MGA 301 Study Guide - Final Guide: Consignee, Remittance, Accounts Payable

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emeraldcattle339

9 Dec 2018

School

University at Buffalo

Department

Management Accounting

Course

MGA 301

Professor

Chen Jing

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Document Summary

No entry neither party has performed on may 1, 2017. (b) may 15, 2017. Exercise 18-5 (a) the transaction price for this contract should be computed as follow: Since there are only two possible outcomes for this contract, use the most-likely amount method and the transaction price should be: No entry neither party has performed under the contract. On september 1, 2017, geraths has two performance obligations: (1) the delivery of the windows and (2) the installation of the windows. Windows (,000 ,600) x ,400 = ,846. Geraths makes the following entries for delivery and installation. The sale of the windows is recognized once delivered. The installation fee is recognized when the windows are installed. Exercise 18-16 (a: the journal entries to record sales and related cost of goods sold are as follows. 180: the adjusting journal entries required to record estimated remaining returns are as follows. Sales returns and allowances (4 x )

Related Questions

	CASH
8/1 balance	6,000
8/3	500
8/5	400
8/7	900

Accounts Receivable

8/2 $1,800

8/7 $900

Deposits received in advance (a liability account)

8/3 $500

Sales

	8/2 $1,800
	8/5 400

1. ______ Refer to Queen City Country Club. On which date didthe country club make a credit sale of club memberships?

a. August 2

b. August 3

c. August 5
d. August 7

2. ______ Refer to Queen City Country Club. Which of thefollowing describes the transaction which occurred on August7?
a. Sold club memberships on credit.

b. Cash sales of daily fees.

c. Collected an advance deposit incash.

d. Received cash payments of accountsreceivable.

3. ______ Kibitz Company received advance payments fromcustomers during 2010 of $10,000. At December 31, 2010, $1,000 ofthe advance payments still had not been earned. After theadjustments are recorded and posted at December 31, 2010, thebalances in the Unearned Service Revenue and Service Revenueaccounts will be

	Unearned Service Revenue	Service Revenue
a	$1,000	$9,000
b	$1,000	$10,000
c	$11,000	$1,000
d	$9,000	$10,000

tealbeetle328

Use the income statement and the list of changes to answer thequestion.

StuartCompany Income Statement January 1 to December 31, 2017 (amounts in thousands)
Revenue	8,800
Cost of Goods Sold(COGS)	2,640
GrossIncome	6,160
Sales, General,& Administrative Expenses (SG&A)	880
DepreciationExpense	900
Other Expenses	500
EarningsBefore Interest & Taxes (EBIT)	3,880
Interest	110
Pre-TaxIncome	3,770
Income Taxes	1,508
NetIncome	2,262

Between January 1 and December 31, 2017:

1. Accounts Receivable decrease by $300,000
2. Accounts Payable decrease by $900,000
3. Gross Property, Plant, & Equipment increase by$7,500,000
4. Long Term Debt decreases by $600,000

Assume no other changes

What is the Net Cash Flow?

Please specify your answer in the same units as the incomestatement.

mauvejackal75

Use the income statement and the list of changes to answer thequestion.

StuartCompany Income Statement January 1 to December 31, 2017 (amounts in thousands)
Revenue	8,800
Cost of Goods Sold(COGS)	2,640
GrossIncome	6,160
Sales, General,& Administrative Expenses (SG&A)	880
DepreciationExpense	900
Other Expenses	500
EarningsBefore Interest & Taxes (EBIT)	3,880
Interest	110
Pre-TaxIncome	3,770
Income Taxes	1,508
NetIncome	2,262

Between January 1 and December 31, 2017:

1. Accounts Receivable decrease by $300,000
2. Accounts Payable decrease by $900,000
3. Gross Property, Plant, & Equipment increase by$7,500,000
4. Long Term Debt decreases by $600,000

Assume no other changes

What is the Net Cash Flow?

Please specify your answer in the same units as the incomestatement.

magentadonkey57

MGA 301 Study Guide - Final Guide: Consignee, Remittance, Accounts Payable

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