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ha-mai-vo
almost 3 years ago
Advanced Accounting
IFRS 15 “Revenue from contracts with customers”
IFRS 15 “Revenue from contracts with customers”Exercise:Scenario 1. Historically, about 8% of all the merchandise Asiago, Inc. sells is returned. On January 4, Asiago sold merchandise costing $40,000 to a customer for $62,000 on account. On January 17, Asiago refunded $3,200 for the return of some of the merchandise. On January 28, Asiago sold merchandise costing $12,000 for $15,000 on account. Assume the company uses a perpetual inventory system and all accounts are unpaid at the time of returns.Scenario 2. Ray’s Sporting Goods, Inc. shipped aluminum baseball bats on consignment to Martin Stores on April 6, 2019. The total cost of the bats is $31,000 with a retail value of $50,000. Martin agrees to accept the consigned merchandise and is eligible to receive a 15% commission on all sales. Martin sells the entire shipment to Anoi College and received cash on May 28, 2019, and notifies Ray’s Sporting Goods immediately.Scenario 3. ATickets.com sells discount airline tickets online. The company orders the tickets after a customer makes a purchase request. Atickets.com earns a flat fee of 25% of the totalnticket price. The company sold $1,000,000 in airline tickets during the current year and had collected $800,500 as of the end of the year. ATickets.com is an agent in this transaction and thus uses the net revenue reporting method of accounting for sales.Required:1. Prepare the journal entries to record the sales, estimated returns, and the actual return in the scenario 1.2. Prepare the journal entries to record the consignment sale transactions on both Ray’s and Martin’s books.3. Record the sales transactions, the cash collections for the current year and the amount remitted to the airlines.
0
ha-mai-vo
almost 3 years ago
Advanced Accounting
IFRS 15 “Revenue from contracts with customers”
IFRS 15 “Revenue from contracts with customers”Exercise:Scenario 1. Historically, about 8% of all the merchandise Asiago, Inc. sells is returned. On January 4, Asiago sold merchandise costing $40,000 to a customer for $62,000 on account. On January 17, Asiago refunded $3,200 for the return of some of the merchandise. On January 28, Asiago sold merchandise costing $12,000 for $15,000 on account. Assume the company uses a perpetual inventory system and all accounts are unpaid at the time of returns.Scenario 2. Ray’s Sporting Goods, Inc. shipped aluminum baseball bats on consignment to Martin Stores on April 6, 2019. The total cost of the bats is $31,000 with a retail value of $50,000. Martin agrees to accept the consigned merchandise and is eligible to receive a 15% commission on all sales. Martin sells the entire shipment to Anoi College and received cash on May 28, 2019, and notifies Ray’s Sporting Goods immediately.Scenario 3. ATickets.com sells discount airline tickets online. The company orders the tickets after a customer makes a purchase request. Atickets.com earns a flat fee of 25% of the totalnticket price. The company sold $1,000,000 in airline tickets during the current year and had collected $800,500 as of the end of the year. ATickets.com is an agent in this transaction and thus uses the net revenue reporting method of accounting for sales.Required:1. Prepare the journal entries to record the sales, estimated returns, and the actual return in the scenario 1.2. Prepare the journal entries to record the consignment sale transactions on both Ray’s and Martin’s books.3. Record the sales transactions, the cash collections for the current year and the amount remitted to the airlines.
0
shehzad-ahmad-1
almost 3 years ago
Advanced Accounting
In which case purchase account will be credit
When we use purchase credit until purchase is expense an expense is always debit.
2
jonnyblaze12500
almost 7 years ago
Advanced Accounting
Worried about Plagiarism? We Have a Solution Online Essay Help
We understand that a good grade means the difference between you passing a course and you having to re-take it next semester. Our highly trained writers are subject-matter experts in their domains, which mean you can be assured that you will get a quality paper exactly according to your specifications. http://www.essaylabs.co.uk/
2
musa-mohammed
over 7 years ago
Advanced Accounting
Process of investigation in Local government
Lecture notes
2
javeria.noor
almost 8 years ago
Advanced Accounting
What is the difference between stock split and stock spin off ?
what is the difference between stock split and stock spin off ?
2
ahmad_al-obeidi
almost 9 years ago
Advanced Accounting
Methods of manufacturing
a better finish(lower roughness value) will tend to have increase or decrease on the fatigue strength of the metal surface ?why?
1
jonnyblaze12500
almost 7 years ago
Advanced Accounting
Worried about Plagiarism? We Have a Solution Online Essay Help
We understand that a good grade means the difference between you passing a course and you having to re-take it next semester. Our highly trained writers are subject-matter experts in their domains, which mean you can be assured that you will get a quality paper exactly according to your specifications. http://www.essaylabs.co.uk/
2
hambery
over 11 years ago
Advanced Accounting
What is the advantage of dynamic immunization?
Hi I am give a presentation on bond and their importance and I need some points that throw light on importance of dynamic immunization. Please help.
6
musa-mohammed
over 7 years ago
Advanced Accounting
Process of investigation in Local government
Lecture notes
2
shehzad-ahmad-1
almost 3 years ago
Advanced Accounting
In which case purchase account will be credit
When we use purchase credit until purchase is expense an expense is always debit.
2
ha-mai-vo
almost 3 years ago
Advanced Accounting
IFRS 15 “Revenue from contracts with customers”
IFRS 15 “Revenue from contracts with customers”Exercise:Scenario 1. Historically, about 8% of all the merchandise Asiago, Inc. sells is returned. On January 4, Asiago sold merchandise costing $40,000 to a customer for $62,000 on account. On January 17, Asiago refunded $3,200 for the return of some of the merchandise. On January 28, Asiago sold merchandise costing $12,000 for $15,000 on account. Assume the company uses a perpetual inventory system and all accounts are unpaid at the time of returns.Scenario 2. Ray’s Sporting Goods, Inc. shipped aluminum baseball bats on consignment to Martin Stores on April 6, 2019. The total cost of the bats is $31,000 with a retail value of $50,000. Martin agrees to accept the consigned merchandise and is eligible to receive a 15% commission on all sales. Martin sells the entire shipment to Anoi College and received cash on May 28, 2019, and notifies Ray’s Sporting Goods immediately.Scenario 3. ATickets.com sells discount airline tickets online. The company orders the tickets after a customer makes a purchase request. Atickets.com earns a flat fee of 25% of the totalnticket price. The company sold $1,000,000 in airline tickets during the current year and had collected $800,500 as of the end of the year. ATickets.com is an agent in this transaction and thus uses the net revenue reporting method of accounting for sales.Required:1. Prepare the journal entries to record the sales, estimated returns, and the actual return in the scenario 1.2. Prepare the journal entries to record the consignment sale transactions on both Ray’s and Martin’s books.3. Record the sales transactions, the cash collections for the current year and the amount remitted to the airlines.
0
ahmad_al-obeidi
almost 9 years ago
Advanced Accounting
Methods of manufacturing
a better finish(lower roughness value) will tend to have increase or decrease on the fatigue strength of the metal surface ?why?
1
Advanced Accounting