Homework Answers
A B c с D E 4 5 7 8 11 12 1 On August 1,...
A B c с D E 4 5 7 8 11 12 1 On August 1, 2020, ABC contracted with XYZ to provide XYZ with the following products for a total 2 bundled price of $400,000 3 Product 1 (electronic item) - stand-alone selling price is unknown Product 2 (electronic item) - stand-alone selling price is $198,000 6 Product 3 (20 month service contract*) - stand-alone selling price is $154,000. On August 1, payment is made in cash and products...
D E A B с Problem 6 (sale with time value of money, IR] On January...
D E A B с Problem 6 (sale with time value of money, IR] On January 1, 2020, ABC sold and delivered a product to XYZ. ABC allows XYZ to delay payment for twelve months, at which time XYZ will pay ABC $20,000. ABC deems the financing component of the transaction to be significant and decides that an applicable interest rate is 10%. Prepare the entry made by ABC on January 1, 2020 to record the sale. Enter your answer...
A10 fx D E А B On January 1, 2020, Arctic Cat sold Seneca Motor Sports...
A10 fx D E А B On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $44,000. Because of limited space, Seneca wanted to delay delivery until December 31, 2020 but offered to make up-front payment in full) on January 1, 2020. Arctic agreed and as a concession reduced the sales price to $40,000 since Seneca paid 12 months in advance of delivery. So, the contract was: Seneca pays...
ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service....
ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service. In addition, ABC provides maintenance service independently from the sale of the equipment. During 2019 the following transactions take place: 1. On January 15, 175 pieces of equipment are sold. The selling price of the equipment is €5,000 per unit, while the acquisition cost of equipment to ABC is €2,200 per unit. 2. On Mach 1, 240 pieces of equipment combined with 3 years...
ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service....
ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service. In addition, ABC provides maintenance service independently from the sale of the equipment. During 2019 the following transactions take place: 1. On January 15, 175 pieces of equipment are sold. The selling price of the equipment is €5,000 per unit, while the acquisition cost of equipment to ABC is €2,200 per unit. 2. On Mach 1, 240 pieces of equipment combined with 3 years...
ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service....
ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service. In addition, ABC provides maintenance service independently from the sale of the equipment. During 2019 the following transactions take place: 1. On January 15, 175 pieces of equipment are sold. The selling price of the equipment is €5,000 per unit, while the acquisition cost of equipment to ABC is €2,200 per unit. 2. On Mach 1, 240 pieces of equipment combined with 3 years...
A. (2096) ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with...
A. (2096) ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service. In addition, ABC provides maintenance service independently from the sale of the equipment During 2019 the following transactions take place: 1. On January 15, 175 pieces of equipment are sold. The selling price of the equipment is €5,000 per unit, while the acquisition cost of equipment to ABC is €2,200 per unit. 2. On Mach 1, 240 pieces of equipment combined with...
IU с D E А B Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles...
IU с D E А B Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles at an agreed-upon price of $38,000. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $41,800 on December 31, 2021. Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 10% Required: 1. Prepare Artic Cat's journal entries at January 1,...
B30 - x fx С D E F G 9 B 1 On January 1, 2020,...
B30 - x fx С D E F G 9 B 1 On January 1, 2020, Construction Co. enters into a contract with Trump Co. to build a new high-rise 2 building for $10,000,000. The contract allows Construction Co. to make monthly progress billings as 3 work progresses on the projects. Following is information on the contract for 2020. 4 2020 5 Construction costs incurred during the year $3,000,000 6 Construction costs incurred in prior years So 7 Cumulative construction...
Buzz's Educational Software Outlet sells two or more of the video games as a single package....
Buzz's Educational Software Outlet sells two or more of the video games as a single package. Managers are keenly interested in individual product-profitability figures. Information pertaining to three bundled products and the stand-alone prices is as follows: Stand-Alone Selling Price Cost Package Packaged Price Reading Fun $20 $3.75 1. Reading Fun & Math Fun $41 Math Fun $31 $4.35 2. Reading Fun & Analysis $52 Analysis $46 $5.00 3. All three $73 Using the stand-alone method with selling price as...
A B c с D E 4 5 7 8 11 12 1 On August 1, 2020, ABC contracted with XYZ to provide XYZ with the following products for a total 2 bundled price of $400,000 3 Product 1 (electronic item) - stand-alone selling price is unknown Product 2 (electronic item) - stand-alone selling price is $198,000 6 Product 3 (20 month service contract*) - stand-alone selling price is $154,000. On August 1, payment is made in cash and products...
D E A B с Problem 6 (sale with time value of money, IR] On January 1, 2020, ABC sold and delivered a product to XYZ. ABC allows XYZ to delay payment for twelve months, at which time XYZ will pay ABC $20,000. ABC deems the financing component of the transaction to be significant and decides that an applicable interest rate is 10%. Prepare the entry made by ABC on January 1, 2020 to record the sale. Enter your answer...
A10 fx D E А B On January 1, 2020, Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles that have a fair market value of $44,000. Because of limited space, Seneca wanted to delay delivery until December 31, 2020 but offered to make up-front payment in full) on January 1, 2020. Arctic agreed and as a concession reduced the sales price to $40,000 since Seneca paid 12 months in advance of delivery. So, the contract was: Seneca pays...
A. (2096) ABC Corporation sells industrial equipment. The equipment can be sold independently or combined with maintenance service. In addition, ABC provides maintenance service independently from the sale of the equipment During 2019 the following transactions take place: 1. On January 15, 175 pieces of equipment are sold. The selling price of the equipment is €5,000 per unit, while the acquisition cost of equipment to ABC is €2,200 per unit. 2. On Mach 1, 240 pieces of equipment combined with...
IU с D E А B Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles at an agreed-upon price of $38,000. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $41,800 on December 31, 2021. Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 10% Required: 1. Prepare Artic Cat's journal entries at January 1,...
B30 - x fx С D E F G 9 B 1 On January 1, 2020, Construction Co. enters into a contract with Trump Co. to build a new high-rise 2 building for $10,000,000. The contract allows Construction Co. to make monthly progress billings as 3 work progresses on the projects. Following is information on the contract for 2020. 4 2020 5 Construction costs incurred during the year $3,000,000 6 Construction costs incurred in prior years So 7 Cumulative construction...
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