Stardust Furniture Store sells "low end" furniture and uses the installment method for revenue recognition. Its year-end is December31. It shows the following data for January:Sales of $1,890 with a 50% markup.Sales terms: No down payment in January, no interest and 6 easy monthly payments starting in February.Required 1: Assuming no other transaction happened, what revenue is recognized in January? $Required 2: Assuming no other transaction happened, what revenue is recognized in February? $Required 3: Assuming no other transaction happened, what cost of goods sold is recognized in March? $Required 4: Assuming no other transaction happened, what is the Gross Margin of April? $

The objective of the question is to calculate the revenue recognized in January and February, the…

Answered: Stardust Furniture Store sells "low…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The credit terms offered to a customer by a Merchandise Business are 2/10, n/30, which means that a. The customer can deduct a 2% discount if the bill is paid within 30 days of the invoice date. The customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. The customer must pay the bill within 10 days. d. The customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.
Please solve in 30 min
Please read the questions carefully the First question is asking for journal entry.
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Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: • Lamplight purchases 25 light fixtures for $25 each on August 1, invoice date August 1, with no discount terms. Lamplight returns 5 light fixtures (receiving a credit amount for the total purchase price per fixture of $25 each) on August 3. • Lamplight purchases an additional 15 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms. • Lamplight pays $130 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?
Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
On July 10, 2020, Bridgeport Music sold CDs to retailers on account and recorded sales revenue of $764.000 (cost $588,280) Bridgeport 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 Bridgeport and were granted credit of $78,200. Prepare Bridgeport's journal entries to record (a) the sale on July 10, 2020, and (b) $78,200 of returns on October 11, 2020, and on October 31, 2020. Assume that Bridgeport prepares financial statement on October 31, 2020. (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.) Account Titles and Explanation No. € (b) Date (To record sales) (To record cost of goods sold) (To record sales) (To record cost of goods sold) (To record sales returns) (To record cost of goods returned) Debit…
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On July 10, 2020, Tamarisk Music sold CDs to retailers on account and recorded sales revenue of $657,000 (cost $538,740). Tamarisk 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 Tamarisk and were granted credit of $84,200.Prepare Tamarisk’s journal entries to record (a) the sale on July 10, 2020, and (b) $84,200 of returns on October 11, 2020, and on October 31, 2020. Assume that Tamarisk prepares financial statement on October 31, 2020. (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 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (a) enter an account title to record sales on July 10, 2017 enter a debit amount…
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Use the unpaid balance method to find the finance charge on the credit card account for April. The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is April 1st. The finance charge for the month of April is $ (Round to the nearest cent as needed) Date April 3 April 15 April 22 April 29 Charged $125 for a coat Made payment of $148 Charged $31 for DVDs Charged $32 for groceries Transaction
Linda Co. sells Christmas angels. Linda determines that at the end of December, they have the following aging schedule of Accounts Receivable: Customer K. Brant D. Eaton S Klein C. Sheen % Uncollectible Total Number of Days Past Due Not yet due $900 300 180 600 ? 200 600 800 1 % 1-30 $300 Total estimated uncollectible accounts 300 5 % 31-60 $600 50 650 10 % 61-90 100 100 25 % Over 90 130 130 50 % Compute the total estimated uncollectible accounts based on the above information at the end of December.

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