Reference no: EM132829356
Question -
1. Rock Company sells goods to Sandy Company during 2020 at a selling price per unit of $12 per unit. Rock offers Sandy the following rebates based on total sales to Sandy. If total sales to Sandy are up to 15,000 units, it will grant a rebate of 2.5% and if total sales to Sandy are up to 30,000 units, it will grant a rebate of 5%. In the first quarter of the year, Rock sells 12,000 units at $12 each on credit to Sandy. Based on past experience, Rock has sold over 40,000 units to Sandy, and these sales normally take place in the third quarter of the year. Rock follows IFRS.
Prepare any journal entries including any rebates to record to record the sale of the 12,000 units in the first quarter of the year. Ignore the cost of goods sold entry.
2. During February 2020, Party House Ltd sells $ 12,000 of gift cards for Valentine's day gifts. From reliable experience based on past history, the management of Party House estimates that 25% of the gift cards sold will not be redeemed. By the end of February, $6,000 was redeemed by customers.
Prepare the journal entries for Party House for February 2020 to record the sale of gift cards and the redemption of gift cards. Round to the nearest dollar?
|
List the appropriate entries for International Machines
: List the appropriate entries for International Machines to record the lease at its beginning, January 1, 2021, and the second lease payment on April 1, 2021
|
|
What is the company common dividend payout ratio
: What is the company's common dividend payout ratio in Year 4? Assume there are no other transactions during the year in the equity balances
|
|
How many units were in beginning inventory on January
: On January 31, the inventory consisted of 450 units that were 70% completed. How many units were in beginning inventory on January 1
|
|
What is the per-share dividend that should be allocated
: What is the per-share dividend that should be allocated to the common shares before any additional dividend would be paid to preferred shareholders
|
|
Prepare the journal entries for Party House for February
: Prepare the journal entries for Party House for February 2020 to record the sale of gift cards and the redemption of gift cards. Round to the nearest dollar
|
|
Discuss the procedures used in the examination
: Explain the value of footprint or footwear evidence, how to preserve and photograph the evidence, and how to cast the impressions.
|
|
Determine the number of shares to be added
: Using the treasury stock method for the warrants, determine the number of shares to be added to the weighted average number of shares in the calculation
|
|
Prepare the retained earnings portion of the statement
: Assume that beginning retained earnings for 2020 is $2,794,000. Prepare the retained earnings portion of the statement of changes in equity for 2020
|
|
Definition of product or service
: What is the definition of a product or service? Consider the differences between the types of products and services and how they will help shape a marketing pla
|