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
skad [1K]
3 years ago
14

Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2020. The sales price includes an insta

llation fee, which has a standalone selling price of $40,000. 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.
Business
1 answer:
Mrrafil [7]3 years ago
4 0

Answer:

January 2, 2020

Dr Accounts receivable 410,000

    Cr Sales revenue 370,000

    Cr Unearned revenue 40,000

Dr Cost of goods sold 300,000

    Cr Merchandise inventory 300,000

Accrual accounting states that revenues must be recognized during the periods that they actually occur (i.e. the earning process is completed). Since the installation process lasts 6 months, the unearned revenue will be recognized as the process is being completed.

You might be interested in
actionow and becca enter into an oral contract in which becca agrees to work on a project for actionow’s living opportunities ce
JulsSmile [24]

Based on the fact that ActioNOW and Becca entered into an oral contract where Becca agrees to work on a project for ActioNOW for eighteen months, the enforcers of this contract are d. none of the choices.

<h3>Who can enforce this contract?</h3>

This transaction between Becca and ActioNOW was an oral contract which means that it falls under the Statute of Frauds. However, for an oral contract to be enforceable under this Statute, the goods or services exchanged have to be less then $500 in value.

The services or goods also have to be less than 1 year in duration. Because Becca and ActioNow agreed for a contract of 18 months which is more than a year, this contract is not enforceable under the Statute of Frauds and so the government cannot enforce this contract.

Options include:

  • a. ActioNOW.
  • b. Becca.
  • c. any third party, such as ActioNOW’s clients.
  • d. none of the choices

Find out more on the Statute of Frauds at brainly.com/question/14854791

#SPJ1

8 0
1 year ago
A stock paying $5 in annual dividends currently sells for $80 and has an expected return of 14%. What might investors expect to
Drupady [299]

Answer:

$86.20

Explanation:

Total return from stock = Current price * expected return

Total return from stock = 80*14%

Total return from stock = $11.20

Dividend already realized = $5

Capital gain = $11.20 - $5

Capital gain = $6.20

End of one year price = Beginning price + capital gain

End of one year price = $80 + $6.20

End of one year price = $86.20

Therefore, at the end of one year price is $86.20

5 0
3 years ago
illustrate the process needed in the three economic sectors to have the final product being a teddy bear
Zina [86]
Which make easier the measurement of economic activity in the three ..... the strategy used by firms that have as many different product
3 0
3 years ago
Recher Corporation uses part Q89 in one of its products. The company's Accounting Department reports the following costs of prod
luda_lava [24]
Yes, basically I have no Idea what you talking about. I heard that if you answer questions you can ask more. thanks.
6 0
3 years ago
London Plastics has monthly fixed costs of $82,500, while its variable costs are $4.50 per unit. If the sales price of a unit is
Sergeeva-Olga [200]

Answer:

The correct answer is B.

Explanation:

Giving the following information:

The variable costs are $4.50 per unit. London Plastics sell 15,000 units.

To calculate the total variable costs we need to use the following formula:

Total variable cost= unitary variable cost* total amount of units

Total variable cost= 4.5*15,000= $67,500

5 0
3 years ago
Other questions:
  • (1) You go to Greater's Ice Cream and see the price of a cone quoted as $3.00. (2) You buy the cone and pay with $3.00 in cash.
    8·1 answer
  • Does anyone know the group called BTS?
    12·2 answers
  • In an effort to increase customer loyalty, management at Phat International has worked to create a personaldialogue with their c
    10·1 answer
  • If an employee in a hospital does not follow the hospital's written standard of care and a patient is injured, the __________ is
    11·1 answer
  • Providing training for unemployed individuals is primarily intended to reduce
    11·1 answer
  • The union created when member countries of an economic and monetary union work closely with one another to arrive at common defe
    10·1 answer
  • If a seller needs to net $50,000 after the sale, how much must the real estate sell for if the selling costs include a 7% commis
    12·1 answer
  • Firms are more likely to effectively leverage their technologies in new markets if they identify new applications of the technol
    11·1 answer
  • Twenty years ago, you won a state lottery, and you received $15,000 at the end of each of the next 10 years, and $20,000 at the
    8·1 answer
  • gomez runs a small pottery firm. he hires one helper at $11,000 per year, pays annual rent of $6,000 for his shop, and spends $2
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!