Prepare the journal entries for vaughn

Assignment Help Financial Accounting
Reference no: EM132817490

Vaughn Windows manufactures and sells custom storm windows for three-season porches. Vaughn also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Vaughn enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 and chooses Vaughn to do the installation. Vaughn charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Vaughn $1,980 (which equals the standalone selling price of the windows, which have a cost of $1,150) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Vaughn completes installation on October 15, 2020, and the customer pays the balance due.

(a) Vaughn estimates the standalone selling price of the installation based on an estimated cost of $410 plus a margin of 20% on cost.

Problem 1: Prepare the journal entries for Vaughn in 2020.

Reference no: EM132817490

Questions Cloud

Explain the types of sampling technique : IDENTIFY and EXPLAIN the types of sampling technique used in each of the following situations:
What are the projects operating cash flows in years one : What are the projects' operating cash flows in Years 1, 2, and 3? You are considering purchasing a new database system for your company.
Holding charity auctions in the office : Angela, the bank employee, approaches Justin, the bank manager and says: "My daughter is seeking treatment for heart disease and I don't have a health insurance
Explain excellence leadership : Visit the Web sites of any five companies mentioning quality explicitly in their mission, vision and values.
Prepare the journal entries for vaughn : Prepare the journal entries for Vaughn in 2020. Vaughn Windows manufactures and sells custom storm windows for three-season porches.
Executive committee with a recommendation : Your department, Housekeeping, has been appointed to resolve a serious guest satisfaction problem at the Fairmont Empress Hotel in Victoria, BC. Guests have bee
Evaluate a nursing practice environment : The first step of the evidence-based practice process is to evaluate a nursing practice environment to identify a nursing problem in the clinical area.
Calculate the current total market value of the company : Ordinary Shares: 100,000 shares outstanding currently selling for $45 per share. Calculate the current total market value of the company
Which is true of responsibility accounting : Which should NOT be included in implementing performance evaluation systems? Which of the following is true of responsibility accounting?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Glade company was authorized to issue

QuestionOn 2008 December 27, Glade Company was authorized to issue 250,000 shares of $24 par value common stock.It then completed the following transactions.

  Compute effect of the two financing option on the earning

Compute the effect of the two financing options on the earnings per share and hence advise the company on the best financing option.

  Calculate the broker commission

Calculate the broker's commission if your broker charges 3.6% of the total safe price. Determine your profits on the sale at all purchased stock?

  Prepare entries to record admission of z into partnership

Prepare entries to record the admission of Z into the partnership. X and Y are considering the admission of Z into the partnership. X and Y share income

  What is the total stockholders equity at the end of month

the company paid 25,000 in debt and 10,000 in salaries expense. What is the total stockholder's equity at the end of the month?

  Cash flow from operations is stable

Assume a company has been maintaining a receivables factoring program for the past five years and has been experiencing the same level of sales, factoring, and bad debts over that period. Customers typically pay their receivables within 60 days. Cash..

  Make journal entries for both bridgeport and metlock

Make journal entries for both Bridgeport and Metlock. Bridgeport Corp. sold $731,000 of accounts receivable to Metlock, Inc. on a without recourse basis

  Which lighting system should the school

Which lighting system should the school select based on financial considerations? Use the LCC method to answer the question. Show/explain your key calculations.

  Company direct labor budget for the upcoming fiscal year

The production manager of Rordan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to be produced 10,000 7,500 8,000 10,300. Complet..

  Determine the spending and efficiency variance

Determine the spending and efficiency variance for variable manufacturing overhead costs for the year.

  Fixing transfer pricing with and without idle capacitythe

fixing transfer pricing with and without idle capacity.the frames n more corporation has three divisions frames

  What is share of taylor and swift respectively in net los

TAYLOR and SWIFT, During the year, the business had a net loss of ? 50,000. What is the share of Taylor and Swift, respectively in the net loss?

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