Prepare the journal entries for wildhorse on january

Assignment Help Accounting Basics
Reference no: EM132689535

Wildhorse Company sells goods that cost $350,000 to Swifty Company for $415,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $35,700. The fair value of the goods is $389,300. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Swifty Company pays Wildhorse $268,000 upon delivery of the goods and the balance at the completion of the installation.

Question 1: Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Wildhorse.

Question 2: Prepare the journal entries for Wildhorse on January 2, March 1, and June 18, 2020. (Credit account titles are automatically indented when the amount is entered.)

Reference no: EM132689535

Questions Cloud

Calculate the moving-average cost per unit at january : Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round answers to 3 decimal places, e.g. 5.251.)
Identify endogenous and exogenous factors or variables : Identify endogenous and exogenous factors or variables that affect the Policy Process Model. Describe the application of these factors.
Explain what kpis are they designed to accomplish : One of the hardest tasks you may face in Web Analytics is to convince persons outside of your team or department of the importance of the reports and KPI's.
Find two-factor model on a well-diversified portfolio : Consider a two-factor model on a well-diversified portfolio P, derive the formula of excess returns on this well-diversified portfolio. Provide detailed explana
Prepare the journal entries for wildhorse on january : Prepare the journal entries for Wildhorse on January 2, March 1, and June 18, 2020. (Credit account titles are automatically indented)
Why is medicaid subject to seemingly constant cutbacks : What factors prove that Medicaid program is being operated by the state? Why is Medicaid subject to seemingly constant cutbacks?
Are there other frameworks mentioned has been discussed : Are there other frameworks mentioned has been discussed in the article that might be more effective? Has any other research you uncover suggest there are.
What is the bond yield to maturity : A 40-year maturity bond with face value of $2,000 makes annual coupon payments and has a coupon rate of 20%.
One of significant challenges for health policy : One of the significant challenges for health policy is not necessarily the implementation of programs but the influence of the political climate

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much should be set aside today

Each of the following scenarios is independent. How much should be set aside today, so that it will grow to $30,000 in 15 years? The discount rate is 9%

  In 2008 sales revenue was 120 and net income was 12 1108

in 2008 sales revenue was 120 and net income was 12. 1108 balances were current assets 20 long-term assets 70 current

  What part of the gems cycle you have failed to comply with

Rats were found running in your kitchen. Your restaurant was instantly closed. What part of the GEMS cycle you have failed to comply with?

  Industry background before accepting an audit client story

"Auditors shouldn't be allowed to act like God," said Hideyuki Aizawa, a senior member of Japan's major political party the LDP. "Resona should be the first and last time this happens."

  How the accounts receivable and the allowance

Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet.

  How much revenue will appear in the company income statement

How much revenue will appear in the company's income statement in the first year using the percentage-of-completion method

  What is the balance in the inventory account

What is the balance in the inventory account at the beginning of the year? Prepare an Income Statement for the year ended December 31, 2013

  Ss corporation is an s corporation. ss has always been an s

SS Corporation is an S Corporation. SS has always been an S corporation

  Compute next year total expected variable costs

Which of the following methods is likely to yield the most precise estimated line of cost behavior?

  Total amount from agi deductions

The 2010 standard deduction amount is $11,400 and each exemption is $3,650. What is the total amount of from AGI deductions they are allowed to claim on their 2010 tax return?

  What is the maximum deductible IRA contribution

If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution John can make in 2010

  Discuss units and sales to earn target profit

Once firms know their breakeven point, they can figure out how many units must be sold to earn a target profit

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