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Creative Computing sells a tablet computer called the Protab. The $780 sales price of a Protab Package includes the following: • One Protab computer. • A 6-month limited warranty. This warranty guarantees that Creative will cover any costs that arise due to repairs or replacements associated with defective products for up to six months. • A coupon to purchase a Creative Probook e-book reader for $200, a price that represents a 50% discount from the regular Probook price of $400. It is expected that 20% of the discount coupons will be utilized. • A coupon to purchase a one-year extended warranty for $45. Customers can buy the extended warranty for $45 at other times as well. Creative estimates that 35% of customers will purchase an extended warranty. • Creative does not sell the Protab without the limited warranty, option to purchase a Probook, and the option to purchase an extended warranty, but estimates that if it did so, a Protab alone would sell for $760. Required: 1. & 2. Indicated below whether each item is a separate performance obligation and allocate the transaction price of 100,000 Protab Packages to the separate performance obligations in the contract.
The balance sheet for Crutcher Corporation reported 200,000 shares outstanding, 300,000 shares authorized, and 20,000 shares in treasury stock. Compute the maximum number of new shares that Crutcher could issue.
Trescott Company had the following results of operations for the past year: A foreign company (whose sales will not affect Trescott's market) offers to buy 3,000 units at $17.00 per unit. In addition to the variable manufacturing costs, selling these..
CEO Josh Borke is considering either (1) a 15% stock dividend or (2) a 2-for-1 stock split. He asks you to show the before-and-after effects of each option on (a) retained earnings and (b) total stockholders' equity.
Explain how a multiple-step income statement format can provide useful information to a financial statement user
Prepare journal entries for each of the transactions listed and prepare any required adjusting entries on December 31.
James Hardy recently rejected a $20,425,000, five-year contract with the Vancouver Seals hockey team
Using the high-low method, estimate - The variable cost per occupied bed on a daily basis and the total fixed operating costs per month.
The annual Federal Unemployment Tax Return
On Jan 1, 2009 XYZ Co purchased 12,000 shares of ABC Co for $15 a share. ABC has 100,000 shares outstanding. ABC reported net income of $60,000 and paid dividends of $5,000. On Dec 31, 2009 ABC had a market value of $17 a share. XYZ accounts for this..
What role does a bank reconciliation play in internal control over cash? Name some businesses whose needs for cash fluctuate during the year.
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) selling, (b) administrative, or (c) other?
Companies that use a process-cost accounting system would establish a separate Work-in-Process Inventory account for each manufacturing department. The flow of costs through the manufacturing accounts is essentially the same in both process costing a..
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