Morrison Construction, a manufacturer of cement products, buys raw limestone on credit on July 10. It processes this limestone to make cement powder on July 15 and pays cash for the raw limestone on July 25. On August 2, it sells the cement powder to a construction supply company, and on August 16, it receives a cash payment for this sale. What is the length of the cash cycle in this case?
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Morrison Construction, a manufacturer of cement products, buys raw limestone on credit on July 10. It processes this limestone to make cement powder on July 15 and pays cash for the raw limestone on July 25. On August 2, it sells the cement powder to a construction supply company, and on August 16, it receives a cash payment for this sale. What is the length of the cash cycle in this case?
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- Macrae Products, a manufacturer of building products, buys raw gypsum on credit on May 16. It processes this gypsum to make dry plaster powder on May 20 and pays cash for the raw gypsum on May 30. On June 7 it sells the dry plaster powder to a chain of hardware stores, and on June 21 receives cash payment for this sale. What is the length of the cash cycle in this case? a.) 23 days b.) 14 days c.) 22 days d.) 8 daysConcord 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?…The company bought raw materials on account and then paid for them within 30 days. They used the raw materials to make a product that they sold on account 100 days after the purchase of the raw materials. Their customer paid for the finished good 60 days later. How many days long is the firm's cash conversion cycle?
- Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusableprotective containers. Customers pay a deposit for each container received. The deposit is equal to the container’scost. They receive a refund when the container is returned. During 2018, deposits collected on containers shippedwere $850,000.Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January1, 2018, represented deposits of $530,000. In 2018, $790,000 was refunded and deposits forfeited were $35,000.Required:1. Prepare the appropriate journal entries for the deposits received and returned during 2018.2. Determine the liability for refundable deposits to be reported on the December 31, 2018, balance sheet.Suppose that you have been given a summer job as an intern at Issac Aircams, a company that manufactures sophisticated spy cameras for remote-controlled military reconnaissance aircraft. The company, which is privately owned, has approached a bank for a loan to help finance its growth. The bank requires financial statements before approving the loan. Required: Classify each cost listed below as either a product cost or a period cost for the purpose of preparing financial statements for the bank. Costs 1. Depreciation on salespersons' cars. 2. Rent on equipment used in the factory. 3. Lubricants used for machine maintenance. 4. Salaries of personnel who work in the finished goods warehouse. 5. Soap and paper towels used by factory workers at the end of a shift. 6. Factory supervisors' salaries. 7. Heat, water, and power consumed in the factory. 8. Materials used for boxing products for shipment overseas. (Units are not normally boxed.) 9. Advertising costs. 10. Workers' compensation…(a) 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: 2021 2022 Containers delivered in 2023 Containers returned in 2023 from deliveries in: Account Titles and Explanation (To record deposit from customers) (To record refund of deposit) (To record revenue) Prepare all journal entries required for Concord for the returnable deposits during 2023. Use the account Deposits. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all…
- Is there any way you can help me do this problem? I'm getting my debit and credit wrong. "On March 1, 2021, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. On March 1, 2021, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner…Oakwood Plowing Company purchased two new plows for the upcoming winter. In 200 days, Oakwood must make a single payment of $23,200 to pay for the plows. As of today, Oakwood has $22,500. Assume the Oakwood puts the money in a bank today, what rate of interest will it need to pay off the plows in 200 days?Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container’s cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shipped were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $530,000. In 2021, $790,000 was refunded and deposits forfeited were $35,000.Required:1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2021.2. Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet.
- Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container’s cost. They receive a refund when the container is returned. During 2021, deposits collected on containers shipped were $916,000.Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2021, represented deposits of $546,000. In 2021, $804,000 was refunded and deposits forfeited were $43,750.Required:1. Prepare the appropriate journal entries for the deposits received, returned, and forfeited during 2021.2. Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet.On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,000 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 8% interest rate is applicable, how much sales revenue would Wooten recognize on January 1, 2021?Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container’s cost. They receive a refund when the container is returned. During 2016, deposits collected on containers shipped were $850,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2016, represented deposits of $530,000. In 2016, $790,000 was refunded and deposits forfeited were $35,000. Required: 1. Prepare the appropriate journal entries for the deposits received and returned during 2016. 2. Determine the liability for refundable deposits to be reported on the December 31, 2016, balance sheet.
