Please give me true answer this general accounting question Brighton Manufacturing received an order for 175 units of their product Bolt inMarch at a price of $18.00 per unit and another order for 50 units in April at$18.00 per unit. The company uses the accrual method of accounting and offers30-day credit terms.•Units delivered:о0 units in Marchо175 units in AprilӦ50 units in MayPayments received:о175 units in Aprilо50 units in Maya. How much revenue is recognized on the March income statement?b. How much revenue is recognized on the April income statement?

Step 1: Define Accrual AccountingAccrual accounting is an accounting method where revenue and…

Answered: Brighton Manufacturing received an…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 10PB: All Temps has a policy of always paying within the discount period, and each of its suppliers...

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In the Month of March, Digby received orders of 231 units at a price of $19.00 for their product Dug, and in April receives an order for 38 units of their product Dug at $19.00. Digby uses the accrual method of accounting and offers 30-day credit terms. Digby delivers 0 units in March, 231 units in April, and 38 units in May. They received payment for 231 units in April and payment for 38 units in May. a. How much revenue is recognized on the March income statement from this order? b. How much is in the April income statement? Financial Accounting
In the Month of March, Digby received orders of 231 units at a price of $19.00 for their product Dug, and in April receives an order for 38 units of their product Dug at $19.00. Digby uses the accrual method of accounting and offers 30-day credit terms. Digby delivers 0 units in March, 231 units in April, and 38 units in May. They received payment for 231 units in April and payment for 38 units in May. a. How much revenue is recognized on the March income statement from this order? b. How much is in the April income statement?
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Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,304, $36,973, and $39,905, respectively. Round to the nearest penny, two decimal places.
During April, Firestone purchased-goods from BF Goodrich. The sequence of events was as follows: April 1: Firestone orders 2,500 tires from BF Goodrich. BF Goodrich agrees to sell the wheels for $200 each on account under shipping terms FOB shipping point and payment terms 5/10, n45. The tires initially cost BF Goodrich $125 each on February 17th. J.B. Hunt Trucking Company will be responsible for transporting the inventory for $2,125. All shipping costs must be paid on the day of shipment. April 4: BF Goodrich loads the 2,500 tires into JB Hunt's truck. April 8: Firestone receives the shipment of tires. April 25: Firestone pays BF Goodrich for the tires previously purchased. A Accounts Payable Cash B Cash 500,000 500,000 Accounts Receivable 500,000 Event April 1 April 4 April 8 April 25 500,000 Buyer Inventory Seller Accounts Payable C Inventory Cash Accounts Receivable Sales Revenue 500,000 D Cost of Goods Sold Inventory 2,125 500,000 2,125 500,000 500,000 Required: For each Buyer…
In December, the Mutual Publishing Company ships 20 sets of books to a book dealer on consignment. The consignor maintains a cost accounting system and perpetual inventories; the cost of manufacturing each set is P3,000.00. At the end of December, the dealer reports the sale of 8 sets at P5,000.00 each and remits sales proceeds less 15% representing commissions and all expenses paid by the consignee. Freight paid by the consignee on the receipt of the sets is P2,500. Delivery and installation expense for the units sold was P1,200. The consignee returned 3 defective set of books to the consignor and paid freight of P1,000. How much is the cash remittance?How much is the net income related with the consignment sales?
A Mikey's sells $119,500 of its accounts receivable to factors at a 1% discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? Dollar-cost of the factoring service $_________ per month
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…
Excel Berhad manufactures one product line – the Nexus. Sales of Nexus over thenext few months are planned as follows:1. Demand: July 180,000 units, August 200,000 units, September 240,000 units,October 180,000 units. The selling price for each Nexus is RM5. 2. Debtor receipts: Credit customers (receivables) are expected to pay as follows: 70%during the month of sale and 28% during the following month.The remaining credit customers are expected to go bad (that is, to be uncollectable).Credit customers who pay in the month of sale are entitled to deduct a 2 per centdiscount from the invoice price. 3. Finished goods inventories: Inventories of finished goods are expected to be 50,000units at 1 July. The business’s policy is that, in future, the inventories at the end ofeach month should equal 20 percent of the following month’s planned salesrequirements. 4. Raw materials inventories: Inventories of raw materials is expected to be 50,000 kgon 1 July. The business’s policy is that, in…

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