D’Leon purchases materials on 30-day terms, meaning that it is supposed to pay for purchases within 30 days of receipt. Judging from its 2021 balance sheet, do you think that D’Leon pays suppliers on time? Provide an explanation and include a discussion about what problems might occur if suppliers are not paid in a timely manner.
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- D’Leon purchases materials on 30-day terms, meaning that it is supposed to pay for purchases within 30 days of receipt. Judging from its 2021
balance sheet , do you think that D’Leon pays suppliers on time? Provide an explanation and include a discussion about what problems might occur if suppliers are not paid in a timely manner.
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- Please don't provide image based answer..thanku"On December 31, 2019, Kew has 500,000 debit balance in accounts payable to Ross a supplier resulting from a 500,000 advance payment for goods to be manufactured" what amount should be reported as accounts payable on december 31, 2019. answer: 500,000. question: why do we add 500,000 in accounts payable account since this is an advance payment. Isn't this should be a deduction to Accounts Payable?Am. 101.
- Concord Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Concord accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2023 is as follows: Containers held by customers at December 31, 2022, from deliveries in: Containers delivered in 2023 Containers returned in 2023 from deliveries in: Liability for Reusable Containers $ eTextbook and Media List of Accounts 2021 2022 There would be 2021 $118,000 2022 291,300 315,000 $177,200 418,700 2023 Calculate the total amount that Riverbed should report as a liability for returnable deposits at December 31, 2023. Had Riverbed followed ASPE, would any of your answers in above parts be different?…If a company has an invoice that is pending collection, and in order to advance its payment, it offers the client conditions of: 3/10; net 35”, what would be the cost if the client does not accept these conditions? Consider periods of 360 daysRoeker Company provides information systems consultation services to large companies in the Chicagoland area. Due to a dip in the economy, Roeker has increased the percentage of credit sales which it believes will be uncollectible from 3.0% to 3.2% for 2019. Roeker's consulting services provided revenues of $700,000 in 2019. During 2020, Roeker has write-offs of $750 related to goods purchased in 2019. Prior to the write-off for the $750 default, Roeker's accounts receivable and allowance for doubtful accounts balances were $480,000 and $232 (credit), respectively. Required: Question Content Area 1. Prepare the journal entry to record the defaulted account. Question Content Area 2. Prepare the adjusting entry to record the bad debt expense for 2019.
- According to ASC 606, how should a referral credit be recorded in your financial statement, as a reduction of revenue or as a marketing expense? Referral credit - Company ABC is giving their existing customers a $30 credit if they refer a New Customer (after this customer makes a purchase).Whispering Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2026 at a cost of $967,800. At December 31, 2025, the raw materials to be purchased have a market value of $917,200. Prepare any necessary December 31, 2025, entry. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31 Estimated Liability on Purchase Commitments Debit 50600 Credit 50600An entity offering products with an offer to refund the cost of the purchase within 30 days after the sale if the customer is not satisfied with the products. Revenues should be recognized at the time of sale with an offset to revenue for possibility of returned items. TRUE OR FALSE
- Provided below is a list of several companies' revenue recognition policies. Revenue Recognition Policy A The performance obligation is satisfied with the passage of time. Interest is earned with the passage of time. Each period, income is accrued on loans even if customers have not yet paid the interest. B The performance obligation occurs when the customer takes the merchandise (for in-store sales) or when the goods are delivered (for online sales). The company estimates product returns and reports an allowance at time of sale. C The performance obligation is fulfilled when the customer takes the completed equipment. Revenues for financial or insurance services are recognized when the services are provided. D The performance obligation is satisfied as the company builds and completes projects for customers. Revenue is recognized for long-term construction contracts based on the percentage of completion. E The performance obligation occurs when the customer takes delivery of the…Today is December 30, 2019. In order to capture the attention of online shoppers, Cyber Retail Company had a “Buy Now, Pay Later” sale on Monday, December 2, 2019. The terms of the sale were such that anyone who bought merchandise was required to pay for the merchandise on (or before) February 28, 2020. For any customer who failed to pay by that date, Cyber Retail would “charge” that customer’s purchase to the credit card account that the customer had provided at the time he/she placed the order. Customers purchased $ 5,000,000 of merchandise during the “Buy Now, Pay Later” sale. Cyber estimates that if they waited until February 28, 2020, they would ultimately collect $ 4,800,000 related to this pool of receivables. One component of the difference, estimated at $ 50,000, relates to the “fees” that Cyber Retail would have to pay to the credit card companies upon receiving payment. The other $ 150,000 relates to “lost revenue” resulting from customers whose credit…Roswell Company purchasesinventory from Clear Pool Supplies on June 1. The sales terms on the invoice from Clear PoolSupplies are 3/10, n/30. What does this mean? What is Roswell’s potential savings, if any? Howmuch time does the company have to take advantage of these savings?