How much revenue should Sansung recognize for the first 3 months of 2019?
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Facts: Sansung Company offers its customers a 3% volume discount if they purchase at least
¥2 million of its product during the calendar year. On March 31, 2019, Sansung has made sales
of ¥700,000 to Artic Co. In the previous 2 years, Sansung sold over ¥3,000,000 to Artic in the
period April 1 to December 31.
Questions: How much revenue should Sansung recognize for the first 3 months of 2019?
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- Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using gross price. In 2019, Faeber sold $70,000 of these receivables to a factor. The factor remitted 90% of the accounts receivable factored and charged a 12% commission on the gross amount of the factored receivables. The factoring agreement also requires Faeber to be responsible for any cash discounts taken by customers upon payment of the factored receivables. Faeber is charged for these cash discounts upon reimbursement by the factor. During 2019, the factor collected the remaining amount of the factored receivables, minus the 2% discount on 94% of the collected receivables, and returned the balance owed to Faeber. Faeber collected the remaining amount of the unfactored accounts receivable, minus the 2% discount on 96% of the collected receivables. Required: Prepare all the journal entries…During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (%) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the net profit. Answer:Question: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $300,000. During 2024, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. What is the…
- Carla Vista Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases on account $3500 of products (cost $1750). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the expected sales return includes a debit to Cash and a credit to Sales Revenue of $3500. debit to Sales Returns and Allowance of $700 and a credit to Allowance for Sales Returns and Allowances of $700. credit to Estimated Inventory Returns of $350. debit to Cost of Goods Sold and credit to Inventory for $1750.Ivanhoe Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases $3000 of products (cost $1500). Assuming that based on prior experience, estimated returns are 10%. The journal entry to record the expected sales return and cost of goods sold includes a O debit to Cash and a credit to Sales Revenue of $3000. O debit to Cost of Goods Sold and credit to Inventory for $1500. O debit to Sales Returns and Allowance of $300 and a credit to Allowance for Sales Returns and Allowances of $150. O credit to Estimated Inventory Returns of $150.On July 10, 2020, Cheyenne Music sold CDs to retailers on account and recorded sales revenue of $658,000 (cost $506, 660). Cheyenne grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Cheyenne and were granted credit of $80,000. Prepare Cheyenne's journal entries to record (a) the sale on July 10, 2020, and (b) $80,000 of returns on October 11, 2020, and on October 31, 2020. Assume that Cheyenne prepares financial statement on October 31, 2020. (To record sales) (To record cost of goods) (To record sales returns) (To record cost of goods returned)
- Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $420,000. During 2024, Halifax sold merchandise on account for $12,700,000. Halifax's merchandise costs are 60% of merchandise selling price. Also during the year, customers returned $619,000 in sales for credit, with $342,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the yearDream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $58,000 $48,000 $33,000 $39,000 $45,000 Given the above purchases, how much cash will be paid in quarter 2018? Cash paid $Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $300,000. During 2021, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.Required:1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.2. What is the amount of…
- Heller Company offers an unconditional return policy to its customers. During the current period, the company records total sales of $935,000, with a cost of merchandise to Heller of $374,000. Based on past experience, Heller Company expects 4% of sales to be returned. How much in net sales will Heller Company recognize for the current period?Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $10,000 and accepted a 10%, 7-month note. 10% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $7,200, and accepted a noninterest-bearing note for which $8,000 payment is due on March 31, 2022. Apr. 3 Sold merchandise to Carr Co. for $7,000 with terms 2/10, n/30. Evergreen uses the gross method to account for cash discounts. 11 Collected the entire amount due from Carr Co. 17 A customer returned merchandise costing $3,200. Evergreen reduced the customer’s receivable balance by $5,000, the sales price of the merchandise. Sales returns are recorded by the company as they occur. 30 Transferred receivables of $50,000 to a factor without recourse. The factor…Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Dream Big Pillow Co. purchase data December Month January 2018 February 2018 March 2018 2017 Purchases $31,908 $36,096 $33,603 $32,410 Calculate the payments made in February. Round to the nearest penny, two decimal places.