roblem 5-3A Record transactions related to accounts receivable (LO5-3, 5-5) [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2018 and 2019, its first two years of operations. June 12, 2018 Provide services to customers on account for $41,000. September 17, 2018 Receive $25,000 from customers on account. December 31, 2018 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2019 Provide services to customers on account for $56,000. May 20, 2019 Receive $10,000 from customers for services provided in 2018. July 2, 2019 Write off the remaining amounts owed from services provided in 2018. October 19, 2019 Receive $45,000 from customers for services provided in 2019. December 31, 2019 Estimate that 45% of accounts receivable at the end of the year will not be received. References Section BreakProblem 5-3A Record transactions related to accounts receivable (LO5-3, 5-5) 11.value: 0.27 pointsRequired information Problem 5-3A Part 1 Required: 1. Record transactions for each date
In: Accounting
what is the Pure-play e-tailers ? and example ?
1. Give a basic background about it
2.What is the revenue model for it?
3. What is the value proposition for it?
4. What is the type of revenue model?
In: Finance
Following is financial information describing the six operating segments that make up Fairfield, Inc. (in thousands):
| Segments | |||||||||||||||||||||||
| Red | Blue | Green | Pink | Black | White | ||||||||||||||||||
| Sales to outside parties | $ | 1,822 | $ | 823 | $ | 525 | $ | 320 | $ | 132 | $ | 110 | |||||||||||
| Intersegment revenues | 27 | 102 | 120 | 0 | 27 | 313 | |||||||||||||||||
| Salary expense | 625 | 390 | 413 | 323 | 328 | 73 | |||||||||||||||||
| Rent expense | 150 | 177 | 92 | 103 | 53 | 42 | |||||||||||||||||
| Interest expense | 76 | 70 | 93 | 60 | 25 | 16 | |||||||||||||||||
| Income tax expense (savings) | 152 | 98 | 72 | (97 | ) | (75 | ) | 0 | |||||||||||||||
Consider the following questions independently. None of the six segments has a primarily financial nature.
a. What minimum revenue amount must any one segment generate to be of significant size to require disaggregated disclosure?
b. If only Red, Blue, and Green necessitate separate disclosure, is Fairfield disclosing disaggregated data for enough segments?
c. What volume of revenues must a single customer generate to necessitate disclosing the existence of a major customer?
d. If each of these six segments has a profit or loss (in thousands) as follows, which warrants separate disclosure? (Select all that apply.)
| Red | $ | 1,085 | |
| Blue | 460 | ||
| Green | 151 | ||
| Pink | (105 | ) | |
| Black | (233 | ) | |
| White | 319 | ||
In: Accounting
Pretend you own your own company which makes T-Shirts to sell to area souvenir shops, why would you be interested in taking a cut in profit for offering credit terms to your retailer customers?
In: Finance
If the company decides to move forward with its international expansion, what types of new customer categories will be created? Will the new customer constituents resemble the existing ones? Perform a hypothetical customer profitability model analysis on the new customers.
In: Accounting
There are many ways to collect data on target customers. What are some of the legal and ethical factors relating to obtaining and and using consumer data? How do you ensure your company is doing the right thing with collected data?
In: Operations Management
The role of data will be very important in the implementation of supply chain, because there will be three parties: vendor / suppliers, company, and customers.
Give one example of a case in the implementation of "global supply chain security" linked to those three parties.
In: Operations Management
1. Provide an example of how feedback from customers can be used as part of a control system.
2. How does EVA give a company a more accurate picture of its profitability than does profit margin?
In: Operations Management
Stoney Run Construction Company (U.S. GAAP) enters into a 3-year contract to build a new warehouse facility. Information for Years 1, 2, and 3 is shown below:
|
Year 1 |
Year 2 |
Year 3 |
||
|
Sale price |
$2,800,000 |
$2,800,000 |
$2,800,000 |
|
|
Estimated costs |
1,600,000 |
2,000,000 |
2,000,000 |
|
|
Costs incurred to date (paid in cash) |
400,000 |
900,000 |
2,000,000 |
|
|
Billed to date |
250,000 |
1,150,000 |
2,800,000 |
|
|
Received in cash to date |
190,000 |
950,000 |
2,800,000 |
|
Question 4:
Calculate the gross profit booked in Year 2:
Question 5:
Book the following journal entries for Year 2:
1-Record costs incurred
2-Record billings on contract
3-Record payments received
4-Record revenue/cost during construction period
In: Accounting
Doyle Company issued $420,000 of 10-year, 6 percent bonds on January 1, Year 2. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue in land. The land was leased for an annual $57,500 of cash revenue, which was collected on December 31 of each year, beginning December 31, Year 2.
b. Prepare the income statement, balance sheet, and statement of cash flows for Year 2 and Year 3.
In: Accounting