make all the appropriate journal entries and adjusting journal entries for Pink Pony for the information...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
make all the appropriate journal entries and adjusting journal entries for Pink Pony for the information above. Contracts Initiated in Prior Years Contract 1 2 3 4 5 Current Year (2022) Goods Shipped in the Current Year $112,000 93,444 425,700 39,622 . - 6 7 8 9 10 11 12 13 14 15 Total 708,271 As of December 31 of the current year $64,300 of goods shipped are still in transit. - - - Maintenance Contracts Fulfilled in the Current Year $12,600 17,429 119,377 14,600 22,905 13,900 65.000 36,200 5,810 58,406 11,488 1,963 41,970 16,999 4,152 405.294 Future Years (2023) Goods not yet Maintenance not Shipped as of yet Fulfilled as of the end of the the end of the Current Year Current Year $25,900 124,785 . 150.685 $65,100 24,700 258,960 31,955 34,527 22,966 5,130 9,761 453.099 You work as an accountant for Pink Pony. Pink Pony had numerous active contracts at the beginning of the current year (2022). All of these contracts have been analyzed correctly. Pink Pony had been paid in full for all of these contracts as of the beginning of the current year (2022) (.e., they were paid before January 1 of the current year (2022). The table included in the "Contracts from Prior Years" shows an analysis of all contracts for "Current Year" which is 2022, and "future years" which is 2023. . For the sake of simplicity, we will assume that there are no significant financing components associated with this revenue. The FIFO measurement of inventory shipped this year (2022) from revenue contracts completed in 2021, before the current year (2022) is $476,300. . Of this amount $34,755 is still in transit as of December 31, 2022. . The sales price of these goods is $64,300. make all the appropriate journal entries and adjusting journal entries for Pink Pony for the information above. Contracts Initiated in Prior Years Contract 1 2 3 4 5 Current Year (2022) Goods Shipped in the Current Year $112,000 93,444 425,700 39,622 . - 6 7 8 9 10 11 12 13 14 15 Total 708,271 As of December 31 of the current year $64,300 of goods shipped are still in transit. - - - Maintenance Contracts Fulfilled in the Current Year $12,600 17,429 119,377 14,600 22,905 13,900 65.000 36,200 5,810 58,406 11,488 1,963 41,970 16,999 4,152 405.294 Future Years (2023) Goods not yet Maintenance not Shipped as of yet Fulfilled as of the end of the the end of the Current Year Current Year $25,900 124,785 . 150.685 $65,100 24,700 258,960 31,955 34,527 22,966 5,130 9,761 453.099 You work as an accountant for Pink Pony. Pink Pony had numerous active contracts at the beginning of the current year (2022). All of these contracts have been analyzed correctly. Pink Pony had been paid in full for all of these contracts as of the beginning of the current year (2022) (.e., they were paid before January 1 of the current year (2022). The table included in the "Contracts from Prior Years" shows an analysis of all contracts for "Current Year" which is 2022, and "future years" which is 2023. . For the sake of simplicity, we will assume that there are no significant financing components associated with this revenue. The FIFO measurement of inventory shipped this year (2022) from revenue contracts completed in 2021, before the current year (2022) is $476,300. . Of this amount $34,755 is still in transit as of December 31, 2022. . The sales price of these goods is $64,300.
Expert Answer:
Answer rating: 100% (QA)
To provide the appropriate journal entries and adjusting journal entries for Pink Pony based on the ... View the full answer
Related Book For
Fundamentals Of Human Resource Management
ISBN: 9781119032748
12th Edition
Authors: David A DeCenzo, Stephen P Robbins, Susan L Verhulst
Posted Date:
Students also viewed these accounting questions
-
1. For each of the variables listed in the table below, indicate: the type of variable - quantitative discrete, quantitative continuous or qualitative, and the level of measurement for the variable -...
-
1. Are you strongest in Prework, Conversation, or Follow up? Using concepts and terminology from the Difficult Conversation module, explain why you are strongest and weakest in these categories. 2....
-
(10 points) Given that ry + xy = 1. 1. Find a solution of the differential equation that satisfies the initial condition y(1) = 10. Answer: y = 2. Find a solution of the differential equation that...
-
Find the directive gain and directivity of the small loop antenna.
-
The following is Schulte Corporation's transactions worksheet for the month of March, 2015. Each line represents the dollar amount of a transaction for the month. Required: 1. Prepare journal entries...
-
Professor Stone complains that students teacher ratings depend on the grade students receive. In other words, according to Professor Stone, a teacher who gives good grades gets good ratings, and a...
-
Bianca Corporation issued $16,000,000 in 8.5 percent, five-year bonds on March 1, 20x7, at 96. The semiannual interest payment dates are September 1 and March 1. Prepare entries in journal form for...
-
Woh Che Co. has four departments: materials, personnel, manufacturing, and packaging. In a recent month, the four departments incurred three shared indirect expenses. The amounts of these indirect...
-
Current Attempt in Progress The net cash provided by operating activities in Sheffield Company's statement of cash flows for 2 0 2 4 was $ 3 0 0 0 0 0 . For 2 0 2 4 , depreciation on plant assets was...
-
Find the transfer function, 1 (s)/T(s) , for the system shown in Figure P2.19. T(1) 0(1) 1 N-m/rad 1 N-m/rad 1 kg-m? 0000 1 kg-m? 1 N-m-s/rad FIGURE P2.19
-
A biker has a velocity of 9 . 1 m / s , east and rides it off a cliff that is 5 . 0 m high. How far from the cliff will he land?
-
Ocean Park Properties is evaluating a real estate investment of Lakeview Estates. Management plans to buy the property today and sell it 5 years from today. The initial cost of the property is $5...
-
On 1 / 1 / 2 3 , P issued $ 6 0 0 , 0 0 0 of 9 % bonds for $ 5 6 2 , 6 1 3 , a 1 0 % effective interest rate. Interest ispayable January 1 of each year. On 1 2 / 3 1 / 2 3 , S purchased $ 4 5 0 , 0 0...
-
provide your understanding concerning Abnormal psychology . 2) The field of abnormal psychology is sometimes called what ? 3) A kind of case study that describes the behavior and thought patterns...
-
What is a good response reply to discussion below: A very useful tool many decision makers use is a decision tree. A decision tree is a decision support tool that uses a tree like flowchart of...
-
On June 1, 2022, John purchased a new X-ALU Sportscar from Sam's Dealership which specializes in selling vehicles manufactured by ALU Motors at their auto plant in Glendale, California. On June 13,...
-
Audit situations 1 through 8 presented below describe various independent factual situations an auditor might encounter in conducting an audit. List A represents the types of opinions the auditor...
-
Imagine you are the HR manager at a company, and a female employee came to you upset because she felt a male coworker was creating a hostile work environment by repeatedly asking her out on dates...
-
Explain ways that a talent management strategy improves an organizations ability to attract and keep talented employees.
-
Provide an example where employee discipline was handled poorly. Explain what went wrong and write a scenario of how it could have been administered more appropriately. Consider presenting the before...
-
How does the global nature of business affect performance management systems? Consider both the technical and social aspects of different cultures in your response.
-
How many Hamilton cycles are in the graph? W Complete Graph R
-
Find the number of ways to arrange the letters \(v, w, x, y\), and \(z\).
-
Find the weight of the Hamilton cycle \(m ightarrow 0 ightarrow p ightarrow n ightarrow q ightarrow m\) in the given figure. 5 5, m 3 4 n 8 5' P 5 Weighted Complete Graph with Five Vertices
Study smarter with the SolutionInn App