Reference no: EM133099644
Question - On October 2, 2020, Vaughn Company sold $5,720 of its elite camping gear (with a cost of $3,720) to Lynch Outfitters. As part of the sales agreement, Vaughn includes a provision that if Lynch is dissatisfied with the product, Vaughn will grant an allowance on the sales price or agree to take the product back (although returns are rare, given the long-term relationship between Vaughn and Lynch). Vaughn expects total allowances to Lynch to be $770. On October 16, 2020, Vaughn grants an allowance of $390 to Lynch because the color for some of the items delivered was a bit different than what appeared in the catalog.
Part 1 - Prepare journal entries for Vaughn to record (1) the sale on October 2, 2020, (2) the granting of the allowance on October 16, 2020, and, (3) any adjusting required on October 31, 2020 (when Vaughn prepares financial statements). Vaughn now estimates additional allowances of $250 will be granted to Lynch in the future.
Part 2 - Indicate the income statement and balance sheet reporting by Vaughn at October 31, 2020, of the information related to the Lynch transaction.
|
Develop a flowchart for the proposed statistical inference
: Propose the statistical inference to use to solve the problem and Develop a flowchart for the proposed statistical inference, including specific steps
|
|
Prepare the journal entries for Headland
: The installation process does not involve changes in the windows, so this service can be performed by other vendors. Prepare the journal entries for Headland
|
|
Components of the physical presentation
: Assess the components of the physical presentation that align with the criteria that makes a highly effective persuasive presentation
|
|
Traditional sources of capital
: What are the benefits offered by incubator investor firms over other traditional sources of capital?
|
|
Prepare journal entries for Vaughn to record the sale
: Prepare journal entries for Vaughn to record (1) the sale on October 2, 2020, (2) the granting of the allowance on October 16, 2020
|
|
Construct the appropriate null and alternative hypotheses
: Construct the appropriate null and alternative hypotheses with correct parameters and Develop the decision rule assuming that the sample size is 200 parts
|
|
How much more or less will loana earn compared to last year
: However, her expenses, which totaled $97,000 last year, are expected to increase 25%. How much more/less will loana earn compared to last year
|
|
Yorkshire ambassadors programme
: Assess two possible reasons why Welcome to Yorkshire may use external recruitment for its Yorkshire 'Ambassadors' programme
|
|
Case-honda plus co ltd
: Honda Plus was established in 1946. The father of Honda Katsuhiro, the present chairperson, started Honda Cellophane Industry in Sinjo City, Aichi.
|