Nn.148.Subject :- Account Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado management considersthe company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in itsproduction of plastic tableware. To date, Coronado has treated these cut-outs as a by-product, since it receives a small value for theitems upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process thatcosts $1,100, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account.Main laminated productsSmall cut-outs2. The sale of all the main product.Units Produced3. The sale of all the by-product.Record the journal entries for the following transactions for Coronado under the sales method of accounting for by-products.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry isrequired, select "No Entry for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)1.1. The completion of all products (main product and by-product).2.No. Account Titles and Explanation3.2,000finished goods inventory(To record sales)420(To record cost of goods sold)Sales Value per Unit$20.50Debit0000Credit||||

Journal entry It is a record of a business transaction in the business books. In double-entry…

Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Coronado has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,100, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced 2,000 420 Sales Value per Unit $2 0.50

Coronado Group provides many of the laminated products that teachers use in their classrooms. Coronado management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Coronado has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,100, are as follows. Both products are sold at the split-off point and not processed further. All sales are on account. Main laminated products Small cut-outs Units Produced 2,000 420 Sales Value per Unit $2 0.50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Define Classifi ed balance sheet
R The cot of platioum to be purchaed to pport Augut protion is A SI9R00 B. S200,160 C S19S40 D. S391,680 E None of the anwers are comect
Define Profi t and loss (P&L) statement
Definition of academe
Accounting princippls
Mcqs 1. Copyrights refers to ……. Asset account?2. An example of asset is …………… please answer both questions
er 31, 2020 al analysis encil only, ennies blank aper properly. lines as
Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and expenses for 2021 Gross Revenue $900,000 Dividend Received from 30% owned Corp 200,000 LTCG 30,000 STCL 12000 City of Lee's Summit Bond Interest 10000 COGS 375000 Administrative Expenses 325000 Charitable Contribution 60,000 Compute Hansen's C Corp Taxable income?
6.
1. Describe in detail the general requirements of IFRS requirements: apa inciation apa writing style
how do I put it under the collums of the a,b,c,d, etc... which goes under which I'm confused on that