Prepare the journal entries for Sunland in 2017. Sunland Windows manufactures and sells custom storm windows for three-season porches. Sunland also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Sunland enters into the following contract on July 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,490 and chooses Sunland to do the installation. Sunland charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $590. The customer pays Sunland $1,950 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Sunland completes installation on October 15, 2017, and the customer pays the balance due.
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- Flounder Windows manufactures and sells custom storm windows for three-season porches. Flounder also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Flounder enters into the following contract on July 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,520 and chooses Flounder to do the installation. Flounder charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Flounder $2,040 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Flounder completes installation on October 15, 2017, and the customer pays the balance due. Flounder estimates the standalone selling price of the installation based on an estimated cost of $430 plus a…Pearl Windows manufactures and sells custom storm windows for three-season porches. Pearl also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pearl enters into the following contract on July 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,420 and chooses Pearl to do the installation. Pearl charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Pearl $1,960 (which equals the standalone selling price of the windows, which have a cost of $1,120) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Pearl completes installation on October 15, 2017, and the customer pays the balance due. Prepare the journal entries for Pearl in 2017.Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2022, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2022, Geraths completes installation on October 15, 2022, and the customer pays the balance due. Assuming that (a) Geraths estimates the standalone selling price of the installation based on an estimated cost of $400 plus a margin of…
- Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2022, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2022, Geraths completes installation on October 15, 2022, and the customer pays the balance due. The installation service is estimated to have a standalone selling price using the following methods. (a) Geraths estimates the standalone…Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Geraths completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for…Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Windsor enters into the following contract on June 1, 2018, with a local homeowner. The customer purchases windows for a price of £5,700 and chooses Windsor to do the installation. Windsor charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of £2,200. The customer pays Windsor £6,000 (which equals the fair value of the windows, which have a cost of £3,500) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2018, Windsor completes installation on September 15, 2018, and the customer pays the balance due. Prepare the journal entries for Windsor in 2018
- Pina Windows manufactures and sells custom storm windows for three-season porches. Pina also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pina enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Pina to do the installation. Pina charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $610. The customer pays Pina $2,050 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pina completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Pina in 2020.Pharoah Windows manufactures and sells custom storm windows for three-season porches. Pharoah also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pharoah enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,290 and chooses Pharoah to do the installation. Pharoah charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Pharoah $1,990 (which equals the standalone selling price of the windows, which have a cost of $1,150) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pharoah completes installation on October 15, 2020, and the customer pays the balance due. Pharoah estimates the standalone selling price of the installation based on an estimated cost of $440…Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Windsor enters into the following contract on June 1, 2018, with a local homeowner. The customer purchases windows for a price of £4,700 and chooses Windsor to do the installation. Windsor charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of £1,200. The customer pays Windsor £4,000 (which equals the fair value of the windows, which have a cost of £2,300) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2018, Windsor completes installation on September 15, 2018, and the customer pays the balance due. Prepare the journal entries for Windsor in 2018. (Round…
- Nash Windows manufactures and sells custom storm windows for three-season porches. Nash also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Nash enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Nash to do the installation. Nash charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Nash $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Nash completes installation on October 15, 2020, and the customer pays the balance due. (a) Nash estimates the standalone selling price of the installation based on an estimated cost of $440 plus a margin of….Nash Windows manufactures and sells custom storm windows for three-season porches. Nash also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Nash enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Nash to do the installation. Nash charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Nash $2,100 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Nash completes installation on October 15, 2020, and the customer pays the balance due. Nash estimates the standalone selling price of the installation based on an estimated cost of $430 plus a margin of 10% on cost.Prepare…Vaughn Windows manufactures and sells custom storm windows for three-season porches. Vaughn also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Vaughn enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Vaughn to do the installation. Vaughn charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $570. The customer pays Vaughn $1,960 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Vaughn completes installation on October 15, 2020, and the customer pays the balance due. Vaughn estimates the standalone selling…