Homework Answers
| (a) | (b) | (c) | |
| Transaction price | $ 10,00,000 | $ 8,00,000 | $ 4,64,000 |
| Revenue will be recognized | At delivery | At point of sales | At point of sales |
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Brief Exercise 18-08 Presented below are three revenue recognition situations. (a) (b) (c) Groupo sells goods...
Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $1,006,000, payment...
Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $1,006,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $740,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $536,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $502,200. Indicate the transaction price for each of these situations...
Help please! Brief Exercise 18-9 On January 2, 2017, Crane Inc. sells goods to Geo Company...
Help please!
Brief Exercise 18-9 On January 2, 2017, Crane Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,900, with payment due in 12 months. The fair value of the goods at the date of sale is s9,600 (cost $5,760) Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to...
Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $84,000 Bridgeport Inc. receives a commission of 6% of the total price. Bridgeport Inc. therefore remits $78,960 to ShipAway Prepare the journal entry to record the remittance and revenue recognized by Bridgeport Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
brief exercise 18-12 Bonita company sells goods to Windsor company during 2017. it offers Windsor the...
brief exercise 18-12 Bonita company sells goods to Windsor
company during 2017. it offers Windsor the following rebates based
on total sales to Windsor . it total sales to Windsor are 10,500
units , it will grant a rebate of 3%.if it sells up to 18,600
units, it will grant a rebate of 4%. if it sells up to 29,000
units, it will grant a rebate of 7%. in the first quarter of the
year, Bonita sells 10,400 units to...
nment CALCULATOR FULL SCREEN PRINTER VERSION « BACK NEXT Brief Exercise 18-12 Sarasota Company sells goods...
nment CALCULATOR FULL SCREEN PRINTER VERSION « BACK NEXT Brief Exercise 18-12 Sarasota Company sells goods to Ivanhoe Company during 2017. It offers Ivanhoe the following rebates based on total sales to Ivanhoe. If total sales to Ivanhoe are 10,900 units, it will grant a rebate of 3%. If it sells up to 18,800 units, it will grant a rebate of 5%. If it sells up to 30,900 units, it will grant a rebate of 6%. In the first quarter...
Brief Exercise 18-2 On May 10, 2017, Crane C enters into a contract to deliver a...
Brief Exercise 18-2 On May 10, 2017, Crane C enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greg agrees to pay the full contract price of $2,080 on July 15, 2017. The cost of the goods is $1,330. Crane delivers the product to Gregon June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Crane related to this contract. Either party may terminate the contract without compensation until...
Practice Exercise 18-2 Grouper Inc. sells goods to Brooks Corp. on account on January 2, 2017....
Practice Exercise 18-2
Grouper Inc. sells goods to Brooks Corp. on account on January
2, 2017. The goods have a sales price of $525,000 (cost of
$424,000). The terms are net 30. If Brooks pays within 6 days,
however, it receives a cash discount of $7,200. A history of past
similar transactions indicates that Brooks will take the cash
discount. On January 7, 2017, Brooks makes payment to Grouper for
the full sales price.
Your answer is partially correct. Try...
Exercise 18-11 (Part Level Submission) Ayayai Windows manufactures and sells custom storm windows for three-season porches....
Exercise 18-11 (Part Level Submission) Ayayai Windows manufactures and sells custom storm windows for three-season porches. Ayayai also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Ayayai enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 and chooses Ayayai to do the installation. Ayayai charges the same price for the...
Case Study Revenue Recognition For this case, you are the lead analyst for a team considering...
Case Study Revenue Recognition For this case, you are the lead analyst for a team considering the potential acquisition of three separate projects of a single company, Gasco. You are to determine if your team will acquire one, two, all three of the projects; or none of them. The team intends to acquire any project it deems profitable over the duration of the project. For purposes of this case, ignore purchase price of the projects. Gasco is a natural gas...
Check my work Revenues are normally recognized when the company transfers promised goods or services in...
Check my work Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to receive. The amount recorded is the cash-equivalent sales price. The following transactions occurred in September: a. A popular ski magazine company receives a total of $11,545 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $1,500 to a company,...
Help please!
Brief Exercise 18-9 On January 2, 2017, Crane Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $10,900, with payment due in 12 months. The fair value of the goods at the date of sale is s9,600 (cost $5,760) Prepare the journal entry to record this transaction on January 2, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select...
Brief Exercise 18-16 Bridgeport Inc. sells tickets for a Caribbean cruise on ShipAway Cruise Lines to Carmel Company employees. The total cruise package price to Carmel Company employees is $84,000 Bridgeport Inc. receives a commission of 6% of the total price. Bridgeport Inc. therefore remits $78,960 to ShipAway Prepare the journal entry to record the remittance and revenue recognized by Bridgeport Inc. on this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If...
brief exercise 18-12 Bonita company sells goods to Windsor
company during 2017. it offers Windsor the following rebates based
on total sales to Windsor . it total sales to Windsor are 10,500
units , it will grant a rebate of 3%.if it sells up to 18,600
units, it will grant a rebate of 4%. if it sells up to 29,000
units, it will grant a rebate of 7%. in the first quarter of the
year, Bonita sells 10,400 units to...
nment CALCULATOR FULL SCREEN PRINTER VERSION « BACK NEXT Brief Exercise 18-12 Sarasota Company sells goods to Ivanhoe Company during 2017. It offers Ivanhoe the following rebates based on total sales to Ivanhoe. If total sales to Ivanhoe are 10,900 units, it will grant a rebate of 3%. If it sells up to 18,800 units, it will grant a rebate of 5%. If it sells up to 30,900 units, it will grant a rebate of 6%. In the first quarter...
Brief Exercise 18-2 On May 10, 2017, Crane C enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greg agrees to pay the full contract price of $2,080 on July 15, 2017. The cost of the goods is $1,330. Crane delivers the product to Gregon June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Crane related to this contract. Either party may terminate the contract without compensation until...
Practice Exercise 18-2
Grouper Inc. sells goods to Brooks Corp. on account on January
2, 2017. The goods have a sales price of $525,000 (cost of
$424,000). The terms are net 30. If Brooks pays within 6 days,
however, it receives a cash discount of $7,200. A history of past
similar transactions indicates that Brooks will take the cash
discount. On January 7, 2017, Brooks makes payment to Grouper for
the full sales price.
Your answer is partially correct. Try...
Exercise 18-11 (Part Level Submission) Ayayai Windows manufactures and sells custom storm windows for three-season porches. Ayayai also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Ayayai enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,280 and chooses Ayayai to do the installation. Ayayai charges the same price for the...
Check my work Revenues are normally recognized when the company transfers promised goods or services in the amount the company expects to receive. The amount recorded is the cash-equivalent sales price. The following transactions occurred in September: a. A popular ski magazine company receives a total of $11,545 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint. b. On September 1 of the current year, a bank lends $1,500 to a company,...
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