Check my w Required information [The following information applies to the questions displayed below.) On April 25, Foreman Electric installs wiring in a new home for $2,300 on account. However, on April 27. Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $480 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1.2.& 3. Record the Journal entries for the above information. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Required information [The following information applies to the questions displayed below) On April 25, Foreman Electric installs wiring in a new home for $2,300 on account. However, on April 27. Foreman's electrical work does not pass inspection, and Foreman grants the customer an allowance of $480 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30 4. Calculate net revenue associated with these transactions Net revenue 2 Check Walco TarMart CostGet Beginning Ending Accounts Accounts Receivable Receivable $1,765 $2,712 5,916 6,444 579 615 Net Sales $317, 427 62,878 63,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for Walco, Tar Mart and CostGet. (Do not round intermediate calculations. Enter your answers in millions. Round your "Average accounts receivable" and "Receivables turnover ratio" answers to one decimal place.) Receivables Turnover Ratio Receivables turnover ratio times Walco TarMart CostGet times times Average Collection Period Walco TarMart CostGet Average collection period days days days Receivables Turnover Ratio Receivables turnover ratio times Walco TarMart CostGet times times Average Collection Period Walco TarMart CostGet Average collection period days days days 2. Which company appears most efficient in collecting cash from sales? Walco TarMart CostGet Check my wc Assume the following scenarios. Scenario t: During 2021, IBM provides consulting services on its mainframe computer for $9.900 on account. The customer does not pay for those services until 2022. Scenario 2: On January 1, 2021, Gold's Gym sells a one-year membership for $1,128 cash. Normally, this type of membership would cost $1.410, but the company is offering a 20% "New Year's Resolution" discount. Scenario 3: During 2021, The Manitowoc Company provides shipbuilding services to the U.S. Navy for $585,000. The U.S. Navy will pay $195,000 at the end of each year for the next three years, beginning in 2021 Scenario 4: During 2021, Goodyear sells tires to customers on account for $14,100. By the end of the year, collections total $11,000. AL the end of 2022, it becomes apparent that the remaining $3,100 will never be collected from customers. Required: For each scenario, calculate the amount of revenue to be recognized in 2021 Revenue recognized in 2021 Scenario 1 Scenario 2 Scenario 3 Scarano 4
