User Account

All Pages

Calculate the amount of revenue recognised by Hobart Ltd

Assignment Help Financial Accounting
Reference no: EM132935415

Question - During April 2020, Hobart Ltd sold 200 products on credit for $50 each. Customers may receive a full refund for any unused products returned within 30 days of sale. Each product costs $40. Based on past experience, Hobart Ltd estimates that 2 of the products will be returned during May. The cost of recovering the products will be immetarial and returned products can be resold at a profit.

Required -

a. Calculate the amount of revenue recognised by Hobart Ltd in April.

b. Assume that transactions occur in accordance with expectations. Prepare journal entries to record the return of products during May.

Reference no: EM132935415

Questions Cloud

How have financial scandals occurred subsequent to SOX : Assess the effectiveness of the Sarbanes-Oxley Act. How have financial scandals occurred subsequent to SOX? Why did SOX not prevent them
What is the current value of the firm shares : If the required rate of return is 11%, what is the current value of firm's shares? Due to the current global economic conditions, Zoro Ltd stopped its dividend.
What is the current yield and the capital gain yield : Bonuses have an 8 percent coupon rate and pay interest every 6-months. What is the "current yield" and the "Capital gain yield"
Calculate the amount james needs to save each year : Calculate the amount James needs to save each year so that he can achieve his plan of retirement. You are required to draw a timeline of cash flows.
Calculate the amount of revenue recognised by Hobart Ltd : During April 2020, Hobart Ltd sold 200 products on credit for $50 each. Calculate the amount of revenue recognised by Hobart Ltd in April
How many of the statements are true and how many are false : How many of the statements are true and how many are false? Money market instruments are short-term instruments with marketability and pay liquidity premiums
When must an employer with a bi-weekly pay period issue : When must an employer with a bi-weekly pay period issue an electronic Record of Employment? 15 calendar days after the first day of the interruption of earnings
What is the normal lead time usage : As a result of holding inventories, insurance, storage, taxes and other cost are incurred amounted to P2 per unit per year. What is the normal lead time usage
What a company with monthly revenue has contribution margin : A company with monthly revenue of $160,000, variable costs of $60,000, and fixed costs of $44,000 has a contribution margin of?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd