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

Accounting cycle project transaction practice set - bampg

Accounting Cycle Project Transaction Practice Set - B&G Music You have been hired as an accountant for B&G Co., a corporation performing diverse consulting services in Detroit, Michigan. B&G Co. prepares financial statem ...

The following data relate to the operations of shilow

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31:        Cash $8,000        Accounts receivable $20,000        Inventory $36,000      ...

Assignmentattn ashok -find the interest rate on a loan

Assignment Attn: Ashok -Find the interest rate on a loan charging $912 simple interest on a principal of $4750 after 6 years. Find the principal of a loan at 6.2% if the simple interest after 5 years 6 months is $2387. H ...

Accounting essaywrite a 700- to 1050-word summary of the

Accounting Essay Write a 700- to 1,050-word summary of the team's discussion about IFRS versus GAAP, based on your team collaborative discussions. The summary should be structured in a subject-by-subject format. An intro ...

Kent cpa is a staff auditor participating in the audit

Kent, CPA is a staff auditor participating in the audit engagement of Fort, Inc. Based upon each of the circumstances below, indicate whether or not Kent's actions impair his independence. Explain your response for each ...

Internal control procedures are required for all

Internal control procedures are required for all transaction cycles within an accounting cycle. This week you are addressing the control procedures that would be the most effective in the general ledger and reporting sys ...

Part 1royal oak taxation advisory service has the following

PART 1 Royal Oak Taxation Advisory Service has the following transactions for the month of December 2016 : Dec. 1 Commenced business by depositing $50 000 in a bank account in the name of the business 2 Bought a vehicle ...

Accountingi for the month of january jims landscaping

Accounting I. For the month of January Jim's Landscaping Company has the following transactions: 1. Borrowed $5,000 from First National Bank on a note due in two years. 2. Received $12,500 cash from investors and issued ...

Discussionpart 1 please respond the following question no

Discussion PART 1 PLEASE RESPOND THE FOLLOWING QUESTION NO LESS THEN 350 WORDS (ORIGINAL WORK, NO PLAGIARISM, 1 Reference "Negative Cash Flow" Please respond to the following: • Assess how the free cash-flow method can b ...

Infrastructure and gasb statement1 answer the following

Infrastructure and GASB Statement 1. Answer the following questions with regard to infrastructure: A) What is infrastructure? B) What are two methods that might be used to record infrastructure expense from year to year? ...

  • 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

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen