Pharoah Company sells goods to Coronado Company during 2023. It offers Coronado the following rebates based on total sales to Coronado. If total sales to Coronado are 8,200 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 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Pharoah sells 9,800 units to Coronado, on account, at a sales price of $98,000. Based on past experience, Pharoah has sold over 40,000 units to Coronado, and these sales normally take place in the third quarter of the year.
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- 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…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 $Sandhill Company sells goods to Blossom Company during 2025. It offers Blossom the following rebates based on total sales to Blossom. If total sales to Blossom are 9,300 units, it will grant a rebate of 2%. If it sells up to 20,600 units, it will grant a rebate of 4%. If it sells up to 28,000 units, it will grant a rebate of 6%. In the first quarter of the year, Sandhill sells 10,100 units to Blossom at a sales price of $90,900. Sandhill, based on past experience, has sold over 39,000 units to Blossom, and these sales normally take place in the third quarter of the year. What amount of revenue should Sandhill report for the sale of the 10,100 units in the first quarter of the year? Revenue $
- 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.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 LaterTeal 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
- 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?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 $Current Attempt in Progress Sunland Company sells goods to Sandhill Company during 2025. It offers Sandhill the following rebates based on total sales to Sandhill. If total sales to Sandhill are 10,500 units, it will grant a rebate of 3%. If it sells up to 18,300 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, Sunland sells 10,800 units to Sandhill at a sales price of $118,800. Sunland, based on past experience, has sold over 37,800 units to Sandhill, and these sales normally take place in the third quarter of the year. What amount of revenue should Sunland report for the sale of the 10,800 units in the first quarter of the year? Revenue $
- Beautiful Company started a new promotional program in 2021. For every 10 bottle caps returned to Beautiful, customers receive a basketball. The company estimates that only 60% of the bottles reaching the market will be redeemed. The basketball costs P100 and can be sold separately at P150. Additional information is as follows (see image below).1. How much is the Unearned Revenue for Unredeemed Premiums at December 31, 2021? 2. How much is the Total Revenue to be recognized in 2021?Cullumber Bakery began selling gift cards in 2025. Based on industry norms, they expect that 40% of the gift cards will not be redeemed. In 2025, the bakery sold gift cards with a value of $1000. During that period, gift cards with a value of $250 were redeemed. The amount of revenue that Cullumber will recognize in 2025 with regard to the gift cards isFry Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Fry boxes and P2. The company estimates that 60% of the boxtops will be redeemed. In 2020, the company sold 675,000 boxesof Fry and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Fry Company P6each, how much liability for outstanding premiums should be recorded at the end of 2020?a. P540,000 c. P150,000b. P100,000 d. P276,000