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Reil [10]
3 years ago
12

Metlock Windows manufactures and sells custom storm windows for three-season porches. Metlock 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. Metlock enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 and chooses Metlock to do the installation. Metlock charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $630. The customer pays Metlock $1,980 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Metlock 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:
Xelga [282]3 years ago
6 0

Answer:

June 1 2020

No entry

September 1, 2020

Dr Cash $1,980

Dr Accounts receivable $300

Cr Sales revenue $1,730

Cr Unearned sales revenue $550

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

Explanation:

Preparation of the journal entries for Geraths in 2020

June 1 2020

No entry

September 1, 2020

Dr Cash $1,980

Dr Accounts receivable $300

($1,730+$550+$1,980)

Cr Sales revenue $1,730

($1,980/$2,610*$2,280)

($1,980+$630=$2,610)

Cr Unearned sales revenue $550 ($630/$2,610*$2,280)

September 1, 2020

Dr Cost of goods sold $1,140

Cr Inventory $1,140

October 15 2020

Dr Cash $300

Dr Unearned service revenue $550

Cr Accounts receivable $300

Cr Service Revenue $550

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dlinn [17]

Answer:

Flame, Health Hazard, and Exclamation Mark

Explanation:

Based on the scenario being described within the question it can be said that the pictograms that need to be on the label would be the Flame, Health Hazard, and Exclamation Mark. That is because these pictograms represent the following:

Health Hazard: carcinogen, mutagenicity, Respiratory Sensitizer, Aspiration toxicity, etc.

Flame: flammable, self-heating, organic peroxides, pyrophorics, etc.

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6 0
4 years ago
A stock that sold for $22 at the beginning of the year was sell- ing for $24 at the end of the year. If the stock paid a dividen
MrRa [10]

Answer:

11.36%

Explanation:

Given:

Selling cost of the stock at the beginning of the year = $22

Selling cost of the stock at the End of the year = $24

Dividends received = $0.50 per share

Thus,

The actual amount received at the end of the year

= Selling cost of the stock at the End of the year + Dividends received

= $24 + $0.50

= $24.50

thus,

the interest received = $24.50 - $22 = $2.50

therefore, the rate of interest = \frac{\textup{Interest}}{\textup{Initial amount}}\times100

or

the rate of interest = \frac{2.50}{22}\times100

or

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7 0
3 years ago
An industry has 5 firms. Firm A has 30% of the market, Firm B and Firm C each have 25% of the market, Firm D has 15% of the mark
stiks02 [169]

Answer:

2400

Explanation:

The HHI is calculated by squaring the market share of each firm in the industry.

30² + 25² + 25² + 15² + 5² = 2400

5 0
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What are the advantages of taking a criminal case to the criminal grand jury?
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4 0
3 years ago
Use the information below for Jensen Company to answer the question that follow. Direct materials used $345,000 Direct labor inc
AnnZ [28]

Answer:

b.$995,000

Explanation:

Jensen Company

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Factory overhead incurred 400,000

Product cost $995,000

Therefore Jensen Company's product costs is $995,000

Direct materials used $345,000 + Direct labor incurred 250,000 +Factory overhead incurred 400,000 =$995,000

8 0
4 years ago
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