User Account

All Pages

How much is revenue to be recognized

Assignment Help Accounting Basics
Reference no: EM133034662

Question - On November 10, 2020, EEE Company enters into a contract with a private company to deliver 2 Dining Set, 2 Sofa and 5 Cabinets for a lumpsum price of P500,000. It is stipulated in the contract that payment is made only upon delivery of all the orders, though the items may be delivered in installment. The stand-alone prices of the items are: Dining Set - P80,000 per set; Sofa - P100,000 per set; and Cabinet - 40,000 per piece. On December 20, 2020, the following were delivered: 1 Dining Set, 1 Sofa and 3 Cabinets. The remaining items were delivered on January 15, 2021.

Determine the following:

a. How many performance obligations are there in the contract?

b. How much is revenue to be recognized in 2020 and 2021?

c. Entries to record the transactions in 2020 and 2021.

Reference no: EM133034662

Questions Cloud

Critically apply the theories on key concepts : Critically apply the theories on key concepts in descriptive and inferential statistics and Evaluate types of inferential statistics and interpret the results
Determine accounts balances of the T accounts : Determine accounts balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance
Selecting corporate-level strategies : Identify a firm that has recently engaged in diversification. Search the firm's website to identify executives' rationale for diversifying.
Purpose of the constitutional convention : What was the purpose of the constitutional convention? As described by course materials, explain the debates and the compromises at the constitutional conventio
How much is revenue to be recognized : The stand-alone prices of the items are: Dining Set - P80,000 per set; Sofa - P100,000 per set; How much is revenue to be recognized in 2020 and 2021
What are the ethical issues of situation : An increasing number of homeless men have begun sitting and sleeping on the benches in the waiting room of the City Bus Station.
Corporate and personal choices : Please read the case study "Corporate and Personal Choices Regarding the Environment of the Future" from the chapter 4 of the Business ethics textbook
Define the ethics of business : Define the ethics of business. In details, please discuss the different approaches managers and businesspersons take to assessing the ethical implications of th
What adjusting entry is required to accomplish objective : Their fair value last year was $610,000 and is $670,000 this year. What adjusting entry is required to accomplish this objective

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd