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Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that...
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked....
Riverbed 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, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2020 is as...
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers....
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 2018, deposits collected on containers shipped were $881,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2018, represented deposits of $590,000. In 2018, $822,000 was refunded and deposits...
Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers....
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...
Presented below is information related to Riverbed Corp., which sells merchandise with terms 2/10, net 60....
Presented below is information related to Riverbed Corp., which sells merchandise with terms 2/10, net 60. Riverbed Corp. records its sales and receivables net July 1 Riverbed Corp. sold to Warren Harding Co. merchandise having a sales price of $15,000. 5 Accounts receivable of $12,300 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds: collections are handled by the finance company. (These accounts were all past the...
Riverbed Jewelry Co. uses gold in the manufacture of its products. Riverbed anticipates that it will...
Riverbed Jewelry Co. uses gold in the manufacture of its products. Riverbed anticipates that it will need to purchase 530 ounces of gold in October 2020, for jewelry that will be shipped for the holiday shopping season. However, if the price of gold increases, Riverbed's cost to produce its jewelry will increase, which would reduce its profit margins. To hedge the risk of increased gold prices, on April 1, 2020, Riverbed enters into a gold futures contract and designates this...
Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitme...
Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,500,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,357,000. Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Riverbed Corp operates in the province of Ontario and sells merchandise on which HST must be charged at a rate of 13%. R...
Riverbed Corp operates in the province of Ontario and sells merchandise on which HST must be charged at a rate of 13%. Riverbed uses a perpetual inventory system and has a calendar year end. Transactions for the business for the month of March are shown below: Mar. 1 Received an order from Franz Madolf for a specialty item not in stock. Due to the cost and nature of the item, Riverbed required Madolf to pay $900 in advance of the...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Sheffield Finance, which will receive the collections. Sheffield Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6 % of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale (a) Your answer is correct Prepare...
please solve i took two new pictures please help me solve them Problem 17-08 Riverbed Corp....
please solve
i took two new pictures please help me solve them
Problem 17-08 Riverbed Corp. is a medium-szed corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside Investment. Over the years, Riverbed has had a policy of investing de cash in equity securities. In particular, Riverbed has...
Riverbed 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, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for 2020 is as...
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 2018, deposits collected on containers shipped were $881,000. Deposits are forfeited if containers are not returned within 18 months. Containers held by customers at January 1, 2018, represented deposits of $590,000. In 2018, $822,000 was refunded and deposits...
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...
Presented below is information related to Riverbed Corp., which sells merchandise with terms 2/10, net 60. Riverbed Corp. records its sales and receivables net July 1 Riverbed Corp. sold to Warren Harding Co. merchandise having a sales price of $15,000. 5 Accounts receivable of $12,300 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds: collections are handled by the finance company. (These accounts were all past the...
Riverbed Jewelry Co. uses gold in the manufacture of its products. Riverbed anticipates that it will need to purchase 530 ounces of gold in October 2020, for jewelry that will be shipped for the holiday shopping season. However, if the price of gold increases, Riverbed's cost to produce its jewelry will increase, which would reduce its profit margins. To hedge the risk of increased gold prices, on April 1, 2020, Riverbed enters into a gold futures contract and designates this...
Brief Exercise 8-10 Bridgeport Corp., a public company using IFRS, signed a long-term non-cancellable purchase commitment with a major supplier to purchase raw materials at an annual cost of $1,500,000. At December 31, 2019, the raw materials to be purchased in 2020 have a market price of $1,357,000. Prepare any December 31, 2019 entry that is needed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"...
Sheffield Corp. factors $414,000 of accounts receivable with Tamarisk Finance Corporation on a without recourse basis on July 1, 2020. The receivables records are transferred to Tamarisk Finance, which will receive the collections. Tamarisk Finance assesses a finance charge of 1.60% of the amount of accounts receivable and retains an amount equal to 5% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. (a) Your answer has been saved. See...
Wildhorse Corp. factors $441,000 of accounts receivable with Sheffield Finance Corporation on a without recourse basis on July 1, 2020 The receivables records are transferred to Sheffield Finance, which will receive the collections. Sheffield Finance assesses a finance charge of 1.80% of the amount of accounts receivable and retains an amount equal to 6 % of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale (a) Your answer is correct Prepare...
please solve
i took two new pictures please help me solve them
Problem 17-08 Riverbed Corp. is a medium-szed corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration During prosperous years, the company's profits, coupled with a conservative dividend policy, resulted in funds available for outside Investment. Over the years, Riverbed has had a policy of investing de cash in equity securities. In particular, Riverbed has...
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