Prepare the journal entries for sheffield

Assignment Help Accounting Basics
Reference no: EM133106841

Question - Sheffield Windows manufactures and sells custom storm windows for enclosed porches. Sheffield also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Sheffield enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows for a price of $5,140 and chooses Sheffield to do the installation. Sheffield charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $1,160. The customer pays Sheffield $4,640 (which equals the fair value of the windows, which have a cost of $2,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2021, Sheffield completes installation on September 15, 2021, and the customer pays the balance due. Prepare the journal entries for Sheffield in 2021.

Reference no: EM133106841

Questions Cloud

How much is the monthly payment : A loan of P30,000 is to be repaid monthly for 5 years that start at the end of 4 years. If interest rate is 12% converted monthly, how much is monthly payment
What is the appropriate cost for retained earnings : The return on the S&P 500 index is 12%. What is the appropriate cost for retained earnings in determining the firm's cost of capital
What is the display filter expression : Identify well-known security issues and Demonstrate how well-known security vulnerabilities can be both exploited - explain how message integrity is provided
Use common tools to enumerate networks and hosts : Relate current events in cybersecurity to the technological and theoretical aspects of their course and Use common tools to enumerate networks and hosts
Prepare the journal entries for sheffield : Sheffield completes installation on September 15, 2021, and the customer pays the balance due. Prepare the journal entries for Sheffield in 2021
What amount of interest expense should blossom report : In its 2021 income statement, what amount of interest expense should Blossom report from this lease transaction
What is the minimum amount that you would accept : Based on what you know today, what is the minimum amount that you would accept in exchange for the asset just before the payoff is revealed
Calculate the present value : Question - Calculate the present value of $100,000 to be received in 10 years assuming an annual interest rate of 4%
Record the transactions in the general journal : The company uses special journals. KC provides a special column for 12% VAT in its sales. Record the transactions in the General Journal

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find the cost of capital

A firm issued 10,000, 10% debentures of Rs,. 10 each at a premium of .5% with a maturity period of 20 years. The tax rate is 50%. Find the cost of capital

  What would be the amount of the NOL

What would be the amount of the NOL if, in Part b., Carlos's gross income included net non-business long-term capital gains of $10,000

  Profitability ratios low carb diet supplement inc has two

profitability ratios low carb diet supplement inc. has two divisions. division a has a profit of 100000 on sales of

  Determine the equivalent units for direct materials

These units were 50% complete with respect to materials. Use this information to determine the equivalent units for direct materials

  Compute the amount of the bonus payable to the employees

For the year ended December 31, 2011, Winter Company has implemented an employee bonus program equal to 3% of Winter's net income, which employees will share equally. Winter's net income (prebonus) is expected to be $1,000,000, and bonus expense i..

  Audit-client considerations

Read the above case. Choose one of the individuals in the case and identify their actions and viewpoints. Write up an executive summary on the case, including answers to the following questions.

  What is Tom basis in the stock of the Corporation

Tom creates a C Corporation on 1/1/20 in exchange for 100% of common stock of the Corporation. What is Tom basis in the stock of the Corporation

  What is the carrying amount of security

Assume that Security A is a debt security that was purchased at a discount. What is the carrying amount of Security A at December 31, 2015

  Compute income taxes payable

Bradley Corporation began 2017 with 92,000 in deferred tax liability account. Compute income taxes payable for 2017

  What financial relationship do think most important to show

What financial relationship do you think is most important in being able to show the profit of a business to investors looking to spend their hard earned cash

  Calculate the interest revenue from this transaction

What interest rate should be used to calculate the interest revenue from this transaction for the years ended December 31, 2011 and 2012, respectively?

  Journalize the adjusting entry for the inventory shrinkage

The physical inventory indicates that $366,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage

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