Preparing the journal entry to record the sale, Accounting Basics

+44 141 628 6080
[email protected]

Preparing the journal entry to record the sale

Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2012. The sales price includes an installation fee, which is valued at $40,000. The fair value of the goods is $370,000. The installation is expected to take 6 months.

Instructions:

(a) Prepare the journal entry (if any) to record the sale on January 2, 2012.

(b) Shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to Ricard?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Preparing the journal entry to record the sale

Reference No:- TGS053374

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Cost of direct labor problem

Factory Overhead is 75% of the cost of direct labor. work in process inventory on Dec 31 2012 is?

Q : Explain making the union a take it or leave it offer

Would you be better off (a) letting the union bear the expense of crafting a document summarizing its desireed compensation or (b) making the union a take it or leave it offer? explain.

Q : Production for the conversion costs for the period

The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:

Q : Find tax per unit of output of gunk result in social optimum

Suppose the inverse demand curve for paper is p = 200 - Q. What is the social optimum? What specific tax per unit of output of gunk results in the social optimum?

Q : Preparing the journal entry to record the sale

(a) Prepare the journal entry (if any) to record the sale on January 2, 2012. (b) Shaw prepares an income statement for the first quarter of 2012, ending on March 31, 2012. How much revenue should Shaw recognize related to its sale to Ricard?

Q : Explain benefit cost analysisor on some other critereon

Explain wether you agree or disagree with each of the following statements. In each case, indicate wether your position is based (inplicitly or explicitly) on benefit cost analysisor on some other critereon.

Q : Determine the monthly break even

Mader company produces and sells a single product whose selling price is $240 per unit and whose variable expense is $86.40 per unit. The company's fixed expense is $720,384 per month. Required: Determine the monthly break even in either unit or t

Q : Amount of gross profit recognized in each year

Schuss Corporation sold equipment to Potsdam Company for $20,000. The equipment is on Schuss's books at a net amount of $13,000. Schuss collected $10,000 in 2012, $5,000 in 2013, and $5,000 in 2014. If Schuss uses the cost-recovery method, what am

Q : What is the total amount that the bank can create

What is the change in the total amount that J & R National Bank can loan out? Explain. What is the total amount that the bank can create? Explain.

1937894

Questions
Asked

3,689

Active Tutors

1452376

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Preparing the journal entry to record the sale

Reference No:- TGS053374

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Cost of direct labor problem

Q : Explain making the union a take it or leave it offer

Q : Production for the conversion costs for the period

Q : Find tax per unit of output of gunk result in social optimum

Q : Preparing the journal entry to record the sale

Q : Explain benefit cost analysisor on some other critereon

Q : Determine the monthly break even

Q : Amount of gross profit recognized in each year

Q : What is the total amount that the bank can create

How are schools important in the struggle for power

Discuss statements about sociological approaches

Cases of local communities using modern technology

How coastlines are vulnerable to multiple climate change

How the major schools of thought within sociology

Examine gender inequality on a global scale

Identify problems and concerns that contributed

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Preparing the journal entry to record the sale

Reference No:- TGS053374

Recent Questions Asked Accounting Basics

Q : Cost of direct labor problem

Q : Explain making the union a take it or leave it offer

Q : Production for the conversion costs for the period

Q : Find tax per unit of output of gunk result in social optimum

Q : Preparing the journal entry to record the sale

Q : Explain benefit cost analysisor on some other critereon

Q : Determine the monthly break even

Q : Amount of gross profit recognized in each year

Q : What is the total amount that the bank can create

Asked Questions