Homework Answers
A performance obligation is a promise to provide a “distinct” good or service to a customer. ... When there are multiple promises in a contract, companies will need to determine whether those goods or services are distinct, and therefore separate performance obligations.
There are three factors to consider when making this assessment:
- The first is whether an entity provides a significant integration service, indicating that it is using goods and services as inputs to deliver the combined output specified by the customer.
- The second is whether one or more of the goods or services significantly modifies or customizes other goods or services in the contract
- The third is whether the goods or services are highly interdependent or highly interrelated with one another.
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3. What factors may indicate that a promise to deliver a good or service is not...
annect 1 Creative Computing sells a tablet computer called the Protab. The $920 sales price of...
annect 1 Creative Computing sells a tablet computer called the Protab. The $920 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 $330, a price that represents a 40% discount from the regular Probook price...
34. In general, contract rights may be assgned. Which of the following types of contract rights...
34. In general, contract rights may be assgned. Which of the following types of contract rights may not be assined? a. personal service contracts assignments of future rights c. contracts for the sale of goods d. A and C only e. A and B only b. 35. Smith tells Jones that he is forming a partnership to invest in a diamond mining operation in South Africa and invites Jones to invest in this lucrative business venture. Jones signs the partnership...
ttur htureet fer the work you havé completed so far. It does not Indicate completion Return...
ttur htureet fer the work you havé completed so far. It does not Indicate completion Return to que Problem 5-3 Performance obligations; warranties; option [LO5-2,5-4,5-5 Creative Computing sells a tablet computer called the Protab. The $970 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 ·A coupon to purchase a Creative Probook e-book reader for...
On March 1, 2021, Gold Examiner recelves $165,000 from a local bank and promises to deliver...
On March 1, 2021, Gold Examiner recelves $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party Carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit The stand-alone price of a gold bar is $1,410 per unit,...
Access the FASB Standards Codification at the FASB website (www.fasb.org).
Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: 1. On what basis is a contract's transaction price allocated to its performance obligations? 2. What are indicators that a promised good or service is separately identifiable from other goods and services promised in the contract? 3. Under what circumstances is an option viewed as a performance obligation?
Creative Computing sells a tablet computer called the Protab. The $860 sales price of a Protab...
Creative Computing sells a tablet computer called the Protab. The $860 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 $675, a price that represents a 25% discount from the regular Probook price of $900....
16. A promise to surrender an invalid claim is consideration, provided the promisor a in good...
16. A promise to surrender an invalid claim is consideration, provided the promisor a in good faith thought the claim was valid b. has an objectively reasonable claim (makes a claim whose validity is objectively uncertain C. both (a) and (b) d giving up an invalid claim is never a legal detriment For many months you have patronized Alice's barber shop. Yesterday you entered the shop, satin Aloes barber chair and without comment let her cut your hair. Since you...
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 $420, a price that represents a 30% discount from the regular Probook price of $600....
please complete the required 1,2, and 3 Check my work Problem 6-2 (Algo) Performance obligations; warranties;...
please complete the required 1,2, and 3
Check my work Problem 6-2 (Algo) Performance obligations; warranties; option [LO6-2, 6-4, 6-5) Creative Computing sells a tablet computer called the Protab. The $620 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 Computing sells a tablet computer called the Protab. The $620 sales price of a Protab...
Creative Computing sells a tablet computer called the Protab. The $620 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 $125, a price that represents a 50% discount from the regular Probook price of $250....
annect 1 Creative Computing sells a tablet computer called the Protab. The $920 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 $330, a price that represents a 40% discount from the regular Probook price...
34. In general, contract rights may be assgned. Which of the following types of contract rights may not be assined? a. personal service contracts assignments of future rights c. contracts for the sale of goods d. A and C only e. A and B only b. 35. Smith tells Jones that he is forming a partnership to invest in a diamond mining operation in South Africa and invites Jones to invest in this lucrative business venture. Jones signs the partnership...
ttur htureet fer the work you havé completed so far. It does not Indicate completion Return to que Problem 5-3 Performance obligations; warranties; option [LO5-2,5-4,5-5 Creative Computing sells a tablet computer called the Protab. The $970 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 ·A coupon to purchase a Creative Probook e-book reader for...
On March 1, 2021, Gold Examiner recelves $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party Carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit The stand-alone price of a gold bar is $1,410 per unit,...
Access the FASB Standards Codification at the FASB website (www.fasb.org). Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: 1. On what basis is a contract's transaction price allocated to its performance obligations? 2. What are indicators that a promised good or service is separately identifiable from other goods and services promised in the contract? 3. Under what circumstances is an option viewed as a performance obligation?
Creative Computing sells a tablet computer called the Protab. The $860 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 $675, a price that represents a 25% discount from the regular Probook price of $900....
16. A promise to surrender an invalid claim is consideration, provided the promisor a in good faith thought the claim was valid b. has an objectively reasonable claim (makes a claim whose validity is objectively uncertain C. both (a) and (b) d giving up an invalid claim is never a legal detriment For many months you have patronized Alice's barber shop. Yesterday you entered the shop, satin Aloes barber chair and without comment let her cut your hair. Since you...
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 $420, a price that represents a 30% discount from the regular Probook price of $600....
please complete the required 1,2, and 3
Check my work Problem 6-2 (Algo) Performance obligations; warranties; option [LO6-2, 6-4, 6-5) Creative Computing sells a tablet computer called the Protab. The $620 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 Computing sells a tablet computer called the Protab. The $620 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 $125, a price that represents a 50% discount from the regular Probook price of $250....
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