This year you obtain a new client, Lee Corporation, a regional distributor of appliances. Before becoming your client, Lee had installed a microcomputer-based accounting system to handle its receivable, payables general ledger and payroll. Lee purchases its microcomputer with off-the-shelf software and appears very pleased with it. You notice that the computer sits on the bookkeeper’s desk. You ask Christian Lee, the president, about his feelings about the computer system, and he states:“The system is absolutely great. It has already saved us a lot of time and money. I get reports when I want them, not days later. In fact, it is so good, why don’t you try it? The password is LEE. You can go ahead and use it. If you want any backup files, they are stored in the supply room. We sure saved a lot of money by purchasing the system from a mail-order operation. A system analyst wanted P15,000 to help pick the best system for us, and a local dealer wanted P11,000 more for comparable hardware…

Hillside Company enters into a contract with Sanchez Inc. to provide a software license and 3 years of customer support. The customer-support services require specialized knowledge that only Hillside Company's employees can perform. How many performance obligations are in the contract?

This year you obtain a new client, Lee Corporation, a regional distributor of appliances. Before becoming your client, Lee had installed a microcomputer-based accounting system to handle its receivable, payables general ledger and payroll. Lee purchases its microcomputer with off-the-shelf software and appears very pleased with it. You notice that the computer sits on the bookkeeper’s desk. You ask Christian Lee, the president, about his feelings about the computer system, and he states:   “The system is absolutely great. It has already saved us a lot of time and money. I get reports when I want them, not days later. In fact, it is so good, why don’t you try it? The password is LEE. You can go ahead and use it. If you want any backup files, they are stored in the supply room. We sure saved a lot of money by purchasing the system from a mail-order operation. A system analyst wanted P15,000 to help pick the best system for us, and a local dealer wanted P11,000 more for comparable…

Brian Marlow recently was hired to prepare Louise Michenor Consulting’s year-end financial statements. Brain just entered his CPA certificate, and Louise Michneor was one of his first clients. Louise employs a bookkeeper, Martha Hailing, who does the daily journal entries and prepares a year-to-date trial balance at the end of the of each month. Martha gives the December 31 trial to a CPA to make adjustments and generate the financial statements. As Brian was looking through Louise Michenor’s books, he noticed two things. First, in each of the last three years, a different COA had prepared the financial statements. Second, the amount shown on the December 31 trial balance for miscellaneous expense was quite high this year compared to prior years. Brian called Martha to find out is she new why miscellaneous expense had such a high balance. Martha’s response was “ I just do what Louise tells me to do. If she wants to charge personal expenses to the company, it’s none of my business “.…

I kindly ask of you please do not just copy and paste a previous solution done by another expert. I have posted this question 3 times and all instances I was provided with what was previously done by past experts which is not clear to understand. Thank you kindly. Ridley Corporation is in the process of adjusting and correcting its books at the end of 2020. In reviewing its records, the following information was discovered. Prepare the journal entries necessary at December 31, 2020, to record the corrections and changes. The books are still open for 2020. The income tax rate is 40%. The company has not yet recorded its 2020 income tax expense and payable amounts so current-year tax effects may be ignored. Prior-year tax effects must be considered in item 4. 1. The company did not accrue sales commissions payable at the end of each of the last 2 years, as follows. December 31, 2019 $19,000 December 31, 2020 $11,000 2. In reviewing the December 31, 2020, inventory, Ridley discovered…

I am having trouble with this section of questions, not sure how to set up or fill out properly.... SERIAL PROBLEM: KATE’S CARDS(Note: This is a continuation of the Serial Problem: Kate’s Cards from Chapter 1.)SP2. In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms,and began the process of getting her business up and running. The following events occurred duringthe month of September 2019:1. Kate deposited $10,000 that she had saved into a newly opened business checking account. Shereceived common stock in exchange.2. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores.3. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design andprinting.4. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercialprinter for the company, paying $4,800 in cash. She decided to record all of these items under thesame equipment account.5. Kate…

Joey Juno began a web-based computer sales and service company on June 1, 20X8, called Juno's Toys. Joey has made a few decisions regarding the accounting system; all prepayments and unearned revenues will be recorded as assets and liabilities and the company will use a periodic inventory system. Juno's Toys completed these transactions during November of the current year: Joey invested $12,000 cash along with $9,000 of used computer equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insurance is effective immediately. Hired a computer technician, named Barney to be paid every two weeks. $23,000 of merchandise was purchased from Eastman Store on account terms 1/10, n30. Freight was paid in amount of $200 for above purchase. Bought $400 of office supplies on account. Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smith paid $500 cash and put the rest on account, with term 1/15, n30. Bought office furniture for $9,000. Paid $1,000 cash…

In March 2024, Price Company began developing a new software system to be used internally for managing its inventory. The software integrates customer orders with inventory on hand to automatically place orders for additional inventory when needed. The software then automatically records inventory as the shipment is received and read by scanners. The software development was completed in October 2024 at a cost of $150,000. Of this amount, $25,000 was spent before the application development stage was established. Price expects to use the software for at least five years. Determine the initial amount that Price should capitalize as software development costs. Capitalized costs

On 9/1, Bugsy Pest Control receives $12,000 in advance to provide provide pest control services to a client over the next 4 months. When the business transaction is recorded on 9/1, what amount, if any, would be recorded for Service Revenue? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f5 E3 f6 [X f8 f9 团 f10 f11 %24 4 & 5 7 8. Y U F G J K 因 6 近