Accounting, Analysis, and Principles a-b

Sheridan Industries manufactures sump-pumps. Its most popular product is called the Super Soaker, which has a retail price of $1,270 and costs $550 to manufacture. It sells the Super Soaker on a standalone basis directly to businesses. Sheridan also provides installation services for these commercial customers, who want an emergency pumping capability (with regular and back-up generator power) at their businesses. Sheridan also distributes the Super Soaker through a consignment agreement with Menards. Income data for the first quarter of 2020 from operations other than the Super Soaker are as follows.

Revenues		$8,970,000
Expenses		7,572,000

Sheridan has the following information related to two Super Soaker revenue arrangements during the first quarter of 2020.

1.		Sheridan sells 30 Super Soakers to businesses in flood-prone areas for a total contract price of $55,200. In addition to the pumps, Sheridan also provides installation (at a cost of $150 per pump). On a standalone basis, the fair value of this service is $200 per unit installed. The contract payment also includes a $10 per month service plan for the pumps for 3 years after installation (Sheridans cost to provide this service is $7 per month). The Super Soakers are delivered and installed on March 1, 2020, and full payment is made to Sheridan. Any discount is applied to the pump/installation bundle.
2.		Sheridan ships 300 Super Soakers to Menards on consignment. By March 31, 2020, Menards has sold two-thirds of the consigned merchandise at the listed price of $1,270 per unit. Menards notifies Sheridan of the sales, retains a 5% commission, and remits the cash due Sheridan.

Determine Sheridan Industries 2020 first-quarter net income. (Ignore taxes.) Net income Determine free cash flow for Sheridan Industries for the first quarter of 2020. In the first quarter, Sheridan had depreciation expense of $189,000 and a net increase in working capital (change in accounts receivable and accounts payable) of $247,000. In the first quarter, capital expenditures were $451,000; Sheridan paid dividends of $123,000. Free cash flow

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INTERMEDIATE ACCOUNTING (AC 321 & 322) actice Assignment Gradebook ORION Downloadable Textbook onment CALCULATOR MESSAGE MY INSTRUCTOR PULL SCREEN PRINTER VERSION 4 BACK NEXT Accounting, Analysis, and Principles a-b Sheridan Industries manufactures sump-pumps. Its most popular product is called the Super Soaker, which has a retail price of $1,270 and costs $550 to manufacture. It sells the Super Soaker on a standalone basis directly to businesses. Sheridan also provides installation services for these commercial customers, who want an emergency pumping capability with regular and back-up generator power) at their businesses. Sheridan also distributes the Super Soaker through a consignment agreement with Menards. Income data for the first quarter of 2020 from operations other than the Super Soaker are as follows Revenues $8.970,000 Expenses 7,572,000 Sheridan has the following information related to two Super Soaker revenue arrangements during the first quarter of 2020 1. Sheridan sells 30 Super Soakers to businesses in flood-prone areas for a total contract price of $55,200. In addition to the pumps, Sheridan also provides installation (at a cost of $150 per pump). On a standalone basis, the fair value of this service is $200 per unit installed. The contract payment also includes a $10 per month service plan for the pumps for 3 years after installation (Sheridan's cost to provide this services per month). The Super Soakers are delivered and installed on March 1, 2020, and full payment is made to Sheridan. Any discount is applied to the pumo installation bundle 2. Sheridan ships 300 Super Soakers to Menards on consignment. Hy March 31, 2020, Menards based two-thirds of the consigned merchandise at the sted price of $1,270 per unit, Menards notifies Sheridan of the sales, retains a commission and remits the cash e Sheridan Tv Determine Sheridan Industries' 2020 first quarter net income. Cignere taxes Net Income LINK TO TEKY g u MacBook Pro INTERMEDIATE ACCOUNTING (AC 321 & 322) actice Assignment Gradebook ORION Downloadable Textbook onment CALCULATOR MESSAGE MY INSTRUCTOR PULL SCREEN PRINTER VERSION 4 BACK NEXT Accounting, Analysis, and Principles a-b Sheridan Industries manufactures sump-pumps. Its most popular product is called the Super Soaker, which has a retail price of $1,270 and costs $550 to manufacture. It sells the Super Soaker on a standalone basis directly to businesses. Sheridan also provides installation services for these commercial customers, who want an emergency pumping capability with regular and back-up generator power) at their businesses. Sheridan also distributes the Super Soaker through a consignment agreement with Menards. Income data for the first quarter of 2020 from operations other than the Super Soaker are as follows Revenues $8.970,000 Expenses 7,572,000 Sheridan has the following information related to two Super Soaker revenue arrangements during the first quarter of 2020 1. Sheridan sells 30 Super Soakers to businesses in flood-prone areas for a total contract price of $55,200. In addition to the pumps, Sheridan also provides installation (at a cost of $150 per pump). On a standalone basis, the fair value of this service is $200 per unit installed. The contract payment also includes a $10 per month service plan for the pumps for 3 years after installation (Sheridan's cost to provide this services per month). The Super Soakers are delivered and installed on March 1, 2020, and full payment is made to Sheridan. Any discount is applied to the pumo installation bundle 2. Sheridan ships 300 Super Soakers to Menards on consignment. Hy March 31, 2020, Menards based two-thirds of the consigned merchandise at the sted price of $1,270 per unit, Menards notifies Sheridan of the sales, retains a commission and remits the cash e Sheridan Tv Determine Sheridan Industries' 2020 first quarter net income. Cignere taxes Net Income LINK TO TEKY g u MacBook Pro