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Questions -
Q1: BC sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2018, a customer purchases €2,000 of products. Assuming that based on prior experience, estimated returns are 20%. The cost of goods sold is €1,000. What is the journal entry to record the expected sales return and cost of goods sold?
Q2: Peabody Construction Company enters into a contract with a customer to build a warehouse for $950,000 on March 30, 2018 with a performance bonus of $50,000 that will be paid based on the timing of completion (July 31, 2018). The amount of the performance bonus decreases by 10% per week for every week beyond the agreed-upon completion date. The contract requirements are similar to contracts that Peabody has performed previously, and management believes that such experience is predictive for this contract. Management estimates that there is a 60% probability that the contract will be completed by the agreed-upon completion date, a 15% probability that it will be completed 1 week late (August 7, 2018), only a 10% probability that it will be completed 2 weeks late (August 14, 2018) and only a 15% probability that it will be completed 3 weeks late (August 21, 2018). What is the transaction price for this transaction?
The following data are average times per order over the last month for Gardenia Corp. What is Manufacturing Cycle Efficiency
Prepare the journal entry that Wood-Mode should make, assuming it signed a valid sales contract to sell the counters and received at the time of sale
On August 31, Jenks Co. partially refunded $180,000. Prepare the adjusting entry at December 31, assuming straight-line amortization of the discount
What internal controls should be implemented to reduce the risk of theft or error related to the correct handling of cash, credit card payments, and coupons?
Suppose the following items were taken from the 2017 financial statements of Texas Instruments, Inc. (All dollars are in millions.)
A candy factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime wages should be expensed in ??
The company has been using a traditional, fairly simplistic way of allocating (applying) its total manufacturing overhead costs
Unfortunately, both the rentals and the stocks have lost over half its value due to recent market crashes . As a sole beneficiary of his estate, how would you advise your dear uncle?
a single stage window at the post office experiences an average arrival rate of 14 people per hour and can service on
on january 2 2011 well co. purchased 10 of rea inc.s outstanding common shares for 400000. well is the largest single
brielle corporation is projecting a cash balance of 31785 in its december 31 2013 balance sheet. brielles schedule of
Assuming that his AGI for 2019 is $110,000, what is the allowable deduction from these properties in 2019
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