On December 31, 2020, Ayayai Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Ayayai Co. agreed to accept a $296,600 zero-interest-bearing note due December 31, 2022, as payment in full. Hayduke is somewhat of a credit risk and typically borrows funds at a rate of 12%. Ayayai is much more creditworthy and has various lines of credit at 6%. 1.) Prepare the journal entry to record the transaction of December 31, 2020, for the Ed Abbey Co.
2.) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2021.
3.) Assuming Ed Abbey Co.’s fiscal year-end is December 31, prepare the journal entry for December 31, 2022.

Resources that are valuable but not rare can be categorized asanswers: organizational weaknesses.distinctive competencies.organizational strengths.complementary resources and capabilities.

Aquatic marine stores company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. aquatic uses standard costs to prepare its flexible budget. for the first quarter of the year, direct materials and direct labor standards for one of their popular products were as follows: direct materials: 3 pounds per unit; $ 6 per pound direct labor: 4 hours per unit; $ 19 per hour during the first quarter, aquatic produced 5 comma 000 units of this product. actual direct materials and direct labor costs were $ 65 comma 000 and $ 330 comma 000, respectively. for the purpose of preparing the flexible budget, calculate the total standard direct materials cost at a production volume of 5 comma 000 units.

Exercise 18-15 sheffield appliance center is an experienced home appliance dealer. sheffield appliance center also offers a number of services for the home appliances that it sells. assume that sheffield appliance center sells ovens on a standalone basis. sheffield appliance center also sells installation services and maintenance services for ovens. however, sheffield appliance center does not offer installation or maintenance services to customers who buy ovens from other vendors. pricing for ovens is as follows. oven only $790 oven with installation service 850 oven with maintenance services 970 oven with installation and maintenance services 990 in each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at $180. additionally, the incremental amount charged by sheffield appliance center for installation approximates the amount charged by independent third parties. ovens are sold subject to a general right of return. if a customer purchases an oven with installation and/or maintenance services, in the event sheffield appliance center does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds $790. assume that a customer purchases an oven with both installation and maintenance services for $990. (b) indicate the amount of revenue that should be allocated to the oven, the installation, and to the maintenance contract.