User Account

All Pages

Prepare adjusting journal entry for intention incorporated

Assignment Help Financial Accounting
Reference no: EM132888913

Intention Incorporated manufactures and installs custom geared turbofans; a new technology used to increase the fuel economy of modern jet airliners. On February 1, 2013 The-Answer Airlines paid Intention Inc $15,000,000 cash to cover the custom manufacturing, delivery and installation costs for 10 sets of geared turbofans for the companies 10 jetliners. Intention Inc plans to complete The-Answer Airlines order by mid July of 2013.


Cash $15,000,000
Unearned Revenue $15,000,000

On May 31, 2013 Intention Incorporated delivered and installed 5 of the 10 sets of geared turbofans purchased by The-Answer Airlines back in February. The manufacturing cost incurred(i.e. value of the inventory) by Intention Incorporated for the fans installed totaled to $1,125,000($225,000 x 5 sets installed).

Problem 1: Prepare the appropriate adjusting journal entry(s) that Intention Incorporated would make on May 31, 2013 to account for the delivery and installation of the 5 sets of geared turbofans.

Reference no: EM132888913

Questions Cloud

Highlight two people-business pain points organization : A. Investigate, evaluate and appraise two (2) HR practices that in your opinion qualifies as Best Practice particularly for the post-pandemic.
What is the meaning of ethnocentrism-polycentrism : What is the meaning of ethnocentrism, polycentrism, and globalism and how those values might affect a multinational company's staffing policy.
Explain the cost of capital structure and working capital : Explain the cost of capital structure and working capital
Structuring your ideas in form of hypothesis : What is the purpose of structuring your ideas in the form of a hypothesis?
Prepare adjusting journal entry for intention incorporated : Prepare the appropriate adjusting journal entry(s) that Intention Incorporated would make on May 31, 2013 to account for the delivery
What barriers or obstacles do you think exist : In elderly frailty patients, what barriers or obstacles do you think exist that would need to be addressed in order to succeed?
Prepare the journal entries for Boonville : Prepare the journal entries for Boonville to record the restructuring agreement assuming: the bank accepts 10,000 shares of Boonville's $10 par common stock
What one example of the worst interview : What one example of the worst interview that the applicant would experience?
Is the gender wage gap justified : Is the gender wage gap justified? Will it be bigger if the country goes into deep recession as a result of the COVID 19 pandemic?

Reviews

Write a Review

Financial Accounting Questions & Answers

  How many new shares will be issued

How many new shares will be issued? BKF has 75 000 shares outstanding at a price of R54 a share. GM has 15000 shares outstanding with a market value

  Determine the value of? morgan gross estate

Determine the value of? Morgan's gross estate. Calculate the value of her taxable estate.

  What is the total revenue that is needed at the new price

The company has decided to increase price by 10% and the sales department wants to understand the revenue target. What is the total revenue

  What is the amount of interest revenue recorded

Alpha Company lends, Alpha Company prepares financial statements on December 31. What is the amount of interest revenue recorded in 2020?

  Next year''s additional funding requirement

Business has been slow; therefore, fixed assets are vastly underutilized.  Management believes it can double sales next year with the introduction of a new product.  No new fixed assets will be required, and management expects that there will be no e..

  Evaluate cash flow from operations

What are earnings before interest and taxes and What is net income and evaluate cash flow from operations?

  You are saving to buy a 191000 house there are two

you are saving to buy a 191000 house. there are two competing banks in your area both offering certificates of deposit

  Capital transactions

BIC was organized on January 2, 2012, with 100,000 authorized shares of $10 par value common stock. During 2012, BIC had the following capital transactions.

  How much is interest payable on the balance sheet

Kayla also took out a two-month loan for $40,000 on October 1 at 7%. How much is interest payable on the 12/31 Balance Sheet?

  Following is information taken from the accounting records

following is information taken from the accounting records of kagawa company at the end of 2009.- net sales 660000-

  Prepare the entry that harrington would make on the december

Prepare the entry that Harrington would make on the December 31, 2017, and December 31, 2018, conversion worksheets to convert U.S. GAAP balances to IFRS.

  At his death dr heinz doofenshmirtz held various patents

at his death dr. heinz doofenshmirtz held various patents for evil inventions. these patents were valued at 400000

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