Pina Colada Corp. a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,700,000 At December 31, 2022, the raw materials to be purchased in 2023 have a market price of $1,457,000 (a) Prepare any December 2022 entry that is neededCredit account titles are automatically indented when the amount is entered. Do not indent manuallylf no entry is required, select "No Entryfor the account titles and enter for the amountsList debit entry before credit entry)
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- Whispering Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $967,800. At December 31, 2025, the raw materials to be purchased have a market value of $917,200. Prepare any necessary December 31, 2025, entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Estimated Liability on Purchase Commitments Debit 50600 Credit 50600Pearl Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to purchase produce in 2021 at a cost of $637,000. At December 31, 2020, the produce to be purchased has a market value of $573,300. Prepare any necessary December 31, 2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers the product on September 30, 2025, Prepare the journal entries required for Sunland in 2025. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date May 1,2025 June 15, 2025 Sep 30, 2025 Account Titles and Explanation No Entry No Entry Cath Debit 0 26420 26420 Credit 26420 26420
- Bonita Commodities Company signed a long-term noncancelable purchase commitment with a major vegetable supplier to purchase produce in 2021 at a cost of $572,000. At December 31, 2020, the produce to be purchased has a market value of $514,800. Prepare any necessary December 31, 2020 entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31Culver Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $2,300,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $2,095,000. Prepare any December 31, 2019 entry that is needed. (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.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019 enter an account title for the journal entry on December 31, 2019 enter a debit amount enter a credit amount enter an account title for the journal entry on December 31, 2019 enter a debit amount enter a credit amount In 2020, Culver receives the raw materials and pays the required $2,300,000. The raw materials now have a market value of…On May 1, 2025, Sandhill Company enters into a contract to transfer a product to Anthony Company on September 30, 2025. It is agreed that Anthony will pay the full price of $24,560 in advance on June 15, 2025. Anthony pays on June 15, 2025, and Sandhill delivers the product on September 30, 2025. Prepare the journal entries required for Sandhill in 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date 11 Account Titles and Explanation Debit Credit
- M Corp. receives advance payments with special orders for containers constructed to customer specifications. Related information for 2022 is as follows ($ in millions): Customer advances balance, Dec. 31, 2021 $ 100 Advances received with 2022 orders 204 Advances applicable to orders shipped in 2022 189 Advances from orders canceled in 2022 53 What amount should M Corp. report as a current liability for advances from customers in its December 31, 2022, balance sheet? Multiple Choice $62 million. $0. $304 million. $115 million.On November 1, 2021 Jeremiah corp, signed a noncancellable purchase commitment with its main supplier to purchase $900,000 of raw materials on March 1, 2022. By december 31, 2021, the raw materials under this contract had a market value of $890,000. On the march 1 purchase date, the market price was $850,000. Prepare the journal entries if needed on Nov 1 900,000 dec 31 890,000 march 1 850,000The Delivery Equipment account of Freedom Company showed the following details for 2022:Delivery Equipment01.01.22 Balance 1,500,00001.15 5,000 08.30 225,00009.30 535,000 10.31 180,000 Your examination disclosed the following:a. The P5,000 charged to the Delivery Equipment account on January 15, 2022 represents paymentof LTO registration fees for the company’s delivery equipment for the year 2022.b. The company bought a second-hand delivery truck on September 30 for P535,000, whichincludes P35,000 worth of comprehensive insurance for one year effective October 1, 2022.c. The company wrote-off a fully depreciated truck with an original cost of P225,000 on August 30;further verification disclosed that this truck is still being used by the company.d. The credit of P180,000 on October 31 represents proceeds from sale of one truck costingP350,000, which is 50% depreciated as of December 31, 2021.e. There is only one entry made to the Accumulated Depreciation account during 2022, a debit…
- Blossom Inc. enters into an agreement on March 1, 2025, to sell Bridgeport Metal Company aluminum ingots. As part of the agreement, Blossom also agrees to repurchase the ingots on May 1, 2025, at the original sales price of $250,000 plus 3%. t (a) Prepare Blossom's journal entry necessary on March 1, 2025. (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 O for the amounts. List debit entry before credit entry.) Date March 1, 2025 Account Titles and Explanation > Debit CreditCurrent Attempt in Progress On May 10, 2020, Sunland Co. enters into a contract to deliver a product to Splish Brothers Inc. on June 15, 2020. Splish Brothers agrees to pay the full price of $2,210 on July 15, 2020. The cost of goods is $1,190. Sunland delivers the product to Splish Brothers on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Sunland on May 10, June 15, and July 15 related to this contract. (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 O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the delivery) (To record cost of goods sold)The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000