Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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Q4 Company A provides a bundled service offering to Customer B. It charges Customer B $35 000 for initial connection to its network and two ongoing services – access to thenetwork for 1 year and ‘on-call troubleshooting’ advice for that year.Customer B pays the $35 000 upfront, on 1 July 2014. Company A determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:Connection fee Access fee Troubleshooting$ 5 000 $12 000 $23 000The end of Company A’s reporting period is 30 June.RequiredPrepare the journal entries to record this transaction in accordance with AASB 118 for the year ended 30 June 2013, assuming Company A applies the relative fair valueapproach. Show
You contacted costa who agreed to allow you to use their name and sell their products with an annual fee of OMR15 ,000. This is an example of;
a.
Service business
b.
Mining
c.
Franchise
d.
wholesaling
An accountant recommends a local computer company to a client that is trying to upgrade its computerized sales records. The client purchases $25,000 worth of equipment and sends a check to the accountant for 5 percent of the total sales. This is an example of aa. Commission.b. Contingent fee.c. Referral fee.d. Nonaudit fee.
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