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
ekkarill92 answered 2 years agoRelated 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...
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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...
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