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On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,100 units of...
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,600 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $95,200, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount...
10.On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 4,500 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $76,500, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2018. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount...
On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 6,100 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $103,700, to be settled by a cash payment on May 1 Delivery is scheduled for June 1, 2018. As part of the contract, the seller offers a 25% discount coupon to rany purchases in the next six months. The seller will continue to offer a 5% discount on all...
On April 1, 2020. Tulane Electronics enters into a contract to sell XPS computers to Precision Equipment at $100.000, which is also the stand-alone selling price of the computers. Tulane will receive cash payment immediately. Delivery is scheduled for May 1, 2020. As part of the contract, Tulane offers a 5% discount coupon to probability that Precision will redeem the coupon, and that the coupon will be applied to $80,000 of purchases. How much earned revenue (rounded to the next...
On April 1, 2020, Tulane Electronics enters into a contract to sell XPS computers to Precision Equipment at $100,000, which is also the stand-alone selling price of the computers. Tulane will receive cash payment immediately. Delivery is scheduled for May 1, 2020. As part of the contract, Tulane offers a 30% discount coupon to Precision for any purchases in the next year. Precision also offers a 5% discount on all sales to all customers. Based on experience, Tulane estimates a...
On April 1, 2020, Tulane Electronics enters into a contract to sell XPS computers to Precision Equipment at $100,000, which is also the stand- alone selling price of the computers. Tulane will receive cash payment immediately. Delivery is scheduled for May 1, 2020. As part of the contract, Tulane offers a 30% discount coupon to Precision for any purchases in the next year. Precision also offers a 5% discount on all sales to all customers. Based on experience, Tulane estimates...
Problem 3 DGA Associates, Inc. sells computer workstations designed for architects. In 2018, it sold 120 workstations for $360,000. For each workstation sold. DGA distributed a 40% discount coupon for any additional future purchases made in the next 12 months. Based on historical experience, DGA expects that approximately 30% of the coupons will be utilized, and the goods purchased with the coupons would normally sell for $350. Required: (a) How many performance obligations are in a contract to purchase a...
Check my work 10 points Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not earn additional loyalty points for purchases on which...
Supply Club, Inc., sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2021 it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases. Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents). Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based...
On May 1, 2020, Sage Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapo0 to pay the contract price of $913 in advance on May 15, 2020. Kickapoo pays Sage on May 15, 2020, and Sage delivers the mower (with cost of $563) on May 31, 2020. (a) Prepare the journal entry on May 1, 2020, for Sage. (Credit account titles are automatically indented when the amount is entered....