Business
AccountingIntermediate Accounting: Reporting And AnalysisEnterprise Solutions Inc. licenses its productivity software to Blackmon Company for $100,000, payable at contract inception. Enterprise agrees to provide semiannual software upgrades over the 5-year length of the contract to enable Blackmon to benefit from any technological advancement. Enterprise concludes that the software license is not distinct from the promised upgrades. What journal entries are necessary for Enterprise to account for this transaction?
close solutoin list

Enterprise Solutions Inc. licenses its productivity software to Blackmon Company for $100,000, payable at contract inception. Enterprise agrees to provide semiannual software upgrades over the 5-year length of the contract to enable Blackmon to benefit from any technological advancement. Enterprise concludes that the software license is not distinct from the promised upgrades. What journal entries are necessary for Enterprise to account for this transaction?

BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281
BuyFind

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
Publisher: Cengage Learning
ISBN: 9781337788281

Solutions

Chapter
Section
Problem 1GI
Problem 2GI
Problem 3GI
Problem 4GI
Problem 5GI
Problem 6GI
Problem 7GI
Problem 8GI
Problem 9GI
Problem 10GI
Problem 11GI
Problem 12GI
Problem 13GI
Problem 14GI
Problem 15GI
Problem 16GI
Problem 17GI
Problem 18GI
Problem 19GI
Problem 20GI
Problem 21GI
Problem 22GI
Problem 23GI
Problem 24GI
Problem 25GI
Problem 1MC
Problem 2MC
Problem 3MC
Problem 4MC
Problem 5MC
Problem 6MC
Problem 7MC
Problem 9MC
Problem 10MC
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 16RE
Problem 17RE
Problem 18RE
Problem 19RE
Problem 1E
Problem 2E
Problem 3E
Problem 4E
Problem 5E
Problem 6E
Problem 7E
Problem 8E
Problem 9E
Problem 10E
Problem 11E
Problem 12E
Problem 13E
Problem 14E
Problem 15E
Problem 16E
Problem 17E
Problem 18E
Problem 19E
Problem 20E
Problem 21E
Problem 22E
Problem 23E
Problem 24E
Problem 25E
Problem 26E
Problem 1P
Problem 2P
Problem 3P
Problem 4P
Problem 5P
Problem 6P
Problem 7P
Problem 8P
Problem 9P
Problem 10P
Problem 11P
Problem 1C
Problem 2C
Problem 3C
Problem 4C
Problem 5C
Problem 6C
Problem 7C
Problem 8C
Problem 9C
Problem 10C
Chapter 17, Problem 8RE
Textbook Problem

Enterprise Solutions Inc. licenses its productivity software to Blackmon Company for $100,000, payable at contract inception. Enterprise agrees to provide semiannual software upgrades over the 5-year length of the contract to enable Blackmon to benefit from any technological advancement. Enterprise concludes that the software license is not distinct from the promised upgrades. What journal entries are necessary for Enterprise to account for this transaction?

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.See solution
Chapter 17,
Problem 7RE
Chapter 17,
Problem 9RE

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 17 Solutions

Intermediate Accounting: Reporting And Analysis
Show all chapter solutions
Ch. 17 - What is the core principle of revenue recognition?Ch. 17 - How does the FASB define revenues?Ch. 17 - When a company recognizes revenue during a period,...Ch. 17 - Identify the five steps in the revenue recognition...Ch. 17 - What is a contract? What form can a contract take?Ch. 17 - What is the proper accounting for a wholly...Ch. 17 - If a seller enters into more than one contract...Ch. 17 - When should a seller account for a contract...Ch. 17 - What is a performance obligation? Do performance...Ch. 17 - How does the seller determine if a performance...
Ch. 17 - How should the seller treat promised goods and...Ch. 17 - Are upfront payments considered separate...Ch. 17 - What is the sellers main objective when...Ch. 17 - How should the seller measure revenue when it...Ch. 17 - How does the seller allocate the transaction price...Ch. 17 - What is the best evidence of a goods or services...Ch. 17 - If the standalone selling price of a good or...Ch. 17 - How does a seller satisfy a performance...Ch. 17 - What evidence would suggest that a performance...Ch. 17 - If the sellers performance creates on asset (e.g.,...Ch. 17 - Describe input and output methods used to measure...Ch. 17 - What information must a company disclose about its...Ch. 17 - What types of disclosures must companies make to...Ch. 17 - Under what circumstances does a company recognize...Ch. 17 - How does a company classify the following accounts...Ch. 17 - A company should recognize revenue when a. the...Ch. 17 - A contract between one or more parties creates: a....Ch. 17 - Morgan Company and its customer agree to modify...Ch. 17 - Chlorine Corp. has a contract to deliver pool...Ch. 17 - Orange Construction Company enters into a...Ch. 17 - On July 15, 2019, Matrix Corp. sells 20,000 snow...Ch. 17 - In accounting for a long-term construction...Ch. 17 - On April 1, 2019, Pine Construction Company...Ch. 17 - A customer obtains control over a good or service...Ch. 17 - CustomTee Inc. contracts with various customers to...Ch. 17 - Yankee Corp. agrees to provide Albany Company 24...Ch. 17 - Assume the same facts as in RE17-2. If Yankee...Ch. 17 - East Georgia Community Hospital enters into a...Ch. 17 - LongDrive sells a specialized golf club that has...Ch. 17 - Modine Homes Inc. enters into a contract to design...Ch. 17 - VolleyElite runs a volleyball program consisting...Ch. 17 - Enterprise Solutions Inc. licenses its...Ch. 17 - Assume the same facts as in RE17-8, except that...Ch. 17 - Magical Memories sells Florida theme park vacation...Ch. 17 - On January 1, Morris Company offered a customer a...Ch. 17 - Robotics Inc. contracts with a customer to build a...Ch. 17 - CoolShoes sells its elite tennis shoes to sports...Ch. 17 - Using the information in RE17-13, what journal...Ch. 17 - GameDay sells recreational vehicles along with...Ch. 17 - Clorad Corp. contracts with a customer to...Ch. 17 - Using the information provided in RE17-16, prepare...Ch. 17 - Wells Corp. appropriately determined that...Ch. 17 - Lark Corp. appropriately determined that each of...Ch. 17 - Company enters into a contract with Dearborn Inc....Ch. 17 - Consider each of the following scenarios: a. A...Ch. 17 - On August 1, 2019, Aiken Corp. enters into a...Ch. 17 - On January 1, 2019, Spring Fashions Inc. enters...Ch. 17 - On January 1, 2019, Loud Company enters into a...Ch. 17 - Assume the same facts as in El7-5. On July 1,...Ch. 17 - Assume the same facts as in E17-5 and ignore...Ch. 17 - Sanderson Construction Company provides a variety...Ch. 17 - GrillMaster Inc. sells an industry-leading line of...Ch. 17 - WaterWorld Inc. operates an aquarium and water...Ch. 17 - On January 1, 2019, Crockett Pharmaceuticals...Ch. 17 - Jonas Consulting enters into a contract to provide...Ch. 17 - On March 1, 2019, Elkhart enters into a new...Ch. 17 - On January 5, 2019, ShoeKing Corp. sells for cash...Ch. 17 - On January 1, 2019, Piper Company entered into an...Ch. 17 - On January 1, 2019, Fulton Inc. enters into a...Ch. 17 - On February 1, 2019, Silicon Rentals contracts...Ch. 17 - On December 1, 2019, AwakcAllNight Inc. sells...Ch. 17 - Rix Company sells home appliances and provides...Ch. 17 - Assume the same facts as in E17-19, except that...Ch. 17 - Crazy Computer Store sells a back-to-school bundle...Ch. 17 - Each of the following is an independent situation...Ch. 17 - In 2019, Tarlo Company agrees to construct a...Ch. 17 - King Construction Company began work on a contract...Ch. 17 - Koolman Construction Company began work on a...Ch. 17 - Newberg Construction Corp. contracted to construct...Ch. 17 - Each of the following independent situations...Ch. 17 - JustKitchens Inc. provides services to restaurants...Ch. 17 - On January 1, 2019, ForeRunner Inc. enters into a...Ch. 17 - January 2, 2019, TI enters into a contract with...Ch. 17 - Palantir Corp. sells specialized equipment to the...Ch. 17 - In 2019, Dreyer Corp. began construction work...Ch. 17 - Fender Construction Company receives a contract to...Ch. 17 - SoccerHawk Merchandise Inc. enters into a 6-month...Ch. 17 - Escargot Inc. is a 5-star restaurant in...Ch. 17 - Jorg is building an office building for Wilmington...Ch. 17 - Blackmon Company provides locator services to the...Ch. 17 - Prior to ASU 2014-09 changing the principles...Ch. 17 - The first step in the revenue recognition process...Ch. 17 - Lukes Gameday Company sells a package of goods and...Ch. 17 - One of the more difficult issues that companies...Ch. 17 - After the presentation of your report on the...Ch. 17 - On October 1, 2019, Grahams WeedFeed Inc. signs a...Ch. 17 - On January 1, 2019, Mopps Corp. agrees to provide...Ch. 17 - On November 1, 2019, Olivias Art Shoppe agreed to...Ch. 17 - Revenue for a company is recognized for accounting...Ch. 17 - Village Company is accounting for a long-term...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
LO6 Bill Roberts provided legal advice to a client for 500 on account. Roberts paid a legal assistant 50 for re...

College Accounting, Chapters 1-27

For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of 553 million. Th...

Financial Accounting

Calculate cash flows Natures Way Inc. is planning to invest in new manufacturing equipment to make a new garden...

Financial & Managerial Accounting

Ethical Issues The following statements have appeared in newspaper editorials: 1. Business students come from a...

Managerial Accounting: The Cornerstone of Business Decision-Making

Payroll summary The following data for Throwback Industries Inc. relate to the payroll for the week ended Decem...

Corporate Financial Accounting

Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing t...

Financial And Managerial Accounting

Accounts receivable turnover and days sales in receivables Apple Inc. designs, manufactures, and markets person...

Accounting

What is an external financial audit, and what are the sources of audit evidence?

Accounting Information Systems

Discuss the benefits of SOAs to the growth of E-business.

Accounting Information Systems

An increase in the supply of a good will decrease the total revenue producers receive if a. the demand curve is...

Principles of Economics (MindTap Course List)

(Supply Shifters) List the five things that are held constant along a market supply curve, and identify the cha...

ECON: MICRO4 (New, Engaging Titles from 4LTR Press)

In the early 1980s, new legislation allowed banks to pay interest on checking deposits, which they could not do...

Principles of Macroeconomics (MindTap Course List)

Discuss target market strategies

MKTG 12:STUDENT ED.-TEXT

REPLACEMENT ANALYSIS The Bigbee Bottling Company is contemplating the replacement of one of its bottling machin...

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

Give an example of an adverse supply shock and illustrate graphically. Now do the same for a beneficial supply ...

ECON MACRO

Describe the four variables of the marketing mix.

Contemporary Marketing

Writing a Unique, Personable Cover Message: YOUR TASK. Using the job listing you found for ActIvity 13.7, write...

Essentials of Business Communication (MindTap Course List)

Plot the following price and quantity. Then calculate price elasticity of demand at P = 8, P = 4, and P = 2.

Economics:

For a business, why are crisis and reputation management, listening to stakeholders, and targeting specific typ...

Foundations of Business (MindTap Course List)

A manager of a large corporation recommends a 10,000 raise be given to keep a valued subordinate from moving to...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

(Zero Economic Profits ¡n Long Run) Why is there no economic profit for perfectly competitive firms in the long...

ECON MICRO

Classify the following topics as relating to microeconomics or macroeconomics. a. a familys decision about how ...

Principles of Microeconomics (MindTap Course List)

The economy of Elmendyn contains 2,000 1 bills. a. If people hold all money as currency, what is the quantity o...

Brief Principles of Macroeconomics (MindTap Course List)

Indicate how important each characteristic is to you. Answer according to your feelings about the most recent j...

Management, Loose-Leaf Version

Is absolute advantage or comparative advantage more important for trade? Explain your reasoning using the examp...

Essentials of Economics (MindTap Course List)

Should firms require higher rates of return on foreign projects than on identical projects located at home? Exp...

Fundamentals of Financial Management (MindTap Course List)

For each of the following companies, determine what they primarily sell and whether their e-commerce strategy i...

Financial Accounting

Describe a business transaction that will do the following: a. Increase an asset and increase a liability b. De...

College Accounting (Book Only): A Career Approach

Entries for issuing stock On August 26, Mountain Realty Inc. issued for cash 120,000 shares of no-par common st...

Financial & Managerial Accounting

CALCULATION OF COST OF GOODS SOLD: PERIODIC INVENTORY SYSTEM Prepare the cost of goods sold section for Havens ...

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have b...

College Accounting (Book Only): A Career Approach

Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a...

Accounting (Text Only)

Table 1.7 shows data for seven colleges and universities. The endowment (in billions of dollars) and the percen...

Statistics for Business & Economics, Revised (MindTap Course List)

Suppose that Congress imposes a tariff on imported automobiles to protect the U.S. auto industry from foreign c...

Principles of Macroeconomics (MindTap Course List)

Evaluate the following statement: The Keynesian assumption of wage and price rigidity best corresponds to the s...

Exploring Economics

LEASE VERSUS BUY Morris-Meyer Mining Company must install 1.5 million of new machinery in its Nevada mine. It c...

Fundamentals of Financial Management (MindTap Course List)

Human Resources department needs the work time, vacation time, and sick time for Greg Kinman (see the EMPLOYEE ...

Pkg Acc Infor Systems MS VISIO CD

BOND VALUATION Robert Black and Carol Alvarez are vice presidents of Western Money Management and codirectors o...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What are an employers responsibilities for FICA taxes on: a. Tips reported by employees? b. Wages paid tipped e...

PAYROLL ACCT.,2019 ED.(LL)-TEXT

Depreciation by two methods; partial years Knife Edge Company purchased tool sharpening equipment on July 1, 20...

Survey of Accounting (Accounting I)

Accounting equation Inspirational Inc. is a motivational consulting business. At the end of its accounting peri...

Corporate Financial Accounting

The amount of Real GDP (real output) that households are willing and able to buy may change if there is a chang...

Economics (MindTap Course List)

The price of T-shirts keeps rising and rising, and people keep buying more and more. T-shirts must have an upwa...

Microeconomics

The ratio of the change in GDP to an initial change in aggregate expenditures (AE) is the a. spending multiplie...

Economics For Today

Why is it important to have accurate projections of cash flows for potential capital investments?

Cornerstones of Cost Management (Cornerstones Series)

Identify the weakness in each sentence, and write an improved version. It is essential that you learn to design...

Bcom

Insourcing/Outsourcing: The FlexCon Piston Decision This case addresses many issues that affect insourcing/outs...

Purchasing and Supply Chain Management

Diagrammatically represent what happens to the efficient number of gifts that a gift giver wants to give to a g...

Macroeconomics

A medical supply company has customers in eight cities. It is trying to decide how many salespeople it needs to...

Practical Management Science

Vail Resorts, Inc. (MTN), announced a 415 million expansion of lodging properties, ski lifts, and terrain in Pa...

Managerial Accounting

Ethics and Inventory An electronics store has a large number of computers that use outdated technology in its i...

Cornerstones of Financial Accounting

If a firm maximizes profit, it must minimize the cost of producing the profit-maximizing output. Is this statem...

Economics: Private and Public Choice (MindTap Course List)

What did you differently in the two classes? Fill out the table below:

Understanding Management (MindTap Course List)

Complete the following table, which describes the sales tax paid by individuals at various income levels. Indic...

MACROECONOMICS FOR TODAY

A technological advance that increases the productivity of teachers can be expected to have what effects on the...

Micro Economics For Today

If a senator trades his or her vote on an issue for a 10,000 payment, would you consider this corruption? If a ...

Macroeconomics: Private and Public Choice (MindTap Course List)

Suppose the government established a new program that would use revenues from a payroll tax to finance 85 perce...

Microeconomics: Private and Public Choice (MindTap Course List)

bartleby
  • Contact Research (Essays)
  • High School Textbooks
  • Literature Guides
  • Essay Help
  • Mobile App
    • © 2021 bartleby. All Rights Reserved.