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On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 6,100 units of...
10.On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 4,500 units of...
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, 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 4,100 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $69,700, 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...
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 5,600 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...
Exercise 19-8 Stock options exercise; expirations (LO19-21 Walters Audio Visual Inc. offers an Incentive stock option...
Exercise 19-8 Stock options exercise; expirations (LO19-21 Walters Audio Visual Inc. offers an Incentive stock option plan to its regional managers. On January 1, 2018, options were granted for 32 million $1 par common shares. The exercise price is the market price on the grant date-$9 per share. Options cannot be exercised prior to January 1, 2020, and expire December 31, 2024. The fair value of the 32 million options, estimated by an appropriate option pricing model, is $1 per...
Problem 17-8 Pension spreadsheet; record pension expense and funding; new gains and losses [LO17-7, 17-8] A...
Problem 17-8 Pension spreadsheet; record pension expense and funding; new gains and losses [LO17-7, 17-8] A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier. Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $4 million per year. At the end of...
3.1 On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with...
3.1
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design...
Velocity, a consulting firm, enters into a contract to help
Burger Boy, a fast-food restaurant, design a marketing strategy to
compete with Burger King. The contract spans eight months. Burger
Boy promises to pay $63,000 at the end of each month. At the end of
the contract, Velocity either will give Burger Boy a refund of
$21,000 or will be entitled to an additional $21,000 bonus,
depending on whether sales at Burger Boy at year-end have increased
to a target...
Creative Computing sells a tablet computer called the Protab. The $875 sales price of a Protab...
Creative Computing sells a tablet computer called the Protab. The $875 sales price of a Protab Package includes the following: • One Protab computer. • A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. • A coupon to purchase a Creative Probook e-book reader for $225, a price that represents a 50% discount from the regular Probook price of $450....
answer both please. Clarks Inc., a shoe retailer, sells boots in different styles. In early November...
answer both please.
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $75 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will...
On February 1, 2018, Arrow Construction Company entered into a three-year construction contract to build a...
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
$2,560,000 were sent, and cash collected was $2,300,000. In 2019,
costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
of...
On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,100 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $69,700, 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...
Exercise 19-8 Stock options exercise; expirations (LO19-21 Walters Audio Visual Inc. offers an Incentive stock option plan to its regional managers. On January 1, 2018, options were granted for 32 million $1 par common shares. The exercise price is the market price on the grant date-$9 per share. Options cannot be exercised prior to January 1, 2020, and expire December 31, 2024. The fair value of the 32 million options, estimated by an appropriate option pricing model, is $1 per...
Problem 17-8 Pension spreadsheet; record pension expense and funding; new gains and losses [LO17-7, 17-8] A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier. Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $4 million per year. At the end of...
3.1
On April 1, 2021, Western Communications, Inc., issued 12% bonds, dated March 1, 2021, with face amount of $43 million. The bonds sold for $42.3 million and mature on February 28, 2024. Interest is paid semiannually on August 31 and February 28. Stillworth Corporation acquired $43,000 of the bonds as a long-term investment. The fiscal years of both firms end December 31, and both firms use the straight-line method. Required: 1. Prepare the journal entries to record (a) issuance...
Velocity, a consulting firm, enters into a contract to help
Burger Boy, a fast-food restaurant, design a marketing strategy to
compete with Burger King. The contract spans eight months. Burger
Boy promises to pay $63,000 at the end of each month. At the end of
the contract, Velocity either will give Burger Boy a refund of
$21,000 or will be entitled to an additional $21,000 bonus,
depending on whether sales at Burger Boy at year-end have increased
to a target...
Creative Computing sells a tablet computer called the Protab. The $875 sales price of a Protab Package includes the following: • One Protab computer. • A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. • A coupon to purchase a Creative Probook e-book reader for $225, a price that represents a 50% discount from the regular Probook price of $450....
answer both please.
Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling "SunBoots" to customers for $75 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers can't obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will...
On February 1, 2018, Arrow Construction Company entered into a
three-year construction contract to build a bridge for a price of
$8,125,000. During 2018, costs of $2,050,000 were incurred, with
estimated costs of $4,050,000 yet to be incurred. Billings of
$2,560,000 were sent, and cash collected was $2,300,000. In 2019,
costs incurred were $2,560,000 with remaining costs estimated to be
$3,675,000. 2019 billings were $2,810,000, and $2,525,000 cash was
collected. The project was completed in 2020 after additional costs
of...
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