Q.12 THANKS Prepare the journal entries including any rebates that Pharoah should make to record the sale, on account, of the 9,800 units inthe first quarter of the year assuming Pharoah follows ASPE. Ignore any cost of goods sold entry. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts. List all debit entries before credit entries.)Account Titles and Explanation(To record sale on account)(To record rebate)DebitCredit Pharoah Company sells goods to Coronado Company during 2023. It offers Coronado the following rebates based on total sales toCoronado. If total sales to Coronado are 8,200 units, it will grant a rebate of 2%. If it sells up to 19,600 units, it will grant a rebate of4%. It if sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Pharoah sells 9,800 units to Coronado, onaccount, at a sales price of $98,000. Based on past experience, Pharoah has sold over 40,000 units to Coronado, and these salesnormally take place in the third quarter of the year.(a)Your Answer Correct Answer (Used)Prepare the journal entries including any rebates that Pharoah should make to record the sale, on account, of the 9,800 units inthe first quarter of the year assuming Pharoah follows IFRS. Ignore any cost of goods sold entry. (Credit account titles areautomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationAccounts ReceivableSales Revenue(To record sale on account)Sales RevenueContract Asset/Liability(To record rebate)Debit98,000Il5,880Credit98,0005,880

The journal entry involves calculation of different entry and amount are considered and the…

the first quarter of the year assuming Pharoah follows ASPE. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation (To record sale on account) (To record rebate) Debit Credit

the first quarter of the year assuming Pharoah follows ASPE. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation (To record sale on account) (To record rebate) Debit Credit

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

1- explain in details the scope, obectives, requiements of IFRS 33
Is COVID-19 being considered as fortuitous event? Justify your answer.
p20
D Question 19 Find the value of the improper integral. ₁ da The Integral Diverges 3/4 03/2 12
7
Question 14 Prior (Past) service cost is expensed immediately using which of the following? a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.
14-Which one of the following supplies are exempted supplies as per VAT? a. Sports b. Education c. All the options d. Health
Q4. A) Why is a policy statement important?
Problem 9-25 Fudge factors An oil company executive is considering investing $10.1 million in one or both of two wells: well 1 is expected to produce oil worth $3.01 million a year for 10 years; well 2 is expected to produce $2.01 million for 15 years. These are real (inflation-adjusted) cash flows. The beta for producing wells is 0.91. The market risk premium is 9%, the nominal risk-free interest rate is 7%, and expected inflation is 3%. The two wells are intended to develop a previously discovered oil field. Unfortunately there is still a 21% chance of a dry hole in each case. A dry hole means zero cash flows and a complete loss of the $10.1 million investment. Ignore taxes and make further assumptions as necessary. a. What is the correct real discount rate for cash flows from developed wells? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Real discount rate b. The oil company executive proposes to add 20 percentage points to the…
Question No 01 What is a difference between “Musharaka and Mudaraba”? What are the common basic rules between them to be followed? What are the uncommon rules between them?
What about requirement 4+5
Q.47 Using the repeatability assumption, what is the PW of Alternative Y? O. $22,436 O. $58,192 O. $7,740 O. $12,385 Q. 48 Using coterminated assumption, what is the FW of Alternative X? O. $12,385 O. $7.740 O. $22,436 O. $58,192 Q. 49 Using the coterminated assumption, what is the FW of Alternative Y? O. $22,436 O. $58,192 O. $12,385 O. $7,740 Q. 50 Which alternative is selected? O. Alternatíve X O. Alternative Y O. neither X nor Y is economically attractive O. X and Y are equally attractive