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C. Green View Corporation (GVC) enters into a contract to sell four products (A, B, C and D) for a total transaction price of $500,000. Each product is properly classified as a separate performance obligation. GVC only sells products A and B on an individual basis, thus it must estimate the standalone selling prices for product C and D. Information on these four products follows: Product Standalone selling price Forecasted cost Market competitor priceA $100,000 $ 80,000 $108,000B 200,000 166,000 206,000C Not available 82,000 102,000D Not available 72,000 94,000Total $400,000 $510,000a. How should GVC allocate the transaction price to the four products using the cost plus margin approach?b. How should GVC allocate the transaction price to the four products using the adjusted market assessment approach?c. How should GVC allocate the transaction price to the four products using the residual approach?
Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale of 180,000 frisbees.
Simpson Auto Body Repair purchased $20,000 of Machinery. The company paid $8,000 in cash at the time of the purchase and signed a promissory note for the remainder to be paid in four monthly installments. How will this transaction affect the accou..
Scott Company's variable expenses are 70% of sales. The company's break-even point in dollar sales is $2,420,000. If sales are $53,000 below the break-even point, the company would report a:
Assuming the market value of Massey-Ferguson's debt equals 70 percent of book value, calculate the market value of the company on October 31, 1980. (The market value of debt is well below the $2.5 billion book value due to the prospect of bankrupt..
Using this information regarding comparable uncontrolled U.S. distributors, apply the comparable profi ts method to assess the reasonableness of Flagco's reported profi ts. In addition, if an adjustment to Flagco's reported profi ts is required, comp..
The balances in Salza Company's capital stock and retained earnings account on the date of acquisition were $1,200,000 and $600,000 respectively.
For the current year, Maple Corporation, a C corporation, reports taxable income of $200,000 before paying salary to its sole shareholder, Diane.
Norton's outstanding stock consists of (a) 13,000 shares of noncumulative 8% preferred stock with a $10 par value and (b) 32,500 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and pai..
What is the adjustment to record the accrued fees? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
John-Bob's share of losses from Partnership Z during 2010 was $60,000. How much is John-Bob at risk for Partnership Z on January 1, 2011?
Julia Katchum is in charge of the Eastern Regional Counterterrorism Computer Forensics Unit. Her recent investigations led her to believe that an imminent threat of a terrorist act in the Chicago area exists.
How do you measure the present value of expected cash flows? Describe the difference between present value and an annuity due and when is such a difference relevant to a given business transaction?
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