User Account

All Pages

Prepare the journal entries to record the sale on january

Assignment Help Accounting Basics
Reference no: EM131695968

Question - Oriole Company sells goods that cost $295,000 to Cheyenne Company for $389,000 on January 2, 2017. The sales price includes an installation fee, which is valued at $55,000. The fair value of the goods is $334,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete.

1) Prepare the journal entries (if any) to record the sale on January 2, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

2) Oriole prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Oriole recognize related to its sale to Cheyenne?

Reference no: EM131695968

Questions Cloud

What is appropriate business entertaining : What is appropriate business entertaining? When should appointments be made and how should they be kept?
Identify two examples of policies that were developed : Identify the purposes and types of policies within the field of criminal justice.Describe the relationship between research and policy development.
Why is lobbying so important to businesses worldwide : What is lobbying? Why is lobbying so important to businesses worldwide? How does it impact on international trade policy matters?
Find number of cars sold per month after the announcement : Do you believe that the variance of the number of cars sold per month before the announcement is equal to the variance of the number of cars sold per month.
Prepare the journal entries to record the sale on january : Oriole Company sells goods that cost $295,000 to Cheyenne Company for $389,000 on January 2, 2017. Prepare the journal entries to record the sale on January
Leadership or a management role : Overall, is your current role more of a leadership or a management role? How about your supervisor? Are they a manager or leader?
What accounts are affected when a bond matures : What accounts are affected when a bond matures? Which accounts are credited and which accounts are debited when creating journal entries
Describe two specific forces in the external environment : Describe two specific forces in the external environment that will have the most impact on your organization. Provide a rationale for your decision.
What is your logical analysis : Practice conducting an ethical analysis using the two media clips from the UofA riots. Was the police behavior ethical?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The globalization of business activity has resulted in

the globalization of business activity has resulted in which of the following?a. increased corruption and unethical

  Amount to be capitalized as cost

Storm paid no installation charges under the monthly payment plan but a $200 installation charge would have been incurred with a cash purchase. The amount to be capitalized as the cost of the machine on October 31, 2010 would be ?

  Assume that only 250 persons attended the extravaganza last

chi omega sorority is planning its annual riverboat extravaganza. the extravaganza committee has assembled the

  Management of financial institutions questions

Identify two financial intermediaries. What are their respective functions? What are their major roles in the economy? What are the money markets and what are the capital markets? How do they differ? What are their respective activities?

  Develop a checklist of five areas or issues which you would

you have been approached by a local lumber producer who specializes in buying logs that have been thinned from the

  Solving problem of the disposal of assets

A company has an inventory of 1,300 assorted parts for a line of missiles that has been discontinued. The inventory cost is $71,000.

  Review the case of smith and thompson

Smith and Thompson are partners in a Manufacturing Business sharing profits and losses in the following proportions: Smith: three-fifths.

  Hw question a popular resort hotel has 300 rooms and is

a popular resort hotel has 300 rooms and is usually fully booked. about 4 of the time a reservation is canceled before

  A current hot topic in accounting is the potential change

a current hot topic in accounting is the potential change from u.s. gaap to ifrs. there is much discussion on the topic

  The anxiety general stress test

The performances of a group of interns are evaluated by their supervisors at the end of their internships.Their scores are: 55, 47, 62, 27, 50, 49, 66, 53, 50, 44, 63, 59.

  Tudor company acquired 500000 of carr corporation bonds for

tudor company acquired 500000 of carr corporation bonds for 487706.69 on january 1 2013. the bonds carry an 11 stated

  The company had no beginning inventories of any kind on

cole laboratories makes and sells a lawn fertilizer called fastgro. the company has developed standard costs for one

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd