Metlock Company is presently testing a number of new agricultural seeds that it has recently harvested....
Metlock Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Metlock estimates returns of 15%. Metlock sells these seeds on account for $1,390,000 (cost $764,500) on January 2, 2017. Customers are required to pay the full amount due by March 15, 2017.
Prepare the journal entry for Metlock at January 2, 2017.
Homework Answers
| Date | Account Titles and Explanation | Debit | Credit |
| January 2, 2017 | Accounts receivables | $1,390,000 | |
| Sales revenue | $1,390,000 | ||
| (To recognize the revenue) | |||
| Cost of goods sold | $764,500 | ||
| Inventory | $764,500 |
Add Answer to:
Metlock Company is presently testing a number of new
agricultural seeds that it has recently harvested....
Tianjin Growth Company is presently testing a number of new ag recently harvested. To stimulate interest...
Tianjin Growth Company is presently testing a number of new ag recently harvested. To stimulate interest it has decided to grant five o unconditional right to return these products four months. Tianjin Growth sells these seeds on January 3, 2020. Customers are required to pay the full amount due os company follows IFRS. Required a) Prepare the journal entry for Tianjin Growth at estimates returns of 20% based on prior experience. (3 marks) esently testing a number of new agricultural...
Sage Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate intere...
Sage Company is presently testing a number of new agricultural
seeds that it has recently harvested. To stimulate interest, it has
decided to grant to five of its largest customers the unconditional
right of return to these products if not fully satisfied. The right
of return extends for 4 months. Sage estimates returns of 20%. Sage
sells these seeds on account for $1,500,000 (cost $825,000) on
January 2, 2017. Customers are required to pay the full amount due
by March...
d E18-20 (LO3) (Sales with Returns) Organic Growth Company is presently testing a number of new...
d E18-20 (LO3) (Sales with Returns) Organic Growth Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Organic Growth estimates returns of 20%. Organic Growth sells these seeds on account for $1,500,000 (cost $750,000) on January 2, 2017. Customers are...
Question 2 Skysong Company is presently testing a number of new agricultural seed planters that it...
Question 2 Skysong Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of retum extends for 4 months. Skysong estimates returns of 15%. Skysong sells these planters on account for $1,390,000 (cost $764,500) on January 2, 2020. Customers are required to pay the full amount...
Crane-Air is selling a new model of high-efficiency air conditioner. To stimulate interest, Crane-Air is granting certa...
Crane-Air is selling a new model of high-efficiency air conditioner. To stimulate interest, Crane-Air is granting certain large customers the unconditional right to return these air conditioners if not fully satisfied. The right of return extends for six months. Crane-Air estimates returns of 9%. Crane-Air sells these air conditioners on account for $18,520,000 (cost $12,038,000) on April 2, 2017. Customers are required to pay the full amount due by June 15, 2017. Prepare the journal entry for Crane-Air on April...
Question 9 Crane Growth Company presenty tesdngaum w agincultreseds that it has re Cth celle theemulate interea 100 000...
Question 9 Crane Growth Company presenty tesdngaum w agincultreseds that it has re Cth celle theemulate interea 100 000) 17 onditional right months. Cra Customers are required pay the full amount due by June 15, 20117. The company follows IFRS. Prepare the journal entry for Crane Growth at April 2, 2017, assuming Crane Growth estimates returns of 20% based on prior experience. (Credit account titles are automatically indented when the entered. Do not indent manually. If no entry required, select...
NEW Q1. Sheila is a managerial accountant who has discovered that her company is violating enviro...
NEW Q1. Sheila is a managerial accountant who has discovered that her company is violating environmental regulations of a third world country in its production of rubber at a plant in that country. Upper management is unaware of the violation, but her immediate superior is involved. Sheila has discussed this issue with her supervisor, and the supervisor has advised her to remain quiet about the matter. Sheila reasons that she should do nothing because her supervisor is her immediate authority...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Tianjin Growth Company is presently testing a number of new ag recently harvested. To stimulate interest it has decided to grant five o unconditional right to return these products four months. Tianjin Growth sells these seeds on January 3, 2020. Customers are required to pay the full amount due os company follows IFRS. Required a) Prepare the journal entry for Tianjin Growth at estimates returns of 20% based on prior experience. (3 marks) esently testing a number of new agricultural...
Sage Company is presently testing a number of new agricultural
seeds that it has recently harvested. To stimulate interest, it has
decided to grant to five of its largest customers the unconditional
right of return to these products if not fully satisfied. The right
of return extends for 4 months. Sage estimates returns of 20%. Sage
sells these seeds on account for $1,500,000 (cost $825,000) on
January 2, 2017. Customers are required to pay the full amount due
by March...
Question 2 Skysong Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of retum extends for 4 months. Skysong estimates returns of 15%. Skysong sells these planters on account for $1,390,000 (cost $764,500) on January 2, 2020. Customers are required to pay the full amount...
Crane-Air is selling a new model of high-efficiency air conditioner. To stimulate interest, Crane-Air is granting certain large customers the unconditional right to return these air conditioners if not fully satisfied. The right of return extends for six months. Crane-Air estimates returns of 9%. Crane-Air sells these air conditioners on account for $18,520,000 (cost $12,038,000) on April 2, 2017. Customers are required to pay the full amount due by June 15, 2017. Prepare the journal entry for Crane-Air on April...
Question 9 Crane Growth Company presenty tesdngaum w agincultreseds that it has re Cth celle theemulate interea 100 000) 17 onditional right months. Cra Customers are required pay the full amount due by June 15, 20117. The company follows IFRS. Prepare the journal entry for Crane Growth at April 2, 2017, assuming Crane Growth estimates returns of 20% based on prior experience. (Credit account titles are automatically indented when the entered. Do not indent manually. If no entry required, select...
NEW Q1. Sheila is a managerial accountant who has discovered that her company is violating environmental regulations of a third world country in its production of rubber at a plant in that country. Upper management is unaware of the violation, but her immediate superior is involved. Sheila has discussed this issue with her supervisor, and the supervisor has advised her to remain quiet about the matter. Sheila reasons that she should do nothing because her supervisor is her immediate authority...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
JOHNSON & JOHNSON AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (Dollars and Shares in Millions Except Per Share Amounts) (Note 1)* 2016 71,890 21,789 50.101 20,067 9.143 29 Sales to customers Cost of products sold Gross profit Selling, marketing and administrative expenses Research and development expense In-process research and development Interest income Interest expense, net of portion capitalized (Note 4) Other (income) expense, net Restructuring (Note 22) Eamings before provision for taxes on income Provision for taxes on income (Note 8)...
Most questions answered within 3 hours.
-
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 43 minutes ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 1 hour ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 2 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 3 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 3 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 4 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 6 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 6 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 6 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 6 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 6 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 6 hours ago