20%

E(r) = \frac{(6+P1-155)}{155}

0.20 = \frac{P1-149}{155}

Multiply both sides by 155

31 = P1-149

Add 149 on both side s to solve for P1;

31+149 = P1

180 = P1

Therefore, the stock will sell at $180

3 0
3 years ago
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