SP-BUS121A-Chapter_6_Assignment

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Apr 3, 2024

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Question 2 Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal The installation includes programming the remote to have the TV interface with other parts of the VP sells the 60-inch TV separately for $2,465, sells the remote separately for $145, and offers th Required: How much revenue would be allocated to the TV, the remote, and the installation service? Items Description Allocated Revenue TV 2380 Total package 2900 Remote 140 Installation 280 Total Revenue 2800
remote, and on-site installation by VP staff. e customer’s home entertainment system. VP concludes that the TV, remote, and installation service ar he installation service separately for $290. The entire package sells for $2,800.
re separate performance obligations.
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Question 3 On March 1, 2024, Gold Examiner receives $139,000 from a local bank and promises to deliv The contract states that ownership passes to the bank when Gold Examiner delivers the produ In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cos and Gold Examiner estimates the stand-alone price of the replacement insurance service to be Required: 1. How many performance obligations are in this contract? 2 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30, a Date General Journal Debit Credit March 1 Cash 139,000 Deferred Revenue - Gold bar 130,660 Deferred Revenue - Insurance 8,340 March 30 Deferred Revenue - Gold bar 130,660 Sale revenue 130,660 April 1 Deferred Revenue - Insurance 8,340 Service revenue 8,340
ver 94 units of certified 1-ounce gold bars on a future date. ucts to Brink’s, a third-party carrier. st if the product is lost in transit. The stand-alone price of a gold bar is $1,410 per unit, e $90 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the ba and April 1. Stand-alone price of 94 units gold bars 132,540 Insurance of 94 units gold bars 8,460 141,000
ank occurred on April 1.
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Question 4 Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. Wilde Rocky receives $1,900 per tour day, and shortly after the end of each month, Rocky learns whether it w if its service during that month received an average evaluation of "excellent" by Wilderness customers On July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus for On July 16, based on Rocky’s view that it had provided excellent service during the first part of the mo On August 5, Rocky learned it did not receive an average evaluation of “excellent” for its July tours, so Rocky bases estimates of variable consideration on the most likely amount it expects to receive. Required: Prepare Rocky’s July 15 journal entry to record revenue for tours given from July 1–July 15. Prepare Rocky’s July 31 journal entry to record revenue for tours given from July 16–July 31. Prepare Rocky’s August 5 journal entry to record any necessary adjustments to revenue and receipt of Date General Journal Debit Credit July 15 Account Receivable 19,000 Service Revenue 19,000 July 31 Account Receivable 28,500 Bonus Receivable 4,750 Service Revenue 33,250 August 5 Cash 47,500 Account Receivable 47,500 Service Revenue 4,750 Bonus Receivable 4,750
erness Tours hires Rocky to lead various tours that Wilderness sells. will receive a $190 bonus per tour day it guided during the previous month s. The $1,900 per day and any bonus due are paid in one lump payment shortly after the end of each mo r July tours. It guided a total of 10 days from July 1 to July 15. onth, Rocky revised its estimate to an 90% chance it would earn the bonus for all July tours. Rocky also o it would not receive any bonus for July, and received all payment due for the July tours. payment from Wilderness.
onth. o guided customers for 15 days from July 16 to July 31.
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Question 5 Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The proje 2024 2025 Costs incurred during the year $316,000 $1,700,000 Estimated costs to complete as of 12/31 1,264,000 0 Billings during the year 400,000 1,660,000 Cash collections during the year 290,000 1,770,000 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assumin 2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assumin 3. Prepare a partial balance sheet to show how the information related to this contract would be present 4. Prepare a partial balance sheet to show how the information related to this contract would be present 2024 2025 #1 Contract price 2,200,000 2,200,000 Actual cost to date 316,000 2,016,000 Estimated cost to complete 1,264,000 0 Total estimated cost 1,580,000 2,016,000 Estimated gross profit 620,000 184,000 Percentage Completion Revenue recognition 2024 2025 Actual cost 316,000 Total estimated cost 1,580,000 Rate 0.20 0.80 Contract price 2,200,000 2,200,000 Revenue recognized 440,000 1,760,000 #2 #3 #4
ect began in 2024 and was completed in 2025. Data relating to the contract are summarized be ng Avaya recognizes revenue over time according to percentage of completion. ng this project does not qualify for revenue recognition over time. ted at the end of 2024, assuming Avaya recognizes revenue over time according to percentag ted at the end of 2024, assuming this project does not qualify for revenue recognition over tim Percentages of completion Actual cost / Estimated total cost=Actual + Estimated cost 2024 316,000 1,580,000 0.20 2025 2,016,000 2,016,000 1.00 2024 To date Recognized in prior year Recognized in 2024 Contrustion Revenue 440,000 0 440,000 Contruction Expenese 316,000 0 316,000 Gross profit (loss) 124,000 0 124,000 2025 To date Recognized in prior year Recognized in 2025 Contrustion Revenue 2,200,000 440,000 1,760,000 Contruction Expenese 2,016,000 316,000 1,700,000 Gross profit (loss) 184,000 124,000 60,000 Revenue Gross profit (loss) 2024 0 0 2025 2,200,000 184,000 Balance Sheet At December 31, 2024 Current Assets Account Receivable 110,000 CIP in excess of billings 40,000 Balance Sheet
At December 31, 2024 Current Assets Account Receivable 110,000 Current Liability Billings in excess of CIP 84,000
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below: ge of completion. me.
Question 6 On February 1, 2024, Arrow Construction Company entered into a three-year construction con During 2024, costs of $2,030,000 were incurred with estimated costs of $4,030,000 yet to be i In 2025, costs incurred were $2,530,000 with remaining costs estimated to be $3,645,000. 202 The project was completed in 2026 after additional costs of $3,830,000 were incurred. The com Required: 1. Calculate the amount of revenue and gross profit or loss to be recognized in each of th 2a. Prepare journal entries for 2024 to record the transactions described (credit "Cash, M 2b. Prepare journal entries for 2025 to record the transactions described (credit "Cash, M 3a. Prepare a partial balance sheet to show the presentation of the project as of Decembe 3b. Prepare a partial balance sheet to show the presentation of the project as of Decembe 2024 2025 Costs incurred during the year $2,030,000 $2,530,000 Estimated costs to complete as of 12/31 4,030,000 3,645,000 Billings during the year 2,530,000 2,780,000 Cash collections during the year 2,280,000 2,505,000 2024 2025 2026 Contract price 8,090,000 8,090,000 8,090,000 Actual cost to date 2,030,000 4,560,000 8,390,000 Estiamted cost to complete 4,030,000 3,645,000 0 Total estimated cost 6,060,000 8,205,000 8,390,000 Estimated gross profit 2,030,000 (115,000) (300,000) Percentage Completion Revenue recognition 2024 2025 2026 Actual cost 2,030,000 4,560,000 Total estimated cost 6,060,000 8,205,000 Rate 0.33 0.56 0.11 Contract price 8,090,000 8,090,000 8,090,000 Revenue recognized 2,710,017 1,786,071 3,593,912 General Journal Debit Credit
#2a - Year 2024 #1 Contruction in progress 2,030,000 Cash, Materials, etc 2,030,000 #2 Account Receivable 2,530,000 Billings on contruction contract 2,530,000 #3 Cash 2,280,000 Account Receivable 2,280,000 #4 Contruction in progress 680,017 Cost of contruction 2,030,000 Revenue from long-term contract 2,710,017 #2b - Year 2025 #1 Contruction in progress 2,530,000 Cash, Materials, etc 2,530,000 #2 Account Receivable 2,780,000 Billings on contruction contract 2,780,000 #3 Cash 2,505,000 Account Receivable 2,505,000 #4 Cost of contruction 2,581,088 Revenue from long-term contract 1,786,071 Contruction in progress 795,017
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ntract to build a bridge for a price of $8,090,000. incurred. Billings of $2,530,000 were sent, and cash collected was $2,280,000. 25 billings were $2,780,000, and $2,505,000 cash was collected. mpany’s fiscal year-end is December 31. Arrow recognizes revenue over time according to percentag he three years. Materials, etc." for construction costs incurred). Materials, etc." for construction costs incurred). er 31, 2024. er 31, 2025. 2026 $3,830,000 0 0 0 #1 Percentages of completion Actual cost / Estimated total cost=Actual + Esti 2024 2,030,000 6,060,000 2025 4,560,000 8,205,000 2026 8,390,000 8,390,000 2024 To date Recognized in prior year Contrustion Revenue 2,710,017 0 Contruction Expenese 2,030,000 0 Gross profit (loss) 680,017 0 2025 To date Recognized in prior year Contrustion Revenue 4,496,088 2,710,017 Contruction Expenese 4,611,088 2,030,000 Gross profit (loss) -115,000 680,017 2026 To date Recognized in prior year Contrustion Revenue 8,090,000 4,496,088 Contruction Expenese 8,390,000 4,611,088 Gross profit (loss) -300,000 -115,000 #3a Balance Sheet
At December 31, 2024 Current Assets Account Receivable 250,000 CIP in excess of billing 180,017 #3b Balance Sheet At December 31, 2024 Current Assets Account Receivable 525,000 Current Liability Billings in excess of CI 865,000
ge of completion. imated cost 0.3350 0.5558 1.0000 Recognized in 2024 2,710,017 2,030,000 680,017 Recognized in 2025 1,786,071 2,581,088 -795,017 Recognized in 2026 3,593,912 3,778,912 -185,000
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Total billings up to 2025 5,310,000 Total cost up to 2025 4,560,000 Loss incurred -115,000 Billings in excess CIP 865,000
Question 7 Brady Construction Company contracted to build an apartment complex for a price of $5 The following is a series of independent situations, numbered 1 through 6, involving dif Situation Costs Incurred during Year Estimated Costs to Complete 2024 2025 2026 2024 2025 1 $1,550 $2,280 $1,050 $3,330 $1,050 2 1,550 1,050 2,600 3,330 2,600 3 1,550 2,280 2,000 3,330 1,900 4 550 3,050 1,100 3,850 900 5 550 3,050 1,650 3,850 1,900 6 550 3,050 2,300 5,100 2,150 Required: Complete the following table. Gross Profit (Loss) Recognized Revenue Recognized Over Time Revenue Recognize Situation 2024 2025 2026 2024 2025 1 196,926 289,672 133,402 0 0 2 196,926 (46,926) 150,000 0 0 3 196,926 (426,926) (100,000) 0 (230,000) 4 137,500 662,500 0 0 0 5 137,500 (137,500) 250,000 0 0 6 (150,000) (100,000) (150,000) (150,000) (100,000) Situation 1 Costs Incurred during Year Estimated Costs to Complet 2024 2025 2026 2024 2025 $1,550,000 $2,280,000 $1,050,000 $3,330,000 $1,050,000 2024 2025 2026 Contract price 5,500,000 5,500,000 5,500,000 Actual cost to date 1,550,000 3,830,000 4,880,000 Estiamted cost to complete 3,330,000 1,050,000 0 Total estimated cost 4,880,000 4,880,000 4,880,000 Estimated gross profit 620,000 620,000 620,000 Percentage Completion
Revenue recognition 2024 2025 2026 Actual cost 1,550,000 3,830,000 Total estimated cost 4,880,000 4,880,000 Rate 0.32 0.78 (0.10) Contract price 5,500,000 5,500,000 5,500,000 Revenue recognized 1,746,926 2,569,672 1,183,402 Actual cost (as given) 1,550,000 2,280,000 1,050,000 Gross Profit 196,926 289,672 133,402 Situation 2 Costs Incurred during Year Estimated Costs to Complet 2024 2025 2026 2024 2025 1,550,000 1,050,000 2,600,000 3,330,000 2,600,000 2024 2025 2026 Contract price 5,500,000 5,500,000 5,500,000 Actual cost to date 1,550,000 2,600,000 5,200,000 Estiamted cost to complete 3,330,000 2,600,000 0 Total estimated cost 4,880,000 5,200,000 5,200,000 Estimated gross profit 620,000 300,000 300,000 Percentage Completion Revenue recognition 2024 2025 2026 Actual cost 1,550,000 2,600,000 Total estimated cost 4,880,000 5,200,000 Rate 0.32 0.50 0.18 Contract price 5,500,000 5,500,000 5,500,000 Revenue recognized 1,746,926 1,003,074 2,750,000 Actual cost (as given) 1,550,000 1,050,000 2,600,000 Gross Profit 196,926 (46,926) 150,000 Situation 3 Costs Incurred during Year Estimated Costs to Complet 2024 2025 2026 2024 2025 1,550,000 2,280,000 2,000,000 3,330,000 1,900,000 2024 2025 2026 Contract price 5,500,000 5,500,000 5,500,000
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Actual cost to date 1,550,000 3,830,000 5,830,000 Estiamted cost to complete 3,330,000 1,900,000 0 Total estimated cost 4,880,000 5,730,000 5,830,000 Estimated gross profit 620,000 (230,000) (330,000) LOSS Percentage Completion Revenue recognition 2024 2025 2026 Actual cost 1,550,000 Total estimated cost 4,880,000 Rate 0.32 Contract price 5,500,000 Revenue recognized 1,746,926 Actual cost (as given) 1,550,000 Gross Profit 196,926 (426,926) (100,000) Situation 4 Costs Incurred during Year Estimated Costs to Complet 2024 2025 2026 2024 2025 550,000 3,050,000 1,100,000 3,850,000 900,000 2024 2025 2026 Contract price 5,500,000 5,500,000 5,500,000 Actual cost to date 550,000 3,600,000 4,700,000 Estiamted cost to complete 3,850,000 900,000 0 Total estimated cost 4,400,000 4,500,000 4,700,000 Estimated gross profit 1,100,000 1,000,000 800,000 Percentage Completion Revenue recognition 2024 2025 2026 Actual cost 550,000 3,600,000 Total estimated cost 4,400,000 4,500,000 Rate 0.13 0.80 Contract price 5,500,000 5,500,000 Revenue recognized 687,500 3,712,500 Actual cost (as given) 550,000 3,050,000 Gross Profit 137,500 662,500 0
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Situation 5 Costs Incurred during Year Estimated Costs to Complet 2024 2025 2026 2024 2025 550,000 3,050,000 1,650,000 3,850,000 1,900,000 2024 2025 2026 Contract price 5,500,000 5,500,000 5,500,000 Actual cost to date 550,000 3,600,000 5,250,000 Estiamted cost to complete 3,850,000 1,900,000 0 Total estimated cost 4,400,000 5,500,000 5,250,000 Estimated gross profit 1,100,000 0 250,000 LOSS Percentage Completion Revenue recognition 2024 2025 2026 Actual cost 550,000 3,600,000 Total estimated cost 4,400,000 5,500,000 Rate 0.13 0.65 Contract price 5,500,000 5,500,000 Revenue recognized 687,500 3,600,000 Actual cost (as given) 550,000 3,050,000 Gross Profit 137,500 (137,500) 250,000 Situation 6 Costs Incurred during Year Estimated Costs to Complet 2024 2025 2026 2024 2025 550,000 3,050,000 2,300,000 5,100,000 2,150,000 2024 2025 2026 Contract price 5,500,000 5,500,000 5,500,000 Actual cost to date 550,000 3,600,000 5,900,000 Estiamted cost to complete 5,100,000 2,150,000 0 Total estimated cost 5,650,000 5,750,000 5,900,000 Estimated gross profit (150,000) (250,000) (400,000) LOSS Percentage Completion Revenue recognition 2024 2025 2026 Actual cost Total estimated cost
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Rate Contract price Revenue recognized Actual cost (as given) Gross Profit (150,000) (100,000) (150,000)
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5,500,000. Construction began in 2024 and was completed in 2026. ffering costs for the project. All costs are stated in thousands of dollars. e (As of the End of the Year) 2026 — — — — — — ed Upon Completion 2026 620,000 300,000 (100,000) 800,000 250,000 (150,000) te (As of the End of the Year 2026 0 Revenue Recognized Upon Completion
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Year Gross Profit Recognized 2024 0 2025 0 2026 620,000 Total Gross Profit 620,000 te (As of the End of the Year 2026 0 Revenue Recognized Upon Completion Year Gross Profit Recognized 2024 0 2025 0 2026 300,000 Total Gross Profit 300,000 te (As of the End of the Year 2026 0
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Revenue Recognized Upon Completion Year Gross Profit Recognized 2024 0 2025 (230,000) 2026 (100,000) Total Gross Profit (100,000) te (As of the End of the Year 2026 0 Revenue Recognized Upon Completion Year Gross Profit Recognized 2024 0 2025 0 2026 800,000 Total Gross Profit 800,000
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te (As of the End of the Year 2026 0 Revenue Recognized Upon Completion Year Gross Profit Recognized 2024 0 2025 0 2026 250,000 Total Gross Profit 250,000 te (As of the End of the Year 2026 0 Revenue Recognized Upon Completion Year Gross Profit Recognized 2024 (150,000) 2025 (100,000)
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2026 (150,000) Total Gross Profit (150,000)
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Related Questions
Subject: acounting
Exercise 6-15 (Algo) Approaches for estimating stand-alone selling prices [LO6-6] Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $1,790, sells the remote separately for $120, and offers the entire package for $1,980. VP does not sell the installation service separately. VP is aware that other similar vendors charge $170 for the installation service. VP also estimates that it incurs approximately $120 of compensation and other costs for VP staff to provide the installation service. VP typically charges 50% above cost on similar sales. Required: 1. to 3. Estimate the stand-alone selling price of the installation service using…
Check Exercise 6-15 (Algo) Approaches for estimating stand-alone selling prices (LO6-6) Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $2,110 and sells the remote separately for $280, and offers the entire package for $2,620. VP does not sell the installation service separately. VP is aware that other similar vendors charge $330 for the installation service. VP also estimates that it incurs approximately $280 of compensation and other costs for VP staff to provide the installation service. VP typically charges 40% above cost on similar sales. ok ht nt Required: 1. to 3. Calculate the stand-alone selling price of the…
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Exercise 6-3 (Algo) Allocating transaction price [LO6-4] Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $2,000, sells the remote separately for $125, and offers the installation service separately for $375. The entire package sells for $2,400. Required: How much revenue would be allocated to the TV, the remote, and the installation service? Note: Do not round intermediate calculations. Item Description TV Remote Installation Total revenue Allocated Revenue
Exercise 6-3 (Algo) Allocating transaction price [LO6-4] Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $1,575, sells the remote separately for $210, and offers the installation service separately for $315. The entire package sells for $2,000. Required: How much revenue would be allocated to the TV, the remote, and the installation service? Note: Do not round intermediate calculations. Item Description Allocated Revenue TV Remote Installation Total revenue 0
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Desk company has a product that it currently sells in the market for $80 per unit. Does develop a new feature that if added to the 16 product will allow desk to receive a price of $95 per unit.
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Please answer all four parts  as I cant post last subpart separately please ? god wil bless u I will definitely give upvote Don't provide solutions in an image base thanku
v2.cengagenow.com Purchase-Related Transactions A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight. Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200. Price of Supplier One: $ X Price of Supplier Two: X Which of the two offers, Supplier One or Supplier Two, yields the lower price? Supplier One Feedback Check My Work Calculate the total price for each offer, keeping in mind that the discount is deducted from the total price and the freight is added.
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Home CengageNOWV2| Online teachin x takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=D&inprogress-false Rusty Co. sells two products: X and Y. Last year, Rusty sold 5,000 units of X and 35,000 units of Y Related data are as follows: Unit Selling Unit Variable Unit Contribution Product Price Cost Margin $110 $70 $40 70 50 20 For break-even analysis, the unit contribution margin of E was Oa. $22.50 Ob. $60.00 Oc. $40.00 d. $20.00
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suppose you are the purchasing manager for a company that manufactures scanners and other computer peripherals. Your vendor for scanner motors is now offe Quantity 1-500 motors 501-1,000 motors 1,001-2,000 motors Net Price 501-1,000 motors. 1,001-2,000 motors $16 16 16 Rebate Shipping none ✓ $1.30 1.90 $1.40 1.00 (a) Calculate the cost of the motors, including shipping charges, for each category (in $). 1-500 motors $ 17.40 $15.70 $14.80 0.70
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Problem 18-04 Bridgeport Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Bridgeport’s main products are as follows. Item   StandaloneSelling Price (Cost)   Refrigerator   $500 ($260 ) Range   570 (270 ) Stackable washer/dryer unit   690 (400 ) Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,800. The bundle price includes delivery and installation. Bridgeport also provides installation (not a separate performance obligation).Respond to the requirements related to the following independent revenue arrangements for Bridgeport Appliance Co.             1.    On June 1, 2020, Bridgeport sold 100 washer/dryer units without installation to Laplante Rentals for $69,000. Laplante is a newer customer and is unsure how this product will work in its older rental units.…
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