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
AveGali [126]
3 years ago
9

Sarasota Company sells on credits goods that cost $310,000 to Ricard Company for $409,500 on January 2, 2020. The sales price in

cludes an installation fee, which has a standalone selling price of $42,500. The standalone selling price of the goods is $367,000. 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:
swat323 years ago
7 0

Answer and Explanation:

The journal entries are shown below:

Account Receivable $409,500

           To Sales Revenue $367,000

           To Unearned Service Revenue $42,500

(Being account receivable is recorded)

Cost of Goods Sold $310,000

           To Merchandised Inventory $310,000

(Being cost of goods sold is recorded)  

These two journal entries are to be recorded

You might be interested in
Haskell Motots common equity on the balance sheet totals $700million and the company has 35 million shares of common stockoutsta
Ludmilka [50]

Answer:

Statements A and C are correct.

Explanation:

  • Book Value per share is the value shown in the balance sheet, which is calculated by:

Formula: BV = \frac{Total common holder stocks}{number of common shares}

After putting values in the formula we get:

BV = \frac{700m}{35m} = 20

  • Market value per share is calculated on the bases of prices of share according to the market. For example, if your company has $10000 share outstanding and the price in market per share is 50 then the market value would be $500000.

So, we have to calculate market value per share for that we have to reverse the actual calculation, which means we will have to divide total market value of outstanding shares  by the total number of outstanding shares to get market value per share:

MV per Share = \frac{10m}{35m} = 28.5

<em>Hence, statement A and C both are correct. </em>

4 0
3 years ago
QUESTION 4 On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n
wolverine [178]

Answer:

D. Cash 8,000 Accounts Receivable 8,000

Explanation:

6 0
4 years ago
A worker gets a raise of $120 per month and quickly decides to spend $90 of the money on necessities and the occasional luxury,
mote1985 [20]

Answer:

The marginal propensity to consume (MPC) is 0,75.

Explanation:

This value is gotten by dividing the $90 of consumption by total raise ($120). MPC is a ratio that calculates the tendency of people to consume per every unit of money (in this case, dollars). In aggregate levels, it is important to understand the effects of investment and consumption in the whole economy

8 0
4 years ago
Your department at work places $10,000 every year-end into an account earning 5%. The money is used when the corporate office fa
Jobisdone [24]

Answer:

68,019.13

Explanation:

this particular question can be solved, using an approach by the annuity concept, remember that an annuity is usefull for calculating the present or future value of a series of regular payments, so in this case we are asked to calculate the future value as follows:

s_{n} =P*\frac{(1+i)^{n}-1 }{i}

where s_{n} is the future value of the annuity, i is the interest rate for every period payment, n is the number of payments, and P is the regular amount paid. so applying to this particular problem, we have:

s_{6} =10,000*\frac{(1+0.05)^{6}-1 }{0.05}

s_{6} =68,019.13

4 0
4 years ago
Identify the financial statement​ (or statements) that each account would appear on. Use I for Income​ Statement, RE for Stateme
Katen [24]

Answer:

a. Accounts Payable: B

b. Cash: B

c. Common stock: B.

d. Account Receivables: B

e. Rent expenses: I

f. Service revenue: I

g. Office supplies: B

h. Dividends: RE

i. Land: B

j. Salaries Expenses: I

Explanation:

a. Accounts Payable: I

It is recorded in the Liability part to showed amount owed to suppliers.

b. Cash: B

It is recorded in the Current Asset part to show amount of cash on hand and in bank.

c. Common stock: B

It is recorded in the Owner Equity part to show Owner's capital contribution

d. Account Receivables: B

It is recorded in the Asset part to show amount owed from customers.

e. Rent expenses: I

It is recorded in the expenses part of income statement.

f. Service revenue: I

It is recorded in the revenue part of income statement.

g. Office supplies: B

It is recorded in the current asset part of the Balance Sheet statement to show how much office supplies is not consumed/ fully consumed.

h. Dividends: RE

It is recorded in the Statement of Retained Earnings to show dividend paid out in the reporting period.

i. Land: B

It is recorded in the Non-current Asset part of the balance sheet to show Book value of land possession.

j. Salaries Expenses: I

It is recorded in the expenses part of income statement.

5 0
4 years ago
Other questions:
  • The manager of an unregistered hedge fund is typically compensated by a fee based on
    8·1 answer
  • Type the correct answer in the box. Spell all words correctly. Which term describes the solution to a multiplication problem? de
    6·1 answer
  • Joe's One Wheel Corporation uses Regression Analysis to predict sales. Joe has developed a simple model that uses Previous Month
    11·1 answer
  • How do you write a check?
    5·1 answer
  • John would like to contact several trade association but he's not sure where to look for information. What is the most efficient
    6·2 answers
  • In the consumer purchase decision process for Coppertone products, the problem recognition stage is typically triggered either b
    11·1 answer
  • Horizontal analysis of income statement OBJ. 2 For 20Y2, Macklin Inc. reported a significant increase in net income. At the end
    13·1 answer
  • Do you think Q-Cells could have avoided its current financial troubles? What could they have done differently?
    10·1 answer
  • 1 Think of a relevant example in your own life of how a change in the market including information, preferences, technology, pri
    12·1 answer
  • in accordance with 14 cfr part 107, you may operate an suas from a moving vehicle when no property is carried for compensation o
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!