Assume that Amazon.com sells the MacBook Pro, a computer produced by Apple, for a retail price of $1,500. Amazon arranges its operations such that customers receive products directly from Apple Stores rather than Amazon. Customers purchase from Amazon using credit cards, and Amazon forwards cash to Apple equal to the retail price minus a $150 commission that Amazon keeps. In this arrangement, how much revenue will Amazon recognize for the sale of one MacBook Pro?

Q: A cellular company purchased $27,800 in cell phones on June 25. The terms of sale were 4/20, 3/30,…

A: The terms of sale are written in a business language and hence we should read accordingly Net Amount…

Q: . A debit to Sales Discount for P500 b. A credit to Sales Returns and Allowances for P500 c. A…

A: This is a loss to the vendor ( me) . So, it will be debited. Deduction in the invoice price will be…

Q: Sell4U is an online site that allows its clients to post items for sale. Sell4U charges a 5%…

A: Given that, Sell4U charges a 5% brokerage fee for use of the site payable within 10 days of the sale…

Q: Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10…

A: Credit terms 2/10, n/30 means that 2% discount will be allowed to customer if payment is made within…

Q: A large auto manufacturer sells large fleets of vehicles to auto rental​ companies, such as Budget…

A: ANSWER IS AS PER THE REVENUE RECOGNITION CONCEPT . IT STATES THAT REVENUE SHOULD BE RECOGNISED ON…

Q: QT, Inc., and Elppa Computers, Inc., compete with each other in the personal computer market. QT…

A: Answer 1) Calculation of Inventory Turnover Ratio Inventory turnover ratio = Cost of Goods Sold/…

Q: A large retailer obtains merchandise under the credit terms of 3/10, net 30, but routinely takes 60…

A: Every business needs goods and services to be purchased for its business. It can be on cash basis or…

Q: Listed below are selected events transactions relating to Sage Hill, Inc. for the current year…

A: Date Account title Debit credit December 1 Cash 11,000     customer deposit   11,000   [to…

Q: Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Firms usually offer their customers some form of trade credit. This allowance comes with certain…

A: Given that, Free spirit Industries buys  on terms of 1/20, net 45 from its chief supplier It means…

Q: Listed below are selected events transactions relating to Windsor, Inc. for the current year ending…

A: The following transactions of the firm are journalized in the records of Windsor manufacturers for…

Q: A large auto manufacturer sells large fleets of vehicles to auto rental​ companies, such as Budget…

A: Cost of Goods Sold:  The cost of goods sold are the direct expenses such as direct materials, direct…

Q: True Tech Industries sells the Tri-Box, a gaming console that allows users to play video games…

A: Solution: As performance obligation is to provide Tri-boxes only, therefore performance obligation…

Q: Dulce Company specializes in the sale of IBM compatibles and software packages. The company had the…

A: Purchase Discounts Lost is an account in a company's general ledger that tracks vendor bills using…

Q: Maple Woodworking accepts creditcards at its store. Maple’s credit card processor charges a fee of…

A: Credit sale: It can be defined as the sale of goods and services by the company to its customers on…

Q: The common practice of Bunsen Suppliers is to obtain a written sales agreement. On February 15,…

A: State whether a contract exist between Bunsen supplies and Anson store as below:   In this case,…

Q: 2. A branded cellphone is on sale having a discount of Php 512.75. It is 7% of the selling price.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Following are the transactions of a Merchandise business. Product Desktop computer Table computer…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Cost to CBS per-package, per unit Product Sales Price per-package, per unit Electronic hardware…

A: Answer -  The perpetual inventory method is a method of accounting for inventory that records the…

Q: Africa Traders is in the business of selling computer equipment. On 8 October 2020, Africa Traders…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…

A: Let us prepare T-account of supplier to find out how much the company owes the supplier Date…

Q: Kingbird Inc. sold $16,200 of its designer tables to Santos Furniture and Design Studios on account.…

A: Sales are recorded using the gross method, so the whole amount of sales will be recorded. Under the…

Q: Assume that you have been hired to work as an accountant in ASDA at 1/12/2020 and you found that the…

A: Transaction Date Particulars Debit $ Credit $ 1 1/12 Accounts receivables 10,000       Sales…

Q: Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives revenues…

A: a-1) Computation:

Q: Mark and Amanda Carter own an appliance store and arestaurant. The appliance store sells merchandise…

A: Introduction: Installment plan of sale means the sale price of a product is paid by the customer…

Q: (Discounts) Fahey Company sells Stairmasters to a retailer, Physical Fitness, Inc., for $2,000,000.…

A: Requirement a:   Revenue amount (Using gross method): 52,000,000.   Revenue amount (Using net…

Q: eBay sells used products collected from different suppliers. Assume a customer purchases a used…

A: Revenue Recognition is an accounting principle that determines the bases when an organization can…

Q: QT, Inc. and Elppa Computers, Inc. compete with each other in the personal computer market. QT…

A: (a) (1)

Q: 1. A trading firm traded their brand-new computers with a margin of 65% based on their cost. One…

A: Since there are multiple questions, we will solve first for you. To get the remaining questions…

Q: A large retailer obtains merchandise under the credit terms of 1/10, net 30, but routinely takes 60…

A: Cost of trade credit is also known as cost incurred for not taking the discount. This cost is…

Q: ick Depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are…

A: Working capital finance is a type of business financing that is used to increase a company's working…

Q: Walmart received an invoice of $25,800, dated July 27, with terms of sale 4/15 EOM. Walmart would…

A: 4/15 EOM means that the company can receive 4% discount if it pays in 15 days, otherwise pay the…

Q: DS Unlimited has the following transactions during August.   August 6 Purchases 86 handheld game…

A: The periodic inventory system is where the inventory valuation is conducted periodically that is at…

Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…

A: Initial purchase value=Units×Per unit=25×$30=$750

Q: ds at P 25,800.00 less 25% and 25 %, terms n/30. On the other hand, XYZ Corporation offers P…

A: Theterm  1/10, n/30 imply that if the amount owing is remitted within 10 days instead of the usual…

Q: QT, Inc., and Elppa Computers, Inc., compete with each other in the personal computer market. QT…

A: Average inventory = Beginning inventory + Ending inventory 2                                  QT =…

Q: Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them…

A: Given: There is no need for immediate cash payment, payment will be made within 30 days from the…

Q: A large retailer obtains merchandise under the credit terms of 2/15, net 30, but routinely takes 50…

A: Given: credit terms of 2/15, net 30 Days take to pay bills = 50 days Number of days in a years = 365…

Q: The following is a series of related transactions between Texas Wholesale Corp. and Boot Hill, a…

A: Problem 5.7 : a. Texas Wholesale Corp. On February 9, Texas Wholesale Corp. sold Boot Hill Sold =…

Q: Consider the case of the Cast Iron Company. On each nondelinquent sale, Cast Iron receives revenues…

A: a1) Calculate the expected profit as follows: Expected profit = (p*(Revenue - Cost)) - ((1-p)*Cost)…

Q: ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later.…

A: Given : ABC Co. sold merchandise to DEF for P$120,000 and received $P120,000 for that sale one month…

Q: Hult Games buys electronic components for manufacturing from two suppliers, Milan Components and…

A: Late delivery costs are costs related with the delivery of products, which is delivered late with…

Q: If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card…

A: Credit card expense=Amount used×Fee percentage=$1,100×1.5%=$16.5 or $17 The credit card expense is…

Q: ABC Company accepted a national credit card for a $3,000 purchase. The cost of the goods sold is…

A: Operating income = Net sale - Cost of goods sale

Q: eBay sells used products collected from different suppliers. Assume a customer purchases a used…

A: Revenue Recognition is an accounting principle that determines the bases when an organization can…

Q: eBay sells used products collected from different suppliers. Assume a customer purchases a used…

A: Revenue Recognition is an accounting principle that determines the bases when an organization can…