Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Flint Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the

image text in transcribedimage text in transcribed

Flint Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue arrangements for Flint products and services Click here to view factor table, (a) Flint offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $806. On a standalone basis, the grill sells for $696 (cost $435), and Flint estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $164. (The selling of the grill and the installation services should be considered two performance obligations.) Flint signed 10 GM205 contracts on April 20, 2020, and customers paid the contract price in cash. The grills were delivered and installed on May 15, 2020. Prepare journal entries for Flint for GM205 in April and May 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0. decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Flint offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's ne for a total price $806. On a standalone basis, the grill sells for $696 cost $435), and Flint estimates that the standalone selling price of the installation service (based on cost plus estimation) is $164. (The selling of the grill and the installation services should the considered two performance obligations) Flint signed 10 GM205 contracts on April 20, 2020, and customers paid the contract price in cash. The grills were delivered and installed on May 15, 2020 Prepare journal entries for Fint for GM205 in April and May 2020 (Credit eccount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg 5.2753 Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: LibbyShort

7th Edition

78111021, 978-0078111020

More Books

Students also viewed these Accounting questions

Question

Again, try to justify your findings.

Answered: 1 week ago

Question

127. Identify four specialized financial analysis tools.

Answered: 1 week ago

Question

125. Identify and describe limitations of ratio analysis.

Answered: 1 week ago