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On March 1, 2016, Gold Examiner receives $158,000 from a local bank and promises to deliver 96 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,560 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $65 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1.Required:
1.How many performance obligations are in this contract?
2. to 4.Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
The following selected account balances appear on the December 31, 2010 balance sheet of Chen Co.
Suppose new instruments for a firm cost $18,000 with an additional installation fee of $2,000, both of which are depreciable. Complete the depreciation schedule shown below using the Modified Accelerated Cost Recovery System (MACRS) 3-year class.
Under the indirect method on preparing the statement of cashflows, increases in current assets are __________ net income in thecash flows from operating activities section.
On January 2, 2007, Pacer Corporation issued 30,000 shares of 6% cumulative preferred stock at $100 par value. On December 31, 2010, Pacer Corporation declared and paid its first dividend. What dividends are the preferred stockholders entitled to ..
Days of Our Lives Hospital has total variable costs of 90% of total revenues and fixed costs of $50 million per year. There are 50,000 patient-days estimated for next year. What is the break-even point expressed in total revenue?
Using the percentage of net sales method. uncollectible accounts expense for the year is $54000, balance of allowance for uncollectible is 18000 creedit befor adjustments what is the balance after adjustments?
coley co. issued 15 million face amount of 9 10-year bonds on june 1 2013. the bonds pay interest on an annual basis on
If the corporation has only four individual shareholders
The journal entry to record the flow of costs into Department 2 during the period for direct materials is:
Midland Oil has $1,000 par value bonds outstanding at 8 percentinterest. The bonds will mature in 25 years. Compute the current price of the bonds if the present yield to maturity is:
the operating cycle two wheeler cycle shop buys all of its bikes from one manufacturer baxter bikes. on average bikes
Which of the following items would be classified as a product-level cost in an activity-based cost management (ABM) system?
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