What amount of gross profit should it recognize, Accounting Basics

+44 141 628 6080
[email protected]

What amount of gross profit should it recognize

Williamson Corporation acquired two inventory items at a lump-sum cost of $40,000. The acquisition included 3,000 units of product CF, and 7,000 units of product 3B. CF normally sells for $12 per unit, and 3B for $4 per unit. If Williamson sells 1,000 units of CF, what amount of gross profit should it recognize?

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount of gross profit should it recognize

Reference No:- TGS0706084

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Accumulated other comprehensive income

The following information relates to Starbucks for 2007: net income $672.638 million; unrealized holding loss of $20.380 million related to available-for-sale securities during the year; accumulated other comprehensive income of $37.273 on October

Q : What is the cost of equipment on the buyers book would be

Equipment with an appraisal value of 35, 000 isa offered for sale on 32, 00. The purchaser acquires it for 10,000 in cash and a 90 day 15,000 note payable. The amount to be recorded as the cost of equipment on the buyers book would be?

Q : Prepare the entries to record the closing

Bleeker Company has the following merchandise account balances: Sales $194,408, Sales Discounts $2,178, Cost of Goods Sold $103,141, and Merchandise Inventory $39,065.

Q : Calculate the bonds by using the tables of present value

Maui Blends, Inc. produces and sells organically grown coffee. On July 1, 2012, Maui Blends, Inc. issued $2,800,000 of 7-year, 13% bonds at a market (effective) interest rate of 11%, receiving cash of $2,695,045.

Q : What amount of gross profit should it recognize

Q : The spice mixture had risen

AJ Corporation, a manufacturer of ethnic foods, contracted in 2010 to purchase 500 pounds of a spice mixture at $5.00 per pound, delivery to be made in spring of 2011.

Q : What should gargoyle do if it wants to maximize

The fixed manufacturing overhead is comprised of depreciation expenses related to prior investments in facilities and equipment that are used in the manufacturing of the widgets.

Q : Prepare journal entries to record the transactions and event

Paid $20,515 cash plus $1,785 in sales tax for a new delivery truck estimated to have a five-year life and a $2,300 salvage value. Delivery truck costs are recorded in the Trucks account.

Q : Draw a flowchart in good form

Sumber Jaya imports and sells fasteners, bolts and nuts to its customer in all over Indonesia. It is a privately owned company based in Surabaya, Indonesia.

1929551

Questions
Asked

3,689

Active Tutors

1455388

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: What amount of gross profit should it recognize

Reference No:- TGS0706084

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Accumulated other comprehensive income

Q : What is the cost of equipment on the buyers book would be

Q : Prepare the entries to record the closing

Q : Calculate the bonds by using the tables of present value

Q : What amount of gross profit should it recognize

Q : The spice mixture had risen

Q : What should gargoyle do if it wants to maximize

Q : Prepare journal entries to record the transactions and event

Q : Draw a flowchart in good form

Identify a true statement about validity

Identify a specific theory of cognitive or moral development

Discuss social worker working with foster children

Review a social, behavioral, or cultural factor

How do you define being an adult

Discuss children diagnosed with developmental disabilities

Problem concerning consensual sexual relationship

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount of gross profit should it recognize

Reference No:- TGS0706084

Recent Questions Asked Accounting Basics

Q : Accumulated other comprehensive income

Q : What is the cost of equipment on the buyers book would be

Q : Prepare the entries to record the closing

Q : Calculate the bonds by using the tables of present value

Q : What amount of gross profit should it recognize

Q : The spice mixture had risen

Q : What should gargoyle do if it wants to maximize

Q : Prepare journal entries to record the transactions and event

Q : Draw a flowchart in good form

Asked Questions