Homework Answers
| Answer |
|
Revenue to be recognized in 2021 |
| $30,000 * 8 months/12 months (May to December) |
| 20000 (30000*8/12) |
|
Revenue to be recognized in 2021 = $ 20,000 |
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On May 1, 2021, Varga Tech Services signed a $30,000 consulting contract with Shaffer Holdings. The...
On May 1, 2021, Varga Tech Services signed a $93,000 consulting contract with Shaffer Holdings. The...
On May 1, 2021, Varga Tech Services signed a $93,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2021, to April 30, 2022, with Shaffer paying the entire $93,000 on May 1, 2021. How much revenue should Varga recognize in 2021? (Do not round intermediate calculation.) Revenue
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please give explanation On May 1, 2021, Varga Tech Services signed a $126,000 consulting contract with...
please give explanation
On May 1, 2021, Varga Tech Services signed a $126,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2021, to April 30, 2022 with Shaffer paying the entire $126,000 on May 1, 2021 How much revenue should Varga recognize in 2021? (Do not round intermediate calculation.) Revenue
• On October 01, 2016, ABC signed a $18520 consulting contract with XYZ • The contract...
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On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn...
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On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn...
On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
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Assume the following scenarios. Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $9,000 on account. The customer does not pay for those services until 2022 Scenario 2: On January 1, 2021, Gold's Gym sells a one year membership for $980 cash. Normally, this type of membership would cost $1,400, but the company is offering a 30%"New Year's Resolution" discount. Scenario 3: During 2021, The Manitowoc Company provides shipbuilding services to the U.S. Navy for $600,000....
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows...
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On May 1, 2021, Varga Tech Services signed a $93,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2021, to April 30, 2022, with Shaffer paying the entire $93,000 on May 1, 2021. How much revenue should Varga recognize in 2021? (Do not round intermediate calculation.) Revenue
please give explanation
On May 1, 2021, Varga Tech Services signed a $126,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2021, to April 30, 2022 with Shaffer paying the entire $126,000 on May 1, 2021 How much revenue should Varga recognize in 2021? (Do not round intermediate calculation.) Revenue
• On October 01, 2016, ABC signed a $18520 consulting contract with XYZ • The contract requires ABC to provide computer technology support services whenever requested over the period from October 01, 2016 to June 01, 2018, with XYZ paying the entire $18520 on October 01, 2016 • Use the account titles on the spreadsheet account_titles.xlsx • Prepare journal entries for ABC a. the journal entry on October 01, 2016 will be a DR to (account title) b. the journal...
On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS...
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On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
Assume the following scenarios. Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $9,000 on account. The customer does not pay for those services until 2022 Scenario 2: On January 1, 2021, Gold's Gym sells a one year membership for $980 cash. Normally, this type of membership would cost $1,400, but the company is offering a 30%"New Year's Resolution" discount. Scenario 3: During 2021, The Manitowoc Company provides shipbuilding services to the U.S. Navy for $600,000....
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