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On July 15, 2016, Ortiz & Co. signed a contract to provide EverFresh Bakery with an ingredient-weighing system for a price of $90,000. The system included finely tuned scales that fit into EverFresh's automated assembly line, Ortiz's proprietary software modified to allow the weighing system to function in EverFresh's automated system, and a one-year contract to calibrate the equipment and software on an as-needed basis. (Ortiz competes with other vendors who offer ongoing calibration contracts for Ortiz's systems.) If Ortiz was to provide these goods and services separately, it would charge $60,000 for the scales, $10,000 for the software, and $30,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1, 2016, and the calibration service commenced on that date.
How many performance obligations exist in this contract?
a. 2
b. 0
c. 3
d. 1
Thelma thus selld the property to Paul (an unrelated party) for $65,000. On the next day, Paul sells the property to Sandy for the same amount. Is Thelma's realized loss of $55,000 deductible? Describe.
A sporting goods retailer is running a monthly special, with snow skis and snowboards being priced to yield a negative contribution margin. What would motivate a retailer to do this?
BUACC5930 Accounting Concepts and Practices. You are an accountant at West Group Accountants & Investment Advisers. You have been approached by a group of investors for your professional advice on investing in Harvey Norman Holdings Limited.
A translation adjustment must be calculated and disclosed whenever financial statements of a foreign subsidiary are translated into the parent's reporting currency
Evaluate the standard price per gallon and An unfavorable labor quantity variance is usually not related to material price variance, but it could be if the company purchases poor quality material.
Some companies carry essentially no long term debt and only a minimal amount of short term debt in their capital structure. Review the balance sheets of google and Novatris. Provide an explanation for why well-managed and profitable companies appear ..
Calculate the amounts of the adjusting entries and enter them in the adjustments column and enter the amounts in the adjusted trail balance column - prepare the Income Statement
Analyze the effect of the following transactions using the basic Accounting Equation showing your response in the template/ table below: On January 1, 2014, the company purchased land and a building from another company in exchange for $50,000 in cas..
calculation of current price per share.rizzi co. is growing quickly. dividends are expected to grow at a 25 percent
higher than the net operating income under variable costing-lower than the net operating income under variable costing.
Extraordinary gain, net of tax of 30%, is $21,000. Prepare an income statement, including earnings-per-share data, giving supporting computations. Caribou Inc. has 130,000 shares of common stock outstanding.
What are the likely causes of these problems and what are consequences of these problems for investors, Czech companies, and the Prague Stock Exchange?
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