Please solve the circled portion. I have left all of the questions on there to let you know the background of the questions. Use a factor table when necessary. Thank you! Culver Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services forcustom patio grilling stationsRespond to the requirements related to the following independent revenue arrangements for Culver products and services.Click here to view factor tableCulver offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer'sgas line for a total price $828. On a standalone basis, the grill sells for $711 (cost $431), and Culver estimates that the standaloneselling price of the installation service (based on cost-plus estimation) is $165. (The selling of the grill and the installation servicesshould be considered two performance obligations) Culver signed 10 GM205 contracts on April 20, 2020, and customers paidthe contract price in cash. The grills were delivered and installed on May 15, 2020. Prepare journal entries for Culver for GM205In April and May 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entryis required, select "No entry for the account titles and enter O for the amounts. Round answers to 0 decimal places, es 5,275)No.(1)Date(2)Account Titles and ExplanationDate(To record sales)Culver sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,040 (cost $596) on creditwith terms 3/30, net/90. Prepare the journal entries for the sale of 20 grills on September 1, 2020, and upon payment, assumingthe customer paid on (1) September 25, 2020, and (2) October 15, 2020 Assume the company records sales net. (Credit accounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for theaccount titles and enter for the amounts)Account Titles and Explanation(To record cost of goods sold)V(To record sales)(To record cost of goods sold)(To record sales)Debit(To record cost of goods sold)CrecDebitThe State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Culver to purchase400 durable, easy maintenance, standard charcoal grills during 2020. The grills are priced at $210 each (with a cost of $160 each),and Culver provides a 5% volume discount if Kentucky purchases at least 290 grills during 2020. On April 17,2020, Culverdelivered and received payment for 270 grills. Based on prior experience with the State of Kentucky renovation projects, thedelivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Culverfor grills sold on April 17, 2020. Assume the company records sales transaction net. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for theamounts)Account Titles and Explanation(To record sales)(To record cost of goods sold)eTextbook and MediaList of AccountsDateOn October 1, 2020, Culver sold one of its super deluxe combination gas/charcoal grills to a local builder. The builder plans toinstall it in one of its "Parade of Homes' houses. Culver accepted a 3 year, zero-interest-bearing note with face amount of $5,803The grill has an inventory cost of $2,848. An interest rate of 10% is an appropriate market rate of interest for this customer.Prepare the journal entries on October 1, 2020, and December 31, 2020. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amountsRound present value foctor calculations to 5 decimal places, eg 125124 and the final answer to 0 decimal places eg 58,971)Account Titles and Explanationv(To record sales)(To record cost of goods sold)DebiteTextbook and MediaList of AccountsCreditDebitCredit

The computation of cogs (cost of goods sold) is an important aspect of accounting for businesses…

The State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Culver to purchase 400 durable, easy maintenance, standard charcoal grills during 2020, The grills are priced at $210 each (with a cost of $160 each), and Culver provides a 5% volume discount if Kentucky purchases at least 290 grills during 2020. On April 17,2020, Culver delivered and received payment for 270 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Culver for grills sold on April 17, 2020. Assume the company records sales transaction net. (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)

The State of Kentucky is planning major renovations in its parks during 2020 and enters into a contract with Culver to purchase 400 durable, easy maintenance, standard charcoal grills during 2020, The grills are priced at $210 each (with a cost of $160 each), and Culver provides a 5% volume discount if Kentucky purchases at least 290 grills during 2020. On April 17,2020, Culver delivered and received payment for 270 grills. Based on prior experience with the State of Kentucky renovation projects, the delivery of this many grills makes it certain that Kentucky will meet the discount threshold. Prepare the journal entries for Culver for grills sold on April 17, 2020. Assume the company records sales transaction net. (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)

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

How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
Fill out the missing columns and show the calculation and formulas
During the research process, if you are unsure whether or not you've found all the relevant literature, what should you do? A. Google it to see if there is anything else you've missed. B. Call your manager to verify that you've found it all. C. Use the search engine included in the Codification. D. Complain that it's too much work and call it a day.
Will you please provide the formulas (explanation) to understand the results or numbers that were added in the solution?
is there a way to do this question with formulas and a calculator instead of excel? if so please upload the solution this way
Further info is in the attached images For the Excel part of the question give the solutions in the form of the Excel equations. Please and thank you! :) Download the Applying Excel form and enter formulas in all cells that contain question marks. For example, in cell B34 enter the formula "= B9". After entering formulas in all of the cells that contained question marks, verify that the dollar amounts match the example in the text. Check your worksheet by changing the beginning work in process inventory to 100 units, the units started into production during the period to 2,500 units, and the units in ending work in process inventory to 200 units, keeping all of the other data the same as in the original example. If your worksheet is operating properly, the cost per equivalent unit for materials should now be $152.50 and the cost per equivalent unit for conversion should be $145.50. Thank you!
Please help on parts 4 and 5. Please also show work on how to do.
Hello i have attached two pictures. They are both used together to answer the question. The first picture is the information to use too answer the question. The second attachment is the for the answer. I hope it is understandable and whoever answer this can please explain how they got the answers. I need the help. I have marked a yellow x on what i have done already. I DO NOT NEED HELP WITH WHAT IS CROSSED IN YELLOW (PARTS 1-3) I NEED PARTS 4-6. THIS IS IS IS THE ANSWER TO PARTS 1-3 Analysis and Calculation: 1) Gold Medal Athletic Co., Sales Budget: For the month ended March: Product Sales Volume Sale Price per unit Sales, $ Batting helmet 1,200 units $40 $ 48,000 Football helmet 6,500 units $160 $1,040,000 Total revenue from sales $ 1,088,000 2) Production Budget: Batting Football Helmet Helmet Expected units to be sold 1,200 6,500 Add: desired Ending inventory 50 220 Total 1,250 6,720 Less: Beginning estimated inventory 40 240 Total…
Please show the calculations for one of them how the NRV(b is received.