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On December 1, 2017, AwakeAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The candy bars sell for $3 per bar. In addition, AwakeAllNight pays Campus Grocers a $900 “placement fee” to ensure that its candy bars are always stocked prominently by the cash register. The $900 is paid at the end of each month based on the results of random inspections of Campus Grocers by AwakeAllNight to ensure that the terms of the contract are being followed.
Required:
1. Determine the transaction price for AwakeAllNight’s revenue contract.
2. Prepare AwakeAllNight’s journal entries to recognize sales revenue and pay Campus Grocers the placement fee.
A machine is purchased on January 1, 2016, for $100,000. It is expected to have a useful life of ten years and a residual value of $10,000. The company closes its books on December 31. Under the double-declining balance method, what is the total amou..
he equipment was ready for use on April 1, 2012, but the company did not start using it until May 1, 2012.
your friend comments i just ignore the income statement when im making an investment decision. all i care about is the
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