Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year-end; Roeher estimates that an additional $200 in allowances will be granted to Elkins.
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Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year-end; Roeher estimates that an additional $200 in allowances will be granted to Elkins.
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- Marin Inc. sold $18,000 of its designer tables to Santos Furniture and Design Studios on account. Marin estimates that $1,700 of these sales will either be returned or an allowance will be granted. Prepare the entries when (a) Marin makes the sale (use the gross method), and (b) Marin grants an allowance of $800 when some of the tables do not meet exact specifications but still could be sold by Santos. (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.) No. Account Titles and Explanation Debit Credit (a) (b)On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Sage Compay. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $ 810 each. Remittance was made by the consignee for the amount due after deducting a commission of 5%, advertising of $ 220, and total installation costs of $ 300 on the freezers sold. (Round answers to0 decimal places, eg. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value %24 (b) Compute the profit for the consignor for the units sold. Profit on consignment sales %24 (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee %24 eTextbook and MediaOn May 3, 2020, Tamarisk Company consigned 80 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $870 and was paid by Tamarisk Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $670 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $300 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded…
- On May 3, 2020, Sage Company consigned 80 freezers, costing $ 500 each, to Remmers Company. The cost of shipping the freezers amounted to $ 920 and was paid by Sage Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $810 each. Remittance was made by the consignee for the amount due after deducting a commission of 5%, advertising of $ 220, and total installation costs of $ 300 on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value %24 20460 (b) Compute the profit for the consignor for the units sold. Profit on consignment sales %24 10260 (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee %24 30260On May 3, 2020, Eisler Company consigned 80 freezers, costing $500 each, to Remmers Company. The cost of shipping the freezers amounted to $840 and was paid by Eisler Company. On December 30, 2020, a report was received from the consignee, indicating that 40 freezers had been sold for $750 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $320 on the freezers sold. Instructions a. Compute the inventory value of the units unsold in the hands of the consignee. b. Compute the profit for the consignor for the units sold. c. Compute the amount of cash that will be remitted by the consignee.On May 3, 2020, Blue Company consigned 70 freezers, costing $490 each, to Remmers Company. The cost of shipping the freezers amounted to $920 and was paid by Blue Company. On December 30, 2020, a report was received from the consignee, indicating that 35 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $310 on the freezers sold. (Round answers to O decimal places, e.g. 5,275.) (a) Compute the inventory value of the units unsold in the hands of the consignee. tA Inventory value $ (b) Compute the profit for the consignor for the units sold. Profit on consignment sales (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $ +A
- Douglas Corporation reports it sold merchandise on account for a total of $800,000 for the current year. The cost to Douglas for the merchandise was $300,000. To encourage early payment, Douglas offers its customers credit terms of 1/10, n/30. At year-end, there is $150,000 of sales on account still eligible for the 1 percent discount. Douglas believes that all customers will pay within the discount period to receive the discount. Prepare the adjusting journal entry needed for Douglas Corporation to comply with the new revenue recognition standard. Assume Douglas’s fiscal year-end is December 31.ABC Company sells gift certificates which can be use to purchase their merchandise. The gift certificates have an expiration date of 3 years from the date of issuance. Upon redemption or expiration, ABC recognizes the unearned revenue as realized. Some data are as follows:Unearned revenue from gift certificates outstanding, January 1 - P 500,000Gift certificates sold during 2019 - P 400,000The Unearned revenue from gift certificates outstanding has decreased by P 200,000 during the year. The gift certificates redeemed during the year was twice the value of the gift certificates expired for the year 2019.The gross profit rate based on sales is 30%.How much revenue must be recognized related to the gift certificates redeemed during the year 2019?ABC Company sells gift certificates which can be use to purchase their merchandise. The gift certificates have an expiration date of 3 years from the date of issuance. Upon redemption or expiration, ABC recognizes the unearned revenue as realized. Some data are as follows:Unearned revenue from gift certificates outstanding, January 1 - P 500,000Gift certificates sold during 2019 - P 400,000The Unearned revenue from gift certificates outstanding has decreased by P 200,000 during the year. The gift certificates redeemed during the year was twice the value of the gift certificates expired for the year 2019.The gross profit rate based on sales is 30%.How much is the liability outstanding related to gift certificates not yet redeemed as of December 31,2019? How much revenue must be recognized related to the gift certificates redeemed during the year 2019?
- On May 3, 2020, Ayayai Company consigned 90 freezers, costing $480 each, to Remmers Company. The cost of shipping the freezers amounted to $850 and was paid by Ayayai Company. On December 30, 2020, a report was received from the consignee, indicating that 45 freezers had been sold for $780 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $210, and total installation costs of $330 on the freezers sold.(Round answers to 0 decimal places, e.g. 5,275.)(a) Compute the inventory value of the units unsold in the hands of the consignee. Inventory value $enter the inventory value in dollars (b) Compute the profit for the consignor for the units sold. Profit on consignment sales $enter the profit on consignment sales in dollars (c) Compute the amount of cash that will be remitted by the consignee. Remittance from consignee $enter the amount of cash that will be remitted by the consignee rounded to 0…Siomai Corp. sells gift certificates redeemable only when merchandise is purchased. The certificates have an expiration date two years after issuance. Upon redemption or expiration, Siomai recognizes the unearned revenue as realized. Data for the year are as follows: Unearned revenue, January 1, 2021- P3,000,000 Gift certificates sold- P10,000,000 Gift certificates redeemed- P8,200,000 Expired gift certificates- P600,000 Cost of goods sold- 60% On December 31, 2021, Siomai should report unearned revenues of:Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a fullrange of passenger services. Sentry engaged in the following activities during the current year:a. Sentry received $5,000 cash in advance from Rich’s Department Store for an estimated 250deliveries during December 2019 and January and February of 2020. The entire amountwas recorded as unearned revenue when received. During December 2019, 110 deliverieswere made for Rich’s.b. Sentry operates several small buses that take commuters from suburban communities to thecentral downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 onewayrides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cashreceived to unearned revenue. At year end, Sentry determines that 10,160 one-way rideshave been taken.c. Sentry operates several buses that provide transportation for the clients of a social service agencyin Atlanta. Sentry bills the agency quarterly at the…