SmaGlo, Inc., a telecommunications operator, entered into a contract with Kim Dorothy on March 1,20x7. In line with the contract, Kim Dorothy subscribes for SmaGlo's monthly plan for 12 months and in retum Kim Dorothy receives a free Apple I-Phone handset from SmaGlo. Kim Dorothy will pay a monthly fee of P1,200. Kim Dorothy gets the handset immediately after contract signature.  SmaGlo sells the same handsets for P2,400 and the same monthly plans for P800 per month without handset.  On December 31, 20x7, the total revenue amounted to:   Answer is 960. Provide solution

Q: SmaGlo, Inc., a telecommunications operator, entered into a contract with Kim Dorothy on March…

A: Standalone Price of monthly plan for 12 months (P800 * 12) P9,600 Standalone Price of Apple…

Q: On January 1, 2017, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Journal entries are prepared to record the financial and non-financial transactions of the business…

Q: Sarjit Systems sold software to a customer for $80,000. As part of the contract, Sarjit promises to…

A:

Q: On July 1, 2021, Concord Inc. entered into a contract to deliver one of its specialty machines to…

A: Contract Entered for Purchase of Machine: Equipment Purchase Agreement means an agreement between…

Q: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Given details: A) Stand-alone price of handset= $ $649.00 B) Stand-alone price of services =$1,536…

Q: Burger King granted a franchise to Shakers where Shakers will have to pay franchise fee of…

A: Given  for question one Shakers where Shakers will have to pay franchise fee of P5,000,000 payable…

Q: BB, WW and FF agree to sell construction tools for a period of one month. BB agrees te the lawn of…

A: Given: The data is given as,         BB- 170000          WW-260000         FF-60000

Q: total amount of revenue t

A: Revenue recognition refers to the concept that enables the business for computing the amount of…

Q: On January 1, 2018, PLDC enters into a wireless contract in which customer MBP is provided with…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: On May 1, 2020, Marin Inc. entered into a contract to deliver one of its specialty mowers to…

A: DATE  PARTICULARS DEBIT CREDIT a)       May 1, 2020 No entry is required as a contract was…

Q: On May 10, 2020, Vaughn Co. enters into a contract to deliver a product to Greig Inc. on June 15,…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Huawey Company, a telco operator, entered into a contract with Badjyang on Feb. 1, 2019. In line…

A: It is pertinent to note that as per IFRS 15 if a contract consists of two or more goods and services…

Q: HERE Inc, a telecommunications operator, entered into a contract with Mr. X on March 1, 20x7. In…

A: Following is the answer to the given question

Q: amount of accounts receivable to be recorded

A: Accounts receivable means the amount due to be received in respect of sales made or services…

Q: What amount of revenue should Bramble recognize in its first year?

A: Particulars Amount Non-refundable initiation fee $108 Annual membership fees for 3 years…

Q: Nate Beggs signs a 1-year contract with BlueBox Video. The terms of the contract are that Nate is…

A: Revenue recognition principle:   The organization recognizes the revenue in the accounting period…

Q: On November 1, 2021 a  customer enters into a contract with MyWatch, Inc. to purchase an eWatch plus…

A: The Accrual basis accounting states that revenue should be recognized as and when the service or…

Q: On May 1, 2020, Indigo Inc. entered into a contract to deliver one of its specialty mowers to…

A: Journal entry record the financial transactions. In case money is received in advance, it is…

Q: Solar Plc sells their frequency counters to various customers. 1) In contract X with the customer,…

A: ANSWER   Solar Pic sells their frequency counters to various customers. 1) In contract X with the…

Q: SmaGlo, Inc., a telecommunications operator, entered into a contract with Kim Dorothy on March…

A: The transaction price is the consideration paid by the customer for receiving a good or service. Kim…

Q: On Jan. 1, 20x1, Knock Co. enters into a contract with a customer to transfer a license for a fixed…

A: The question is related to recognition of revenue and cost incurred. Revenue will be recognized when…

Q: HERE Inc, a telecommunications operator, entered into a contract with Mr. X on March 1, 20x7. In…

A: On March 1, 20x7, HERE Inc, a telecommunications operator entered into contract with Mr. X Mr. X…

Q: n January 1, 2017, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Given: On 1 jan,2017,Loud company enters into a 2 yrs contract with a customer  for an unlimited…

Q: SmaGlo, Inc. a telecommunications operator. entered into a contract with Kim Dorothy on March 1,…

A: Answer: As per revenue recognition principles, we have set of steps to be performed. 1. There should…

Q: On January 1, 2020, Gordon Co. enters into a contract to sell a customer a wiring base and shelving…

A: a.

Q: On March 1, 20x7, the amount of accounts receivable to be recorded:

A: Accounts receivable is the balance of money due to a firm for goods or services delivered or used…

Q: On May 1, 2020, Nash Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo…

A: Date Particulars Debit Credit May 1, 2020 No entry     May 15, 2020 Cash $889      Unearned…

Q: Hot Tub Builders sells to three retail dealers under an agreement wherein each dealer pays monthly.…

A: The average daily receipt is the receipt that is the average of the receipt on daily basis which has…

Q: SmaGlo, Inc., a telecommunications operator, entered into a contract with Kim Dorothy on March…

A: Revenue is the amount which has been earned by the company from by selling the products or from the…

Q: John signs a 1-year contract with Fitness The First Gym. The terms of the contract are that John is…

A: Answer: Particulars Amount Non refundable  fee 12000 Annual membership  12000 (1000 per…

Q: BB, WW, and FF agree to sell construction tools for a period of one month. BB agrees to construct a…

A: Compute the cost of goods sold by adding the sales of BB, WW and FF and divide the resulting value…

Q: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Answer 1: Given information, The unlimited talk and 2 GB data plan is priced = $49 per month…

Q: Merville is a dealer in real properties. Merville requires 20% downpayment, and the balance is…

A: Answer: We have  Gross profit = 40% of Selling price Selling price of lot 1 in 2019= P 1,350,000…

Q: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Part 1 ) The contract modification does not add goods or services to the arrangement; therefore,…

Q: Before starting to render his service, Paolo collected an advance payment of P2,000 for the…

A: Gross service income is the sum of remuneration received from delivery of service. In the given…

Q: Dominador’s Pizza Inc. enters into a franchise agreement on December 31, 20x7, giving Dian…

A: Answer: Journal entries to record the revenue arrangement on December 31, 20x7, the date of signing…

Q: SmaGlo, Inc., a telecommunications operator, entered into a contract with Kim Dorothy on March…

A: The revenue is recognized for each separate performance obligation. The total transaction price is…

Q: Beginning 2019, Maigo and Maika Company grant 15 days of vacation a year to each of the 100…

A: Liability is an obligation over a person or entity to pay off the money owed. These are of two…

Q: On March 1, 20X1, Token Texx (TT), a telecommunications operator, entered into a contract with…

A: Revenue recognition principle is a significant accounting assumption to be followed by a business…

Q: On June 1, Forde Auto Manufacturer sells a 4-door sedan to a dealer for $33,000, which includes…

A: Total sales price = 20 vehicles x $32,450                           = $649,000 Vehicle = 20 vehicles…

Q: On July 15, Zink Jewels agrees to a contract to sell 4,000 promise rings for $100,000 to Costless…

A: The revenue recognition principle: The revenue recognition principle refers to the revenue that…

Q: ABC Inc, a telecommunications operator, entered into a contract with Mr. X on March 1, 20x2. In line…

A: Revenue recognition principle says that all revenues are recognised by the business when these are…

Q: SmaGlo, Inc., a telecommunications operator, entered into a contract with Kim Dorothy on March 1,…

A: Answer: Revenue are to be recognized when there is performance obligation and standalone selling…

Q: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: In the given case, Company enters into two years contract  The cost of a wireless plan is $68 per…

Q: Cuyos, Inc., a dealer of household appliances, sells washing machines at an average price of P8,100.…

A: Current liability is described as the obligation which is to be paid within a period of one year.…

Q: DITO Corp. a telecommunications operator, entered into a one-year contract with Kim on March 1,…

A: Here their are two performance obligations  1.Apple I-phone handset 2. Network service  As per IFRS…

Q: On May 10, 2020, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15,…

A: Journal Entry:   It is a systematic record of a financial transaction of a company recorded in…

Q: retum Kim Dorothy receives a free Apple I-Phone handset from SmaGlo. Kim Dorothy will pay a monthly…

A: Accounts receivables refers to the document which reflects the due sum of money which is yet to be…

Q: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Part 1 : - Initial Consideration  Initial Consideration  for  Product 5 GB data  = 65 per month *…

Q: On January 1, 2019, Loud Company enters into a 2-year contract with a customer for an unlimited talk…

A: Loud Company enters into 2 year contract with a Customer and provides services Unlimited talk time…