Business, 23.11.2021 16:00 clevelandjaniya1

IFRS 15 11. Scenario 1. Historically, about 8% of all the merchandise Asiago, Inc. sells is returned. On January 4, Asiago sold merchandise costing $40,000 to a customer for $62,000 on account. On January 17, Asiago refunded $3,200 for the return of some of the merchandise. On January 28, Asiago sold merchandise costing $12,000 for $15,000 on account. Assume the company uses a perpetual inventory system and all accounts are unpaid at the time of returns.
Scenario 2. Ray’s Sporting Goods, Inc. shipped aluminum baseball bats on consignment to Martin Stores on April 6, 2019. The total cost of the bats is $31,000 with a retail value of $50,000. Martin agrees to accept the consigned merchandise and is eligible to receive a 15% commission on all sales. Martin sells the entire shipment to Anoi College and received cash on May 28, 2019, and notifies Ray’s Sporting Goods immediately.
Scenario 3. ATickets. com sells discount airline tickets online. The company orders the tickets after a customer makes a purchase request. Atickets. com earns a flat fee of 25% of the total ticket price. The company sold $1,000,000 in airline tickets during the current year and had collected $800,500 as of the end of the year. ATickets. com is an agent in this transaction and thus uses the net revenue reporting method of accounting for sales.
Required:
1. Prepare the journal entries to record the sales, estimated returns, and the actual return in the scenario 1.
2. Prepare the journal entries to record the consignment sale transactions on both Ray’s and Martin’s books.
3. Record the sales transactions, the cash collections for the current year and the amount remitted to the airlines.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 03:10

Beswick company your team is allocated a project involving a major client, the beswick company. although the organization has many clients, this client, and project, is the largest source of revenue and affects the work of several other teams in the organization. the project requires continuous involvement with the client, so any problems with the client are immediately felt by others in the organization. jamie, a member of your team, is the only person in the company with whom this client is willing to deal. it can be said that jamie has:

Answers: 2

Answer

Business, 22.06.2019 08:40

Which of the following is not a characteristic of enterprise applications that cause challenges in implementation? a. they introduce "switching costs," making the firm dependent on the vendor. b. they cause integration difficulties as every vendor uses different data and processes. c. they are complex and time consuming to implement. d. they support "best practices" for each business process and function. e. they require sweeping changes to business processes to work with the software.

Answers: 1

Answer

Business, 22.06.2019 12:40

When cell phones were first entering the market, they were relatively large and reception was undependable. all cell phones were essentially the same. but as the technology developed, many competitors entered, introducing features unique to their phones. today, cell phones are only a small fraction of the size and weight of their predecessors. consumers can buy cell phones with color screens, cameras, internet access, daily planners, or voice activation (and any combination of these features). the history of the cell phone demonstrates what marketing trend?

Answers: 3

Answer

Business, 22.06.2019 23:30

Each state’s organizational structure is guided by the federal government.true or false?

Answers: 1

Answer

You know the right answer?

IFRS 15 11. Scenario 1. Historically, about 8% of all the merchandise Asiago, Inc. sells is return...

Questions