Reference no: EM133128762
Question - PART 1 - Splish Brothers publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $16 per year. During November 2021, Splish Brothers sells 13,200 subscriptions beginning with the December issue. Splish Brothers prepares financial statements quarterly and recognizes revenue for magazines sold at the end of the quarter. The company uses the accounts Unearned Revenue and Revenue.
Prepare the entry in November for the receipt of the subscriptions.
Prepare the adjusting entry at December 31, 2021, to record revenue to be recognized in December 2021.
Prepare the adjusting entry at March 31, 2022, to record revenue to be recognized in the first quarter of 2022.
PART 2 - Pharoah Company began selling game consoles on November 1, 2021. The company offers a 75-day warranty for defective merchandise. Based on past experience with other similar products, Pharoah estimates that 3.10% of the units sold will become defective in the warranty period, and that the average cost of replacing or repairing a defective unit is $21. In November, Pharoah sold 36,000 units and 570 defective units were returned. In December, Pharoah sold 44,000 units and 750 defective units were returned. The actual cost of replacing the defective units was $27,720.
Prepare a journal entry to accrue for the estimated warranty costs for the November and December sales at December 31, 2021.
Prepare one summary journal entry at December 31, 2021, to record the cost of replacing the defective game consoles returned during November and December.
What amounts will be included in Pharoah's 2021 income statement and balance sheet at December 31, 2021, with regard to the warranty?
PART 3 - Pina Colada Corp.'s gross payroll for April is $49,400. The company deducted $2,262 for CPP, $1,013 for EI, and $9,091 for income taxes from the employees' cheques. Employees are paid monthly at the end of each month.
Prepare a journal entry for Pina on April 30 to record the payment of the April payroll to employees.
Prepare a journal entry on April 30 to accrue Pina's employer payroll costs. Assume that Pina is assessed workers' compensation premiums at a rate of 1% per month and accrues for vacation pay at a rate of 4% per month.
On May 15, Pina pays the Receiver General the correct amounts for April's payroll. Prepare a journal entry to record this remittance.
|
Determine the fair value of net assets acquired
: Half of the 4,000,000 agreed consideration shall be paid on January 1,2021 and the other half on December 31, 2025. Determine fair value of Net Assets acquired
|
|
Prepare the necessary journal entries to record transactions
: John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. Prepare the necessary journal entries to record transactions
|
|
Write a memo to mr moe lawner
: Write a memo to Mr. Moe Lawner that explains and illustrates the steps in the recording process for each of the March 15 transactions
|
|
Determine the public health impact
: Planning and using epidemiology to determine the public health impact on the specified population and an assessment of needs
|
|
Prepare one summary journal entry at december
: Prepare one summary journal entry at December 31, 2021, to record the cost of replacing the defective game consoles returned during November and December
|
|
IFN521 Foundations of Decision Science Assignment
: IFN521 Foundations of Decision Science Assignment Help and Solution, Queensland University of Technology - Assessment Writing Service
|
|
How does the web-based business support
: How does the web-based business support the activities of global e-business?
|
|
Percentage change in price
: 1. If the percentage change in quantity demanded is less than the percentage change in price, we would say that over this price range, demand is
|
|
What is the monthly mortgage payment
: You are arranging a $368,000 Canadian mortgage with a 25-year amortization period and a 6.9% posted interest rate. What is the monthly mortgage payment
|