Homework Answers
Varga should recognize the entire amount of $126000 as revenue irrespective of whether the services are provided or not as the amount is received on cash basis.
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On May 1, 2021, Varga Tech Services signed a $126,000 consulting contract with...
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 $30,000 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 $30,000 on May 1, 2021. How much revenue should Varga recognize in 2021? (Do not round intermediate calculation.) Revenue
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
On May 1, 2018, Varga Tech Services signed a $117,000 consulting contract with Shaffer Holdings. The...
On May 1, 2018, Varga Tech Services signed a $117,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2018, to April 30, 2019, with Shaffer paying the entire $117,000 on May 1, 2018. How much revenue should Varga recognize in 2018?
• On October 01, 2016, ABC signed a $18520 consulting contract with XYZ • The contract...
• 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 November 1, 2021, Taylor signed a one-year contract to provide handyman services on an as-needed...
On November 1, 2021, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $3,840 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2022. Taylor should recognize revenue in 2021 in the amount of $0. $640. $1,920. $3,840.
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 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....
Assume the following scenarios. Scenario 1: During 2021, IBM provides consulting services on its mainframe computer...
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...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows wete recorded: cash received for services rendered to clients, $440,000; and cash paid for salaries, utilities, and advertising, $250,000 $37.000, and $14,000, respectively. You also determine that customers owed the company $56,000 and $62,000 at the beginning and end of the year, respectively, and that the company owed the utility company $5.000 and $3,000 at the beginning and end of the year, respectively Complete...
On May 1, 2021, Varga Tech Services signed a $30,000 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 $30,000 on May 1, 2021. How much revenue should Varga recognize in 2021? (Do not round intermediate calculation.) Revenue
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
• 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...
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 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....
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows wete recorded: cash received for services rendered to clients, $440,000; and cash paid for salaries, utilities, and advertising, $250,000 $37.000, and $14,000, respectively. You also determine that customers owed the company $56,000 and $62,000 at the beginning and end of the year, respectively, and that the company owed the utility company $5.000 and $3,000 at the beginning and end of the year, respectively Complete...
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