Contract contains elements of both a service and a good

Assignment Help Financial Accounting

Reference no: EM131214325

If a contract contains elements of both a service and a good: a. The UCC says such a contract is always considered a sale of a good and thus subject to the UCC b. The UCC says such a contract is always considered a service and thus not subject to the UCC c. The UCC says such a contract will be decided by applying the Predominant Thrust Test d. The UCC says such a contract will be decided by applying the Performance Tendered Test

Reference no: EM131214325

Questions Cloud

Bids involving two different qualities of surfacing for area : Assume that Wal-Mart Stores, Inc. has decided to surface and maintain for 10 years a vacant lot next to one of its stores to serve as a parking lot for customers. Management is considering the following bids involving two different qualities of surfa..

Determine the bad debt expense : Using Financial Statement Disclosures to Infer Bad Debt Expense The 2009 annual report for Sears Holding Corporation contained the following. Using Financial Statement Disclosures to Infer Bad Debt Expense. Determine the Bad Debt Expense for 2009 bas..

Find the current yield-capital gains yield-total return : BOND VALUATION The Pennington Corporation issued a new series of bonds on January 1, 1990. The bonds were sold at par ($1,000); had a 12% coupon; and mature in 30 years, on December 31, 2019. Find the current yield, capital gains yield, and total ret..

Compute the break-even point in units and sales dollars : A Lorge Corporation has collected the following information after its first year of sales. Sales were $1,500,000 on 100,000 units; selling expenses $250,000 (40% variable and 60% fixed); direct materials $511,000; direct labor $290,000; administrativ..

Contract contains elements of both a service and a good : If a contract contains elements of both a service and a good:

Determine the amount of gross margin-uses absorption costing : During its first year of operation Mazer Manufacturing Company produced 2,000 units of inventory and sold 1,800 units. Mazer incurred variable product cost of $4 per unit and $2,500 of fixed manufacturing overhead costs. The sales price of the produc..

Calculate the current value of the future payments : You invest $25,000 today at 8% per year. How much money will you have accumulated after 13 years? Your friend has learned that he is going to receive $7,500 a year for the next 10 years. Utilizing 5% interest rate, calculate the current value of the ..

Discount amortization : On the first day of the fiscal year, a company issues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 × 11% × ½), receiving cash of $2,889,599. Journalize the first interest payment and the amortization of the ..

Audit and assurance services : Audit and assurance services are. which are any services in which the CPA firm issues a report that expresses a conclusion about the reliability of an assertion that is the

User Account

All Pages