Prepare max journal entry to record the sale of the engines

Assignment Help Accounting Basics
Reference no: EM131711988

Question - Max Mechanics sold engines to a customer for $35,000. As part of the contact, Max's promised to provided 'free' tuning services for two years. Max's sells the engines without tuning services for $28,750 and a stand-alone one year tuning service contract for $3,700. Prepare Max's journal entry to record the sale of the engines. Show calculations.

Reference no: EM131711988

Questions Cloud

Description of association between tattooing and hepatitis c : Tattoos. A study by the University of Texas Southwestern Medical Center examined 626 people to see if an increased risk of contracting hepatitis C.
Action of sympathetic and parasympathetic nervous systems : Choose one organ of the body that has dual innervation, and explain the action of the sympathetic and parasympathetic nervous systems on that organ.
Provide an understanding of a persons behavior : How might attribution theory provide an understanding of a person's behavior? How can a teacher
Stages of sleep are easily distinguished by : In evolutionary theory, natural selection is driven primarily by
Prepare max journal entry to record the sale of the engines : Max Mechanics sold engines to a customer for $35,000. Prepare Max's journal entry to record the sale of the engines. Show calculations
Describe the responsibilities of the independent auditor : Describe the responsibilities of the independent auditor and board of directors with the responsibilities of Koss management for the embezzlement.
What thoughts might you have on poster presentations : What thoughts might you have on poster presentations, and based on your review of the broad topics listed above
Why do you think the drug atorvastatin calcium : Are there any particular instructions concerning how to take the drug (Atorvastatin calcium) (e.g., time of day, with or without food, etc)?
Disease or only alleviate the symptoms : In your own words describe how this drug "works": Does the drug cure the disease or only alleviate the symptoms?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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