Business, 27.03.2020 20:53 neariah24

On January 1, 2014, Gordon Co. enters into a contract to sell a cus-tomer a wiring base and shelving unit that sits on the base in exchange or $3,000. The contract requiresdelivery of the base first but states that payment for the base will not be made until the shelving unitis delivered. Gordon identifies two performance obligations and allocates $1,200 of the transactionprice to the wiring base and the remainder to the shelving unit. The cost of the wiring base is $700; theshelves have a cost of $320.
Instructions:
(a) Prepare the journal entry on January 1, 2014, for Gordon.
(b) Prepare the journal entry on February 5, 2014, for Gordon when the wiring base is delivered to thecustomer.
(c) Prepare the journal entry on February 25, 2014, for Gordon when the shelving unit is delivered tothe customer and Gordon receives full payment.

Answers: 2

Show answers

Another question on Business

Business, 22.06.2019 00:00

Which part/word/phrase in the passage refers to a business’s financing activity seen in a cash flow statement? nathan works as an accountant in a footwear manufacturing company. he is currently preparing the cash flow statement for his employer. during the given accounting period, the company purchased raw materials worth $25,000. it also bought new equipment worth $75,000 to increase its production output. further, it borrowed a long-term bank loan of $100,000 to facilitate further expansion. finally, the company spent $50,000 on advertising its latest brand of footwear in the market. {lol i guessed its "it borrowed a long-term bank loan of $100,000 to facilitate further expansion" and thats correct}

Answers: 1

Answer

Business, 22.06.2019 07:30

When selecting a savings account, you should look at the following factors except annual percentage yield (apy) fees minimum balance interest thresholds taxes paid on the interest variable interest rates

Answers: 1

Answer

Business, 22.06.2019 10:10

conquest, inc. produces a special kind of light-weight, recreational vehicle that has a unique design. it allows the company to follow a cost-plus pricing strategy. it has $9,000,000 of average assets, and the desired profit is a 10% return on assets. assume all products produced are sold. additional data are as follows: sales volume 1000 units per year; variable costs $1000 per unit; fixed costs $4,000,000 per year; using the cost-plus pricing approach, what should be the sales price per unit?

Answers: 2

Answer

Business, 22.06.2019 19:40

The martinez legal firm (mlf) recently acquired a smaller competitor, miller and associates, which specializes in issues not previously covered by mlf, such as land use and intellectual property cases. given the increase in the firm's size and complexity, it is likely that its internal transaction costs willa. decrease. b. increase. c. become external transaction costs. d. be eliminated.

Answers: 3

Answer

You know the right answer?

On January 1, 2014, Gordon Co. enters into a contract to sell a cus-tomer a wiring base and shelving...

Questions