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Would your answer change if Orange did not sell the LearnIt Office Hours separately, but believed it would price it at $100 per year .
Charter Corporation, which began business in 2016, appropriately uses the installment sales method of accounting for its installment sales.
Assume that each of the components can be used independently, even though Richardson sells them as an integrated system.
Assume that the initial services to be performed by Submarine Sandwich subsequent to October 1, 2016, are substantial and that collectibility .
Lego normally charges stand-alone prices of $3,000, $4,000, and $5,000, respectively, for each of these three smaller tasks if done separately.
Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract?
Customers purchase from Amazon using credit cards, and Amazon forwards cash to Apple equal to the retail price minus a $150 commission that Amazon keeps.
Estimate the stand-alone selling price of the club-fitting services using the adjusted market assessment approach.
Assuming that the golf clubs and the club fitting services are separate performance obligations, estimate the stand-alone selling price of the club-fitting.
Assuming that the golf clubs and the club-fitting services are separate performance obligations, estimate the stand-alone selling price of the club fitting.
How much revenue in 2016 will TopChop recognize for its arrangement with Carlos?
GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2016, GoodBuy sold $1,000,000 of gift cards, and $840,000 .
Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million.
During the first year the company billed its customer $7 million, of which $5 million was collected before year-end. What would appear in the year-end balance .
How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion?
Prepare the appropriate journal entries that Ski West would record on November 6 and December 31.
How much revenue would be allocated to the TV, the remote, and the installation service?
What are indicators that a promised good or service is separately identifiable from other goods and services promised in the contract?
Prepare a journal entry to record revenue for the sale of 1,000 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone .
Prepare the journal entry to recognize sale of 10 new subscriptions, clearly identifying the revenue or deferred revenue associated with each performance obliga
On May 1, 2016, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard to one of its clients, Bionics, Inc.
Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price.
How would Furtastic's expectation regarding uncollectible accounts affect its recognition of revenue from the sale to Willett's Department Store on June 1, 2016
Estimate the stand-alone selling price of the installation service using the adjusted market assessment approach.
Determine the amount of revenue and gross profit or loss to be recognized in 2017 assuming Sanderson recognizes revenue over time according to percentage .