Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2012. The
Question:
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?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
a Accounts Receivable 410000 Sales Reve...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
b Riverbed prepares an income statement for the first quarter of 2017 ending on March 31 2017 installation was completed on June 18 2017 How much revenue should Riverbed recognize related to its sale...
-
Shaw Ltd. sells goods that cost 300,000 to Ricard Company for 410,000 on January 2, 2019. The sales price includes an installation fee, which has a standalone selling price of 40,000. The standalone...
-
With reference to key academic sources throughout your answer, explain how the Resource Based View of the Firm seeks to build 'unique bundles' of HR practices.. (Give examples of different types of...
-
The following linear systems Ax = b have x as the actual solution and x as an approximate solution. Compute ||x x|| and ||Ax b|| a. 1/2 x1 + 1/3 x2 = 1/63, 1/3 x1 + 1/4 x2 = 1/168, x = ( 1/7 ,1/6)t...
-
CSR and going green, are these fads? Are they trends? Are they sustainable strategies? Give examples in your answer. What role do leaders play in promoting ethics and CSR in organizations?
-
Alliances, joint ventures, and mergers with foreign companies are widely used as a means of entering foreign markets. Such arrangements have many purposes, including learning about unfamiliar...
-
A benefit of distributed ledger technology (DLT) favoring its use by the investment industry is its: A. scalability of underlying systems. B. ease of integration with existing systems. C....
-
Procter and Gambles 4.7% bonds due in 2019 were reported as selling for 104.797. Were the bonds selling at a premium or at a discount? Why is Proctor & Gamble able to sell its bonds at this price?
-
Amazon opened bookstores and announced the opening of convenience stores. How can these traditional retail channels allow Amazon to complement its online channel effectively?
-
1. Jennifer Pontesso, from Lincoln, Nebraska, wants to better understand her financial situation. Use the following balance sheet and cash flow statement information to determine her net worth and...
-
Jupiter Company sells goods on January 1 that have a cost of $500,000 to Danone Inc. for $700,000, with payment due in 1 year. The cash price for these goods is $610,000, with payment due in 30 days....
-
Presented below are three revenue recognition situations. (a) Grupo sells goods to MTN for $1,000,000, payment due at delivery. (b) Grupo sells goods on account to Grifols for $800,000, payment due...
-
A piston/cylinder setup contains argon gas at 140 kPa, 10C, and the volume is 100 L. The gas is compressed in a polytropic process to 700 kPa, 280C. Calculate the heat transfer during the process.
-
Natalia and Natasha are twin sisters, born on 1st January 2008. Natalia is a cellist with a prodigious talent. Her ambition is to one day be employed by the prestigious London Filharmonik Orkestra...
-
Listed below are 10 industries. Classify each one as (a) emerging, (b) rapid-growth, (c) mature/slow-growth, (d) stagnant/declining, or (e) high-velocity/turbulent, and (f) fragmented. Do research on...
-
Answer the following questions A: -a C = 0 1 4 A) What are the Cofactors C31 and C34 of this matrix B) Definition of a nonsingular matrix? Under what condition is this matrix nonsingular? -3 1 C31 7...
-
You have been asked to oversee the management of risk for your team or department at work, where an expansion process is currently being considered. If you do not have an example you can draw upon,...
-
Identify wastes in this process using the 7+1 waste classification by Taiichi Ohno et al. For each identified waste in the process give a brief explanation of the waste and indicate. what type of...
-
Calculate the Class 4 NICs payable in each of the following cases: (a) Shawn has trading income for 2020-21 of 16,140. (b) Catherine has trading income for 2020-21 of 55,000. (c) Paul has trading...
-
Why should you not model a decision variable as a random variable with a probability distribution?
-
What is the theoretical yield in grams of carbon dioxide if 10.0 g of glucose is burned?
-
Why is traditional historical cost accounting inappropriate when accounting for derivative contracts?
-
When does partial hedge ineffectiveness occur?
-
Derivatives are to be reported in the balance sheet at their fair value on the balance sheet date. How are unrealized gains and losses on derivatives recognized in the financial statements?
-
If cosB=(1)/(2), then what is the positive value of cos(1)/(2)B, in simplest radical form with a rational denominator?
-
Date March 1 Activities Beginning inventory March 5 Purchase March 9 Sales March 18 Purchase March 25 Purchase March 29 Sales Totals 70 units 210 units Units Acquired at Cost @$50.40 per unit @...
-
In Ming's Five Step Model presented in Chapter 7, she is trying to solve Financial problems using the Five Step Model. A true B false
Study smarter with the SolutionInn App