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Question - Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $1,970 and sells the remote separately for $210, and offers the entire package for $2,340. VP does not sell the installation service separately. VP is aware that other similar vendors charge $260 for the installation service. VP also estimates that it incurs approximately $210 of compensation and other costs for VP staff to provide the installation service. VP typically charges 50% above cost on similar sales. Calculate the stand-alone selling price of the installation service using each of the following approaches.
1. Adjusted market assessment
2. Expected cost plus margin
3. Residual
Assume that Angle sold the equipment at the end of the fifth year for $21,500. Record the general journal entry for the sale.
McCormick Corporation issued a 4-year, $40,000, 5% note to Greenbush Company on January 1, 2011, and received a computer that normally sells for $31,495.
Assume Culver uses a perpetual system. Prepare all July journal entries. Calculate gross profit using the perpetual system
What role does Depreciation play in the Cash Budget? Describe the relationship of the Cash Budget to the Sales Budget
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Distributors act in a different capacity to agents as they actually buy and sell the goods, whereas agents work principally on commission and international marketing relates to companies whose business interests, manufacturing plants and offices ar..
grassy fertilizer manufactures two lines of garden grade fertilizer as part of a joint production process gf10 and
What should Josue do? On a recent visit to Antigua to the home office of Soluciones, Josue was approached by Maritza, a representative of the company.
Prepare an income statement and an owner's equity statement for the year. The owner did not make any new investments during the year.
abc company produces a single product. material a is added at the start of the production process and packaging
Suppose that the company writes 1,000 such policies to a collection of drivers. What is the probability that the company loses money on these policies? Assume that the drivers don't run into each other and behave independently.
Sean's gross pay for this month is $9,150. His gross year-to-date pay, prior to this month, totaled $112,500. What is Sean's net pay
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