Please help me with explanation
Q: can I get some help with this question
A: Given information is: Billing amount = $1100 Excise tax = 8% State Sales Tax = 2%
Q: will you fill this out please
A: There are three elements of accounting equation of business. These are Assets, Liabilities and…
Q: e missing amounts.
A: We know that Revenue - Cost of Goods sold = Gross Profit Gross Profit - Expenses = Operating…
Q: Please help me to solve this problem
A: Here discuss about the accrual basis accounting treatment of the vacation payable liability which…
Q: Please help
A: There are three types of margins viz, 'Gross" , Operating " and "Net". For…
Q: lease help solve ste
A: Direct material are those material that are consumed during manufacturing process and directly…
Q: Please help with multiple choice questions.
A: Every Profession has its own code of conduct and standards of ethical conduct which each…
Q: Please explain me how to do this problem
A: I am answering the first three sub-parts of the question as per bartleby guidelines. Please…
Q: Please solve part B
A: In case of liquidating contribution, partner's basis must be reduced to zero in all cases. Cash,…
Q: Need help from Letter A to C please
A: Return on total assets is a ratio that indicates the income earned relative to total assets.…
Q: Please help me with this question accurately. Thanks
A: Statement showing require working…
Q: Assistance please
A: The investments decisions taken by the firm are known as capital budgeting decisions. There are…
Q: may you please help me with the following question thank you
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: I need help with question B
A: Hi, I am only answering (b) as per your requirement. Thank you Business are the organizations formed…
Q: Could you please help with part c now?
A: Quantitative Easing (QE): It is a form of monetary policy. Under quantitative easing , the central…
Q: y solve the questi
A: The value of the investment at maturity can be calculated as follows :
Q: please answer this thank you
A: In this question, we have to find out the taxable income of Kagura under different circumstances.
Q: Please help me with this question
A: Assets: Assets are the resources of an organization used for the purpose of business operations.…
Q: Please provide explanation without direct answers
A: Given information : Time period (years) = 1 Payment = 125 Face value = 1,500 Risk free rate = 1%…
Q: Problems
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Hello question is attached, thanks.
A: Income statement: It can be defined as one of the company’s financial statements that shows all the…
Q: Please help me solve this problem please
A: Value added activities means those activities which increase value of the product to some extent.
Q: could you please help with part b please
A: Face Value of bond or Future Value is $100 Time period is 5 years Coupon amount is Zero Current…
Q: ANSWER IS LETTER D. PROVI
A: Liabilities are accumulated financial obligations that result from past events that are expected to…
Q: ANSWER EACH PART PLEASE!
A: A) Stock's expected return can be calculated as follows : = P1 × R1 + P2 × R2 + P3 × R3 + P4 × R4 +…
Q: question
A: Given: The question says that the expectation theory holds which means that there is no maturity…
Q: kindly post the solution to the question thanks
A: Total cost of the product comprises of material cost, direct labor cost, variable as well as fixed…
Q: Please put all of t
A:
Q: Please provide answer to questions a to c
A: Introduction: Shareholders equity represents owners' equity i.e. amount of claim for the…
Q: nk you!
A: Fixed Assets refers to the assets that is held in business for longterm use that is for more than 1…
Q: Please make solve part (d to f)
A: Ratio analysis can be defined as the comparative analytical tool which helps to determine the…
Q: Can you help me with this question please Thank you
A: The question is related to busniess started on 1st July 2020. The transactions for the month of July…
Q: e this question, thanks
A: The present value of a future sum of money or stream of cash flows is the current value of the…
Q: s question
A: Cash Flow Statement consists of cash Ins and outs of an organization, and categorized as Operating…
Q: Can someone help me with the part b and c please?
A: Direct material usage variance is otherwise called as Direct Material Quantity variance. It is a…
Q: please answer letter b and explain thoroughly
A: Cost of goods sold is actual cost of goods that are being sold by the business to the customers. It…
Q: Please assist with the questions (d) and (e)
A: The term work-in-progress (WIP) is a production and supply-chain management term describing…
Q: Can you explain this to me?
A: We are going to pick one by one account and see why it is debited or credited so it will be more…
Q: Need answers thank you.
A: Event Account Description Debit Credit P P a. Supplies expenses 53,030…
Q: xpected
A: Formula to calculate free cash flow: Net operating profit after taxes - Net capital expenditure -…
Q: How to do this. Please explain. Thank you.
A: Price variance = ( Actual unit cost - Standard unit cost ) x Actual quantity purchased
Q: Can you help me with this one, clear explanations so I can understand.
A: Status of Taxpayers in Philippines It is difficult in part to determine the residential or non…
Q: please
A:
Q: Please answer all parts with explanations
A: Earnings per share refers to the financial measure that measures the company's profit divided by the…
Q: Please help with this question
A: Issue of bonds is a Financial Liability. This is because the Company has to pay a fixed amount of…
Q: p examine a representat
A: Sales are the amount earned by the business by following its normal business operations. Sales are…
Q: need help answering the questions below
A: Step 1 Journal is the part of book keeping.
Q: an yo
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: What is the value of A?
A: Solution:- calculation of Net sales and Ending inventory as follows under:- The following formulas…
Please help me with explanation
Step by step
Solved in 2 steps
- On January 1, 2019, Mopps Corp. agrees to provide Conklin Company 3 years of cleaning and janitorial services. The contract sets the price at 12,000 per year, which is the normal standalone price that Mopps charges. On December 31, 2020, Mopps and Conklin agree to modify the contract. Mopps reduces the fee for the third year to 10,000, and Conklin agrees to a 4-year extension that will extend services through December 31, 2024, at a price of 15,000 per year. At the time that the contract is modified, Mopps is charging other customers 13,500 for the cleaning and janitorial service. Required: Should Mopps and Conklin treat the modification as a separate contract? If so how should Mopps account for the contract modification on December 31, 2020? Support your opinion by discussing the application to this case of the factors that need to be considered for determining the accounting for contract modifications.On October 1, 2019, Grahams WeedFeed Inc. signs a contract to maintain the grounds for BigData Corp. The contract ends on March 31, 2020, and has a monthly payment of 3,200. The contract does not include any stipulations for additional periods. On June 1, Grahams WeedFeed and BigData sign a new 12-month contract that is retroactive to April 1, 2020. The monthly fee for the new contract is 4,000 per month and is also retroactive to April 1, 2020. During April and May of 2020, while the new contract was being negotiated, Grahams Weed Feed continued to maintain the grounds, and BigData continued to pay 3,200 per month. BigData was satisfied with Grahams WeedFeeds performance, and the only issue during negotiations was the monthly fee. Required: Determine if a valid contract exists between Grahams WeedFeed and BigData during April and May 2020.On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million. The promise to transfer the warehouse is determined to be a performance obligation. The contract states that if the warehouse is usable by November 30, 2019, Elkhart will receive a bonus of 600,000. For every week after November 30 that the warehouse is not usable, the bonus will decrease by 150,000. Elkhart provides the following completion schedule: Required: 1. Assume that Elkhart uses the expected value approach. What amount should Elkhart use for the transaction price? 2. Assume that Elkhart uses the most likely amount approach. What amount should Elkhart use for the transaction price? 3. Next Level What is the purpose of assessing whether a constraint on the variable consideration exists?
- On January 1, 2019, Piper Company entered into an agreement with Save-Mart to sell its most popular product, the gadget. The contract stipulates that the price per unit will decrease as Save-Mart purchases higher volumes of the gadget, as follows: The contract states that Save-Mart pays Piper the unit price based on the current sales volume. Once a volume threshold is reached, the price is retroactively reduced to the applicable price per unit. Based on its past experience with similar contracts, Piper believes that the total sales volume for the year will be 1,800 units and uses the most likely amount approach to estimate variable consideration. In addition, Piper concludes it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur once the uncertainty surrounding the variable consideration is resolved. Required: 1. Determine the transaction price per unit that Piper should use to record revenue. 2. Assume that Save-Mart purchases 800 units in the first quarter of 2019 and 900 units in the second quarter of 2019. Prepare Pipers journal entries to record the sales in the first and second quarters. 3. Given the higher than expected sales volume in the first half of the year, Piper increases its estimate of the sales volume to 2,800 units. Prepare the journal entry to record this change in estimate.On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9% U.S. Treasury notes for 194,000. The notes mature July 1, 2020, and pay interest semiannually on January 1 and July 1. The notes were sold on December 1, 2019, for 199,000. Aldrich normally uses straight-line amortization on all of its notes. In its income statement for the year ended December 31, 2019, what amount should Aldrich report as a gain on the sale of the available-for-sale security? a. 2,500 b. 3,500 c. 5,000 d. 6,000On January 1, GEN enters into a contract with LORD for the sale of a high-end security scanner for P630,000. The contract includes a put option the obliges GEN to repurchase the scanner machine from LORD for P567,000 on or before December 31. The market value is expected to be P495,000 on December 31. LORD pays GEN P630,000 on January 1. The transaction should be accounted for as a:A. Sale C. No sale/leaseB. Lease D. Cannot be determined PLEASE SHOW HOW THE ANSWER WAS FORMULATED WITH COMPLETE SOLUTION IN GOOD ACCOUNTING FORM.
- ***WITH EXPLANATION On January 1, GEN enters into a contract with LORD for the sale of a high-end security scanner for P630,000. The contract includes a put option the obliges GEN to repurchase the scanner machine from LORD for P567,000 on or before December 31. The market value is expected to be P495,000 on December 31. LORD pays GEN P630,000 on January 1. The transaction should be accounted for as a: A. Sale B. Lease C. No sale/lease D. Cannot be determinedZoro Company enters into a contract to sell Product A and Product B on July 1, 2020 for an upfront cash payment of P250,000. Product A will be delivered at the end of the year, and Product B will be delivered the following year. Zoro Company sells Product A for P80,000 and Product B for P240,000. 1. How many performance obligations are there in the contract? 2.what is the transaction price? 3.how much is revenue to be recognized in 2020? 4. how much is revenue to be recognized in 2021?On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard toone of its clients, Bionics, Inc., at a fixed price of $95,000, to be settled by a cash payment on May 1. Deliveryis scheduled for June 1, 2018. As part of the contract, the seller offers a 25% discount coupon to Bionics for anypurchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same timeperiod, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probabilitythat Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $20,000 of purchases.The stand-alone selling price for the Comfort Office Keyboard is $19.60 per unit.Required:1. How many performance obligations are in this contract?2. Prepare the journal entry that Meta would record on May 1, 2018.3. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to…
- On January 1, 2020, ABC Co. enters into a contract with a customer to transfer a license for a fixed fee of P200,000 payable as follows: 20% upon signing of contract and balance due in 4 equal annual installments starting December 31, 2020 (the discount rate is 10%) . ABC incurs direct contract cost of P60,000 in 2020. ABC transfers the license to the customer on January 1, 2021. The license provides the customer with the right to use ABC’s intellectual property as it exists at grant date. Compute the contract revenue on 2021.On January 1, 2020, ABC Co. enters into a contract with a customer to transfer a license for a fixed fee of P200,000 payable as follows: 20% upon signing of contract and balance due in 4 equal annual installments starting December 31, 2020 (the discount rate is 10%) . ABC incurs direct contract cost of P60,000 in 2020. ABC transfers the license to the customer on January 1, 2021. The license provides the customer with the right to use ABC’s intellectual property as it exists at grant date. Compute the contract revenue on 2021. (round off PV in four decimal places ex: 1.23456 to 1.2346)In August 2021, Commonlo Corp. commits to selling 100 of its merchandise to M&H Co. for P30,000 (P300 per product). The merchandise is to be delivered to M&H over the next 6 months. After 60 merchandises were delivered, the contract is modified and Commonio promises to deliver 80 more products for an additional P21,600 (P270 per station) At year-end, Commonlo delivered an additional 90 products. All sales are cash on delivery Assume that the additional term is a prospective modification to the original contract How much revenue will be recognized on the contract for the year?