Cigaro recognize for the month of April?

Q: Leo Consulting enters into a contract with Highgate University to restructure Highgate's processes…

A: The transaction price is the total amount of consideration or payment that a company expects to…

Q: Binco Brass Corp. ​(BBC​) is a wholesaler that sells musical instruments to retailers. On February 1…

A: Revenue should be recognised as and when performance obligations satisfies. There may be some…

Q: AB Corporation has a contract to sell 50,000 boxes of chocolate to a customer for P 20 million or P…

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of…

Q: Cullumber Company sells goods on credit that cost $306,500 to Gary Company for $400,500 on January…

A: Step 1:In preparing journal entries to record the sale of Columber Company to Gary Company,…

Q: Aria Perfume, Incorporated, sold 2,430 boxes of white musk soap during January of 2024 at the price…

A: Right to return is not considered as the performance obligation because it is the potential failure…

Q: Swenson Oil & Gas allows its customers to prepurchase heating oil in June for the coming winter.…

A: Hedging is risk neutralizing method and is different than regular speculative techniques of trading…

Q: On July 15, 2017 Matrix Corp sells 20,000 snoe shovels to a distributor for $15 per shovel. The…

A: Allowance for Sales Return = Total Sales x Expected % of Sales return…

Q: Manual Company sells goods to Nolan Company during 2020. It offers Nolan the following rebates based…

A: Sales revenue = Total sales  - Rebate = $110,000 - $110,000*2% = $110,000 - $2,200 = $107,800

Q: Commando Corp. agrees to sell 100 of its products to M&H Co. for P30,000 in August 2021. (P300 per…

A: The original sale price of the products sold prior to alteration will not be modified. As previously…

Q: Crane Inc. sells prepaid telephone cards to customers in its convenience stores. When Crane sells…

A: Income earned by Crane inc. is the amount of commission received on sale of prepaid telephone cards…

Q: What is the transaction price for the following scenario: Scenario A: Tula Inc. sells $20,000 of…

A: The transaction price is the actual expected return of the seller at which they agree to provide…

Q: Big Red Motors, Inc., employs 15 sales personnel to market its line of luxury automobiles. The…

A: If a business has two alternatives of doing something, then it should select that alternative which…

Q: Larkspur Inc. sells prepaid telephone cards to customers. Larkspur then pays the telecommunications…

A: As per revenue recognition concept, a revenue has to be recognized by a entity when it is earned and…

Q: Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant,…

A: 1.

Q: Required: 1. Prepare the journal entry to record revenue at the end of each month for the first four…

A: 1) Journal entry to record the revenue at the end of each month for the first four months of the…

Q: Indicate how much income Ayayai should recognize in January, February, March, and April.

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: ClipClop record in connection with the April sale? $7,680 $20,000 $0 because ClipClop does not know…

A: As per relevant standard if the entity believes that it is probable that a discount will be provided…

Q: On April 1, 2024, Washtenaw Corporation realizes that one of its main suppliers is having difficulty…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: ABC Co. does printing jobs for various customers. On January 1, 20x1, ABC Co. forecasted the…

A: Particulars P Fixed purchase price (600 x 1,000)           600,000 Purchase price at current…

Q: Indicate how much income Sunland should recognize in January, February, March, and April.

A: As per IFRS 15, principal has to recognise revenue on a gross basis where as agent has to recognise…

Q: The AAA Branch of SSS Company provided the following information related to its operations for the…

A: Contribution is calculated as a difference between sales and Variable cost. When Contribution is…

Q: On July 15, Zink Jewels agrees to a contract to sell 4,000 promise rings for $100,000 to Costless…

A: The revenue recognition principle: The revenue recognition principle refers to the revenue that…

Q: Leo Consulting enters into a contract with Highgate University to restructure Highgate’s processes…

A: Transaction price is the amount which we are going to record (recognize) for the revenue.I tis the…

Q: Oriole Company sells 455 units for $290 each to Sheffield Inc. for cash. Oriole allows Sheffield to…

A: calculation of refund liability record at the time of sale are as follows

Q: In July 10, 2020, Marigold Ltd. sold $1.8 million of compressors to retailers on account. Marigold…

A: Future return allowance is a liability and expenses as well . We have to create estimated liability…

Q: Westinghouse Company, a producer of washing machines, sells o various customers. It has a contract…

A: "A performance obligation is a guarantee in a contract with a customer to transfer an asset (such…

Q: On May 1, 20x6, Chrome Computer Inc., enters into a contract to sell 5,000 units of keyboard to one…

A: Transaction price is allocated between 2 performance obligation on the basis of their stand alone…

Q: On April 1, 2024, Macomb Corporation realizes that one of its main suppliers is having difficulty…

A: Lets understand the basics.Journal entry is required to make to record event and transaction that…

Q: SoccerHawk Merchandise Inc. enters into a 6-month contract to sell soccer balls to City Soccer. The…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Stellar, Inc. is a distributor of prepaid telephone cards to customers in its convenience stores.…

A: The distributor is the person who purchases the products from the manufacturer and sells the product…

Q: Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant,…

A: The transaction price will be a weighted average probability of the prices Velocity is exepcting.

Q: Blossom Inc. sells prepaid telephone cards to customers in its convenience stores. When Bl sells…

A: The accounting procedure known as "income recognition" entails locating and documenting revenue that…