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Vroom Vacuums sells the Tornado vacuum cleaner. Each Tornado has a one-year warranty that covers any product defects. When customers purchase a Tornado, they also have the option to purchase an extended three-year warranty that covers any breakage or maintenance. The extended warranty sells for the same amount regardless of whether it is purchased at the same time as the Tornado or at some other time. How many performance obligations exist in the implied contract for the purchase of a vacuum cleaner?
Assume the same facts as in BE 5-6 but that customers pay 20% less for the extended warranty if they buy it at the same time they buy a Tornado. How many performance obligations exist in the implied contract for the purchase of a vacuum cleaner?
When referring to a note receivable or promissory note:
The machine is being depreciated over 10 years using the double-declining method. For the year ending December 31, 2008, what amount should South Company report as its depreciation expense in its general ledger account?
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Mark, Andy, and Ron are partners who share profits 30%, 30%, and 40%. Their capital balances were $630,000, $420,000, and $210,000, respectively, before Ron's retirement. Ron was paid $330,000 from partnership assets to buy his interest. After Ron ha..
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