Record all of abc inc journal entries for the month

Assignment Help Financial Management
Reference no: EM132380407

Question

Under contract, ABC Corporation delivers 500 units to Customer A for $200 each on 1 March. ABC's documented policy is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $150. ABC expects that the returned products can be resold. On March 15-th, the customer returned 8 units to ABC. No other returns were received during the month.

Record all of ABC Inc' journal entries for the month, assuming that ABC can't reasonably estimate the amount of returns on March 15-th.

Reference no: EM132380407

Questions Cloud

Describe the plain view doctrine in brief : Describe the plain view doctrine, and why it has such a significant impact on digital forensics? What are three approaches to determining whether the doctrine.
What does recognition mean in accounting : Discuss three assets and their importance both internally and externally in any business. What does "Recognition" mean in accounting?
Relationship between racism and privilege : Post explanation of the relationship between racism and privilege. Furthermore, explain how concepts of racism and privilege relate to Working With Individuals
What will be the mitigation strategy or strategies : Name and describe two events that could cause you to lose data and what will be mitigation strategy or strategies? This Assignment should be atleast 250 words.
Record all of abc inc journal entries for the month : The cost of each product is $150. ABC expects that the returned products can be resold. On March 15-th, the customer returned 8 units to ABC.
?what amount should george report as gross income : ?What amount should George report as gross income from dividends and interest this year? Interest on City of Salem school bonds350.
Write your response regarding airways : US Airways owns a piece of land near the Pittsburgh International Airport. The land originally cost US Airways $375,000. The airline is considering building.
History of the sex offender notification and registration : Provide a brief history of the sex offender notification/registration in the United States and explain the specific sex offender registration laws in your state
Provide journal entries required for 2016 : Provide journal entries required for 2016, assuming that XYZ uses the revenue deferral approach to account for its warranties.

Reviews

Write a Review

Financial Management Questions & Answers

  Why are investments shown as current assets

What method does the company use to depreciate its property and equipment? Explain the current liability "Accrued and other current liabilities."

  The internal rate of return of standard project

The internal rate of return of a standard project is 7.75%, and the project's requried rate of return is 5. what can we conclude about the NPV of this project?

  Calculate the initial margin requirement

Calculate the initial margin requirement for Khalid and Yousuf.

  What is the intrinsic value of a share of stock

The risk-free rate of return is 7.5%, the expected rate of return on the market portfolio is 14%, and the stock of Xyrong Corporation has a beta coefficient of 2.8. Xyrong pays out 40% of its earnings in dividends, and the latest earnings announced w..

  Adjusting the books using adjusting entries

Depreciation of $5,000 must be recognized on a service truck purchased on July 1, 2012, at a cost of $30,000.

  Directly produce any sales but will reduce operating costs

Thornley Machines is considering a 3-year project with an initial cost of $690,000. The project will not directly produce any sales but will reduce operating costs by $405,000 a year. The project will require $17,000 in extra inventory for spare part..

  Calculating the sum of present values of expected cashflows

You plan to analyze the value of a potential investment by calculating the sum of the present values of its expected cash flows.

  Payment in advance will be required to pay off this load

What monthly payment in advance will be required to pay off this load? Key in your answer as a positive number.

  Calculate the present value of the costs incurred under plan

Suppose that a major city’s main thoroughfare, which is also an interstate highway, will be completely closed to traffic for two years, from January 2014 to December 2015, for reconstruction at a cost of $535 million. Calculate the present value of t..

  What''s the change in the firms eps from this change

The change in the capital structure won't have any effect on the firm's operations, thus EBIT will remain at $1,400,000.

  Discuss what corporate finance is

Discuss what corporate finance is, its objectives and its various branches. use a manufacturing firm's balance sheet to illustrate your answer.

  How much should he deposit each quarter

If the account earns 6% annual interest, compounded quarterly, how much should he deposit each quarter?

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