Buffalo Ranch & Farm is a distributor of ranch and farm
equipment. Its products include small tools, power equipment for
trench-digging and fencing, grain dryers, and barn winches. Most
products are sold direct via its company Internet site. However,
given some of its specialty products, select farm implement stores
carry Buffalo’s products. Pricing and cost information on three of
Buffalo’s most popular products are as follows.
| Item | Stand-Alone Selling Price (Cost) | ||
| Mini-trencher | $2,900 | ($1,640) | |
| Power fence hole auger | 984 | ($656) | |
| Grain/hay dryer | 12,090 | ($9,020) | |
Respond to the requirements related to the following independent
revenue arrangements for Buffalo Ranch & Farm. IFRS is a
constraint.
On January 1, 2020, Buffalo sells augers to Mills Farm & Fleet for $39,360. Mills signs a six-month note at an annual interest rate of 12%. Buffalo allows Mills to return any auger that it cannot use within 60 days and receive a full refund. Based on prior experience, Buffalo estimates that 5% of units sold to customers like Mills will be returned (using the most likely outcome approach). Buffalo’s costs to recover the products will be immaterial, and the returned augers are expected to be resold at a profit. Prepare the journal entries for Buffalo on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
|
Date |
Account Titles and Explanation |
Debit |
Credit |
|
January 1, 2020 |
|||
|
(To record sale on account) |
|||
|
January 1, 2020 |
|||
|
(To record cost of goods sold) |
On August 10, 2020, Buffalo sells 19 mini-trenchers to a farm
co-op in western Canada. Buffalo provides a 4% volume discount on
the mini-trenchers if the co-op has a 15% increase in purchases
from Buffalo compared with the prior year. Given the slowdown in
the farm economy, sales to the co-op have been flat, and it is
highly uncertain that the benchmark will be met.
Prepare the journal entries for Buffalo on August 10, 2020.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.)
Buffalo sells three grain/hay dryers to a local farmer at a
total contract price of $38,000. In addition to the dryers, Buffalo
provides installation, which has a stand-alone sales value of $520
per unit installed. The contract payment also includes a $1,170
maintenance plan for the dryers for three years after installation.
Buffalo signs the contract on June 20, 2020, and receives a 20%
down payment from the farmer. The dryers are delivered and
installed on October 1, 2020, and full payment is made to
Buffalo.
Prepare the journal entries for Buffalo in 2020 related to this
arrangement as well as any adjusting journal entries at its
December year end. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Record journal entries
in the order presented in the problem. Round answers to 0 decimal
places, e.g. 5,275.)
On April 25, 2020, Buffalo ships 80 augers to Farm Depot, a farm
supply dealer in Alberta, on consignment. By June 30, 2020, Farm
Depot has sold 50 of the consigned augers at the listed price of
$984 per unit. Farm Depot notifies Buffalo of the sales, retains a
10% commission, and remits the cash due to Buffalo.
Prepare the journal entries for Buffalo and Farm Depot for the
consignment arrangement. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Record journal entries
in the order presented in the problem.)
In: Accounting
You are a database designer and data analyst working for the hypothetical employer, Park University. The University over the last few years has provided faculty and staff needed technology to support various job functions but is having some trouble tracking such technology to ensure the program is cost-effective. In other words, the University Controls Department is having difficulty locating inventories and associated invoicing information. With the lack of this important information, the University Controls department has a very difficult time locating and tracking released technology which has the intended purpose of being an asset to assigned employees and departments.
The University Controls department has a Technology Asset Management System currently designed and implemented using Microsoft Access; however, the Chief Information Officer (CIO) of Park University needs some ideas of possible reasons the current Technology Asset Management System designed in Microsoft Access is not currently tracking technology assets as intended.
In a memo style response to the Chief Information Officer (CIO), share-based on your knowledge learned about databases using experience and research, some possible and or hypothetical reasons why the existing database, in this case, is not working as intended?
In: Computer Science
Xonics Graphics, Inc., is evaluating a new technology for its reproduction equipment. The
technology will have a three-year life, will cost $1,000, and will have an impact on cash
flows that is subject to risk. Management estimates that there is a fifty-fifty chance that the
technology will either save the company $1,000 in the first year or save it nothing at all. If
nothing at all, savings in the last two years would be zero as well. Even here there is some
possibility that in the second year an additional outlay of $300 would be required to
convert back to the original process, for the new technology may decrease efficiency.
Management attaches a 40 percent probability to this occurrence if the new technology
“bombs out” in the first year. If the technology proves itself in the first year, it is felt that
second-year cash flows will be $1,800, $1,400, and $1,000, with probabilities of 0.20, 0.60,
and 0.20, respectively. In the third year, cash flows are expected to be either $200 greater
or $200 less than the cash flow in period 2, with an equal chance of occurrence. (Again,
these cash flows depend on the cash flow in period 1 being $1,000.)
Book: fundamentals-of-Financial Management_van-horne_wachowicz_13ed
In: Finance
In the mid-2010's, the net worth of the average white family was how much compared to the average black family?
|
Three times as much |
||
|
Eight times as much |
||
|
Half as much |
||
|
They are roughly the same. |
In: Economics
Using the Levett-Jones et al. (2010) article and additional evidence based nursing literature discuss the importance of clinical reasoning in relation to preventing patient deterioration and maintaining safe nursing practice.
In: Nursing
What is the inclusion criteria in the JONA article "Predicting Patient Satisfaction With Nurses' Call Light Responsiveness in 4 US Hospitals? Issue: Volume 40(10), October 2010, pp 440-447
In: Nursing
Explain the impact of the new monetary policy actions on individuals and businesses within the economy by integrating the macroeconomic data and principles.
Specifically, what was the result of the expansionary monetary policies in place from 2000 - 2010 ?
In: Economics
Write a class in Java called 'RandDate' containing a method called 'getRandomDate()' that can be called without instantiating the class and returns a random Date between Jan 1, 2000 and Dec 31, 2010.
In: Computer Science
Using regression in excel to predict future population.
| Year | Population |
| 2007 | 301.23 |
| 2008 | 304.09 |
| 2009 | 306.77 |
| 2010 | 309.32 |
| 2011 | 311.56 |
| 2012 | 313.83 |
| 2013 | 315.99 |
| 2014 | 318.3 |
In: Statistics and Probability
Need assistance with this assignment.
Read the Boffetta et al. (2010) article. Identify any potential threats to internal or external validity in the article. Do you notice any potential problems with the conclusions?
In: Psychology