Question

In: Accounting

Metlock Company sells goods to Bonita Company during 2017. It offers Bonita the following rebates based...

Metlock Company sells goods to Bonita Company during 2017. It offers Bonita the following rebates based on total sales to Bonita. If total sales to Bonita are 9,500 units, it will grant a rebate of 2%. If it sells up to 20,500 units, it will grant a rebate of 5%. If it sells up to 27,400 units, it will grant a rebate of 6%. In the first quarter of the year, Metlock sells 11,300 units to Bonita at a sales price of $113,000. Metlock, based on past experience, has sold over 42,700 units to Bonita, and these sales normally take place in the third quarter of the year.

What amount of revenue should Metlock report for the sale of the 11,300 units in the first quarter of the year.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Manual Company sells goods to Nolan Company during 2012. It offers Nolan the following rebates based on total sales to Nolan.
Manual Company sells goods to Nolan Company during 2012. It offers Nolan the following rebates based on total sales to Nolan. If total sales to Nolan are 10,000 units, it will grant a rebate of 2%. If it sells up to 20,000 units, it will grant a rebate of 4%. If it sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Manual sells 11,000 units to Nolan at a sales...
On June 1, 2018, Metlock Company and Bonita Company merged to form Windsor Inc. A total...
On June 1, 2018, Metlock Company and Bonita Company merged to form Windsor Inc. A total of 876,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2020, the company issued an additional 637,000 shares of stock for cash. All 1,513,000 shares were outstanding on December 31, 2020. Windsor Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2020. Each $1,000 bond converts to 44 shares...
On June 1, 2015, Metlock Company and Bonita Company merged to form Windsor Inc. A total...
On June 1, 2015, Metlock Company and Bonita Company merged to form Windsor Inc. A total of 830,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2017, the company issued an additional 643,000 shares of stock for cash. All 1,473,000 shares were outstanding on December 31, 2017. Windsor Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2017. Each $1,000 bond converts to 42 shares...
On June 1, 2015, Metlock Company and Bonita Company merged to form Windsor Inc. A total...
On June 1, 2015, Metlock Company and Bonita Company merged to form Windsor Inc. A total of 830,000 shares were issued to complete the merger. The new corporation reports on a calendar-year basis. On April 1, 2017, the company issued an additional 643,000 shares of stock for cash. All 1,473,000 shares were outstanding on December 31, 2017. Windsor Inc. also issued $600,000 of 20-year, 8% convertible bonds at par on July 1, 2017. Each $1,000 bond converts to 42 shares...
Metlock Corporation made the following cash purchases of securities during 2017, which is the first year...
Metlock Corporation made the following cash purchases of securities during 2017, which is the first year in which Metlock invested in securities. 1. On January 15, purchased 10,150 shares of Sanchez Company’s common stock at $46.90 per share plus commission $2,130. 2. On April 1, purchased 5,150 shares of Vicario Co.’s common stock at $72.80 per share plus commission $3,520. 3. On September 10, purchased 7,150 shares of WTA Co.’s preferred stock at $37.10 per share plus commission $5,060. On...
Metlock Corporation made the following cash purchases of securities during 2017, which is the first year...
Metlock Corporation made the following cash purchases of securities during 2017, which is the first year in which Metlock invested in securities. 1. On January 15, purchased 10,150 shares of Sanchez Company’s common stock at $46.90 per share plus commission $2,130. 2. On April 1, purchased 5,150 shares of Vicario Co.’s common stock at $72.80 per share plus commission $3,520. 3. On September 10, purchased 7,150 shares of WTA Co.’s preferred stock at $37.10 per share plus commission $5,060. On...
During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs...
During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Bonita for a lump sum of $77,805 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below. Type No. of Chairs Estimated Selling Price Each Lounge chairs 520 $90 Armchairs 390 80 Straight chairs 910 50 During...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 101 units at $4 each 4 Sale 80 units at $8 each 11 Purchase 144 units at $6 each 13 Sale 111 units at $9 each 20 Purchase 156 units at $7 each 27 Sale 100 units at $11 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account. -Compute gross profit using the perpetual system -Assume Metlock...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 110 units at $5 each 4 Sale 87 units at $8 each 11 Purchase 156 units at $6 each 13 Sale 126 units at $9 each 20 Purchase 155 units at $6 each 27 Sale 99 units at $10 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Assume Metlock uses a periodic system. Prepare all...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1 Inventory 110 units at $5 each Jan. 4 Sale 87 units at $8 each Jan. 11 Purchase 156 units at $6 each Jan. 13 Sale 126 units at $9 each Jan. 20 Purchase 155 units at $6 each Jan.27 Sale 99 units at $10 each Metlock uses the FIFO cost flow assumption. All purchases and sales are on account. 1. Assume Metlock uses a...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT