Prepare the journal entries for waterway

Assignment Help Accounting Basics
Reference no: EM133162147

Question - Waterway Windows manufactures and sells custom storm windows for three-season porches. Waterway 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. Waterway 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 Waterway to do the installation. Waterway charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Waterway $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, Waterway completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Waterway in 2020.

Reference no: EM133162147

Questions Cloud

What were the sales growth rates : The company uses the prior two? years' average growth rate to predict the coming? year's sales. What were the sales growth rates for 2012 and? 2013
What is the amount of total manufacturing cost : Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. What is the amount of total manufacturing cost
What is the amount of net sales : Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. What is the amount of net sales
What is the contribution margin per unit sold : Given a normal selling price per unit of $1,110, what is the contribution margin per unit sold for recurring (i.e., normal) sales
Prepare the journal entries for waterway : Waterway completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Waterway in 2020
Calculate the company cost of capital : GMA Inc. is contemplating spending $25 million to expand its mining operation, Calculate the company cost of capital
Primary goals of human resource management : In a short essay, discuss the three primary goals of human resource management (HRM). Also elaborate on how to maintain an effective workforce, using relevant e
Contrast the assumptions underlying the classical model : In a brief essay, compare and contrast the assumptions underlying the classical model of decision-making with those of the administrative model.
What is the amount of the first year interest expense : Tamara Corporation leased executive limousines under terms of $20,000 to be paid. What is the amount of the first year's interest expense

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is vania inc cost of ending inventory on october

The company uses the perpetual inventory system, What is Vania Inc's Cost of Ending Inventory on October 31, 2018 using Weighted Average inventory assumption

  Calculate the depreciation expense

Given the following information for Sookie's Cookies Co., calculate the depreciation expense: sales = $96,411; costs = $66,397;

  What is the total dollar amount credited to additional paid

The par value of all common stock is $10. What is the total dollar amount credited to additional paid in capital - common stock on August 1, 2018

  Ned and muade flanders purchase a new home on june 8 2012

ned and muade flanders purchase a new home on june 8 2012 for 100000. the home is located on a busy street close to the

  Calculate the projected return on this stock

A stock has a beta of 1.65, and the projected return on the market is 12.25 percent, with a risk-free rate of 4.75 percent. Calculate projected return on stock

  Comparing investment performance

The return on investment measure of performance: Answer Is relevant only to business enterprises. a) Is used by individuals to compare investment performance.

  How much cash after taxes would Andrea receive

How much cash after taxes would Andrea receive from her investment in the first year if SHO is organized as either an LLC or a C corporation

  What is effect of sale on the total amount of seller assets

A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller's (1) assets, (2) liabilities

  Prepare a single journal entry to record

It also pays a total of $1,440,000 in construction costs - this amount consists of $1,354,500 for the new building and $85,500 for lighting and paving a parking area next to the building. Prepare a single journal entry to record these costs incurr..

  Compute earnings per share

Net income for 2020 was $2,542,000. No cash dividends were declared or paid during 2020. Compute earnings per share for 2020

  Prepare the net cash provided by operating activities

Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2022

  What is the average cost of goods manufactured

In 2016, Mutt Butter executed several production runs and sold 2,500 units (3,750 oz.) of Mutt Butter. What is the average cost of goods manufactured per unit

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