r the doors. The installation process does not involve changes in the doors, so this service can be provided by other vendors. Green enters into the following contract on May 1, 2023, with a local homeowner. The customer purcha
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Green Doors manufactures and sells custom folding doors for enclosed porches. Green also provides
installation service for the doors. The installation process does not involve changes in the doors, so this
service can be provided by other vendors.
Green enters into the following contract on May 1, 2023, with a local homeowner. The customer purchases a
door for a price of $7,500 and chooses Green to do the installation. The price of the installation service is
$1,000. The customer agrees to pay Green $5,000 upon delivery of the door and the remaining balance upon
installation of the doors. The door is delivered on July 1, 2023. Green completes installation on August 15,
2023, and the customer pays the balance due.
d) Prepare the
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- Rix Company sells home appliances and provides installation and service for its customers. On April 1, 2019, a customer purchased a dishwasher that Rix normally sells for 1,000. In addition, the customer purchased the installation service and a 3-year service contract, with stand-alone selling prices of 200 and 400, respectively. Because the customer purchased all three items as a bundle, Rix charged the customer 1,400. Required: 1. How should the transaction price be allocated among the products? 2. Prepare the journal entries to recognize revenue related to each product in 2019.Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths 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. Geraths enters into the following contract on July 1, 2022, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2022, Geraths completes installation on October 15, 2022, and the customer pays the balance due. Assuming that (a) Geraths estimates the standalone selling price of the installation based on an estimated cost of $400 plus a margin of…Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths 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. Geraths enters into the following contract on July 1, 2022, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2022, Geraths completes installation on October 15, 2022, and the customer pays the balance due. The installation service is estimated to have a standalone selling price using the following methods. (a) Geraths estimates the standalone…
- ABC manufactures and sells custom windows for enclosed porches. ABC also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. ABC enters into the following contract on June 1, 2022, with a local homeowner. The customer purchases windows for a price of P6,650 and chooses ABC to do installation. ABC charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of P1,710. The customer pays ABC P5,700 (which equals the fair value of the windows, which have a cost of P3,230) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2022, ABC completes installation on September 15, 2022 and the customer pays the balance due. Compute for the revenue to be recognize on September 15, 2022.Novak Windows manufactures and sells custom storm windows for enclosed porches. Novak also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Novak enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows for a price of $4,770 and chooses Novak to do the installation. Novak charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $1,830. The customer pays Novak $4,270 (which equals the fair value of the windows, which have a cost of $2,300) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2021, Novak completes installation on September 15, 2021, and the customer pays the balance due. (Round amounts to nearest dollar.)Prepare the journal entries for…Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths 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. Geraths enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Geraths completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for…
- Vaughn Windows manufactures and sells custom storm windows for three-season porches. Vaughn 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. Vaughn enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Vaughn to do the installation. Vaughn charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $570. The customer pays Vaughn $1,960 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Vaughn completes installation on October 15, 2020, and the customer pays the balance due. Vaughn estimates the standalone selling…Vaughn Windows manufactures and sells custom storm windows for three-season porches. Vaughn 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. Vaughn enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,340 and chooses Vaughn to do the installation. Vaughn charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $570. The customer pays Vaughn $1,960 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Vaughn completes installation on October 15, 2020, and the customer pays the balance due. Vaughn estimates the standalone selling…Pearl Windows manufactures and sells custom storm windows for three-season porches. Pearl 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. Pearl enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Pearl to do the installation. Pearl charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $570. The customer pays Pearl $2,100 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pearl completes installation on October 15, 2020, and the customer pays the balance due.Prepare the journal entries for Pearl in 2020
- Pearl Windows manufactures and sells custom storm windows for three-season porches. Pearl 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. Pearl enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Pearl to do the installation. Pearl charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $570. The customer pays Pearl $2,100 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pearl completes installation on October 15, 2020, and the customer pays the balance due.Prepare the journal entries for Pearl in 2020.…Pina Windows manufactures and sells custom storm windows for three-season porches. Pina 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. Pina enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Pina to do the installation. Pina charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $610. The customer pays Pina $2,050 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pina completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Pina in 2020.Nash Windows manufactures and sells custom storm windows for three-season porches. Nash 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. Nash enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Nash to do the installation. Nash charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Nash $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Nash completes installation on October 15, 2020, and the customer pays the balance due. (a) Nash estimates the standalone selling price of the installation based on an estimated cost of $440 plus a margin of…