Wildhorse Company sells goods to Sheffield Company during 2023. It offers Sheffield the following rebates based on total sales to Sheffield. If total sales to Sheffield are 11,000 units, it will grant a rebate of 2%. If it sells up to 21,200 units, it will grant a rebate of 4%. It if sells up to 28,000 units, it will grant a rebate of 6%. In the first quarter of the year, Wildhorse sells 11,600 units to Sheffield, on account, at a sales price of $116,000. Based on past experience, Wildhorse has sold over 40,000 units to Sheffield, and these sales normally take place in the third quarter of the year. (a) Your answer is partially correct Prepare the journal entries including any rebates that Wildhorse should make to record the sale, on account, of the 11,600 units in the first quarter of the year assuming Wildhorse follows IFRS. Ignore any cost of goods sold entry. (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 O for the amounts List all dehit entries befor

Teal Company sells goods to Flint Company during 2020. It offers Flint the following rebates based on total sales to Flint. If total sales to Flint are 10,900 units, it will grant a rebate of 3%. If it sells up to 18,800 units, it will grant a rebate of 5%. If it sells up to 30,900 units, it will grant a rebate of 6%. In the first quarter of the year, Teal sells 11,800 units to Flint at a sales price of $129,800. Teal, based on past experience, has sold over 42,400 units to Flint, and these sales normally take place in the third quarter of the year.What amount of revenue should Teal report for the sale of the 11,800 units in the first quarter of the year. Revenue

Ivanhoe Company sells goods to Pharoah Company during 2025. It offers Pharoah the following rebates based on total sales to Pharoah. If total sales to Pharoah are 10,900 units, it will grant a rebate of 3%. If it sells up to 18,800 units, it will grant a rebate of 5%. If it sells up to 30,900 units, it will grant a rebate of 6%. In the first quarter of the year, Ivanhoe sells 11,800 units to Pharoah at a sales price of $129,800. Ivanhoe, based on past experience, has sold over 42,400 units to Pharoah, and these sales normally take place in the third quarter of the year. What amount of revenue should Ivanhoe report for the sale of the 11,800 units in the first quarter of the year? Revenue $

Cullumber Company sells goods to Riverbed Company during 2020. It offers Riverbed the following rebates based on total sales to Riverbed. If total sales to Riverbed are 9,000 units, it will grant arebate of 3%. If it sells up to 21.100 units, it will grant a rebate of 5%. If it sells up to 32,200 units, it will grant a rebate of 6%, In the first quarter of the year. Culumber sells 9,900 units to Riverbed at a sales price of $99,000. Cullumber, based on past experience, has sold over 36,200 units to Riverbed, and these sales normally take place in the third quarter of the year. What amount of revenue should Cullumber report for the sale of the 9,900 units in the first quarter of the year. Reverue eTextbook and Media List of Accounts Attempts: 0 of 3 used Submit Arawer Savefor Later

Carla Vista Company sells goods to Pearl Company during 2020. It offers Pearl the following rebates based on total sales to Pearl. If total sales to Pearl are 11,200 units, it will grant a rebate of 2%. If it sells up to 19,600 units, it will grant a rebate of 4%. It if sells up to 29,200 units, it will grant a rebate of 6%. In the first quarter of the year, Carla Vista sells 9,000 units to Pearl at a sales price of $90,000. Based on past experience, Carla Vista has sold over 40,000 units to Pearl, and these sales normally take place in the third quarter of the year.

Splish Company sells goods to Blossom Company during 2020. It offers Blossom the following rebates based on total sales to Blossom. If total sales to Blossom are 10,500 units, it will grant a rebate of 2%. If it sells up to 21,200 units, it will grant a rebate of 5%. If it sells up to 30,800 units, it will grant a rebate of 6%. In the first quarter of the year, Splish sells 10,600 units to Blossom at a sales price of $106,000. Splish, based on past experience, has sold over 37,600 units to Blossom, and these sales normally take place in the third quarter of the year.What amount of revenue should Splish report for the sale of the 10,600 units in the first quarter of the year. Revenue   $

Manual Company sells goods to Nolan Company during 2020. It offers Nolan the following rebates based on total sales to Nolan. If total sales to Nolan are 10,000 units, it will grant a rebate of 2%. If it sells up to 20,000 units, it will grant a rebate of 4%. If it sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Manual sells 11,000 units to Nolan at a sales price of $110,000. Manual, based on past experience, has sold over 40,000 units to Nolan, and these sales normally take place in the third quarter of the year. What amount of revenue should Manual report for the sale of the 11,000 units in the first quarter of the year?

Headland Company sells goods to Sage Company during 2017. It offers Sage the following rebates based on total sales to Sage. If total sales to Sage are 10,500 units, it will grant a rebate of 3%. If it sells up to 18,600 units, it will grant a rebate of 4%. If it sells up to 29,200 units, it will grant a rebate of 7%. In the first quarter of the year, Headland sells 10,400 units to Sage at a sales price of $104,000. Headland, based on past experience, has sold over 42,900 units to Sage, and these sales normally take place in the third quarter of the year.What amount of revenue should Headland report for the sale of the 10,400 units in the first quarter of the year. Revenue   $

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Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund llability of $390,000. During 2024, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…