Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Boise Marine sells jet skis and other powered recreational equipment. Customers are committed to pay 1/3 of the sales price of a jet ski within one week of the purchase, and then pay another 1/3 each year for the next two years. Boise has little information about collectability of these receivables, but they can normally repossess a ski and resell it without incurring a loss. In 2008 Boise began operations and sold jet skis with a total price of $900,000 that cost Boise $450,000. Boise actually collected $300,000 in 2008, $300,000 in 2009, and $300,000 in 2010 associated with those sales. In 2009 Boise sold jet skis with a total price of $1,500,000 that cost Boise $900,000. Boise actually collected $500,000 in 2009, $300,000 in 2010, and $250,000 in 2011 associated with those sales. In 2011 Boise also repossessed $200,000 of jet skis that were sold in 2009. Those jet skis had a fair value of $75,000 at the time they were repossessed.

Required:

1) Prepare all required 2008, 2009, 2010 and 2011 journal entries. 2) Determine the balance sheet presentation of only the accounts specific to the accounting you have selected to apply (i.e. disregard cash) for 2008, 2009, and 2010.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947649

Have any Question? 


Related Questions in Accounting Basics

Managerial accounting assignment task- group report

Managerial Accounting Assignment Task- Group Report: "Measuring Performance and Management Control Systems" - A study of Performance Measurement in Australian Public Companies. Outcomes- a) Analyse the roles of cost and ...

The assignment will require the group to undertake research

The assignment will require the group to undertake research using the website of the Australian Stock Exchange (ASX) and/or the Company whose industry is Food, Beverage & Tobacco that you have chosen. Elder Ltd is the ap ...

Question case study essay on martin shkreli fraud casecase

Question: Case Study Essay on Martin Shkreli Fraud Case. Case Study Criteria: Financial reporting and prevention of fraud through the application of significant internal policies and adherence to corporate governance ele ...

Objectives of the assignmentthis assignment develops your

Objectives of the Assignment This assignment develops your capabilities to analyse, reason logically and conceptualise financial, social and environmental issues; and is aligned with the Course Learning Outcomes of ident ...

Completing the accounting cycle from journal entries to

Completing the accounting cycle from journal entries to post-closing trial balance with an optional worksheet. On December 1, Bob Wonder began an auto repair shop, Wonder's Quality Automotive. The following transactions ...

Practical assessment- case study assignment question 1 case

Practical Assessment- Case Study Assignment Question 1: Case study You are a financial adviser and the following information is an extract of data you gathered as part of fact finding during an initial client consultatio ...

Colt football co had a player contract with watts that is

Colt Football Co. had a player contract with Watts that is recorded in its books at $5,600,000 on July 1, 2014. Day Football Co. had a player contract with Kurtz that is recorded in its books at $7,000,000 on July 1, 201 ...

What characteristics must the convertible bonds display in

What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition?

Dq1explain how the account of biblical creation can be

DQ1 Explain how the account of biblical creation can be viewed as a model for innovative and creative leaders when managing chaos. DQ2 Hypothesize why it is important for leaders both to create and enable chaos as well a ...

Accounting information systems - team based

Accounting Information Systems - Team Based Assignment "Response to Request - For - Proposal (RFP) for an ERP System" Aim: This team based assignment is designed to give you the opportunity to learn about ERP systems and ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate