(Answered) On april 16 2010 the winger company shipped 10 tractors to

Accounting

On April 16, 2010, the Winger Company shipped 10 tractors to the Yuma Farm Supply Company on consignment. Each tractor cost $30,000 and the Winger Company incurred cash shipment costs of $100 per tractor. The consignment agreement required payment to Winger at year end. On December 31, 2010 the consignee reported that it had sold six tractors for $36,000 each. The consignee paid the Winger Company the amount required under the agreement, after deducting the commission of 5% and advertising costs of $2,000 incurred by the consignee.

Required:
Prepare the 2010 journal entries for the Yuma Farm Supply Company.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91529675
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - bridgeport company reports the following

Question - Bridgeport Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $169,500 Allowance for Doubtful Accounts $2,060 Sales Revenue (all on credit) 841,800 Sales Return ...

Question - the calculated variable cost per unit of 18high

Question - The calculated variable cost per unit of $1.8 High Level of activity is: 1,691 units and $7,147cost. If the low level of activity was 530 units, calculate the fixed cost at the low level of activity?

Question purpose of assignmentthis assignment asks you to

Question: Purpose of Assignment This assignment asks you to describe a new business you'd like to start, as well as the advantages and disadvantages of starting a business from scratch versus buying an existing business. ...

Discussion internal controlsbullimagine that a coworker

Discussion: Internal Controls • Imagine that a coworker wants to circumvent an internal control to steal money from your company. Speculate on two (2) internal controls that your coworker might attempt to circumvent in o ...

Question - given2018 pretax accounting income 4000002018

Question - Given 2018 Pretax Accounting Income: $400,000 2018 Municipal Bond Interest Income Included in Pretax Accounting Income: $20,000 2018 Warranty Expense of $70,000 for Accounting Purposes 2018 Actual Warranty Cos ...

Question - if a company purchases land for 1000000 paying

Question - If a company purchases land for $1,000,000, paying $400,000 cash and borrowing the remainder with a long term note payable. Please give explanation for understanding on how this transaction be reported on a st ...

Question - pina corporation purchased a special tractor on

Question - Pina Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Pina should pay $20,180 at the time of purchase and $5,020 at the end of each of the next 8 years. The ...

Questions -q1 conner corporations adjusted trial balance

Questions - Q1. Conner Corporation's adjusted trial balance included the following items:Accounts payable ($65,000), Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ...

Question - for the next six months rushford designs

Question - For the next six months, Rushford Designs projects the following information (in units). July Aug. Sept. Oct. Nov. Dec. Retail demand 300 300 450 600 600 600 Dealer demand 600 750 1,050 1,200 1,200 1,350 Sho ...

Question - sweet corporation had net sales of 2429800 and

Question - Sweet Corporation had net sales of $2,429,800 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,452,600, administrative expenses $221,700, selling expenses $289,000, 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

Recent Questions

Ask Accounting Basics Expert