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XYC Company ( the entity), Mr. Dela Cruz, the owner and manager of health clubs, enters into a contract with a customer for one year of access to any of its health clubs. The customer has unlimited use of the health clubs and promises to pay P 1000 per month.
Required:
Question i. Identify if the performance obligation is satisfied ( over time or at a period of time?)
Question ii. Explain how the entity recognizes revenue.
Evaluate the Chmelar Manufacturing cost. Chmelar Manufacturing Company developed the following data:
Also, compute the first-year depreciation on the mining equipment using the production method, assuming a cost of $19,200,000 with no residual value.
Which tests of details would be appropriate to test the completeness assertion of receivables? Test the mathematical accuracy of the sales transaction file.
Eric's Electronics is moving into new facilities and must determine whether it should retain or replace various fixed assets. Complete the analysis of each of the following transactions.
The expected incremental after-tax cash flows (cash flows of the NC equipment minus cash flows of the old equipment) associated with the project follow:
After reading the company’s background information in each scenario, complete the corresponding tasks. Bright company has several employees. The employees are entitled to a pension, which is set up as a defined contribution plan. Based on a formula, ..
Prepare the journal entries necessary to close the temporary accounts on December 31, 2013, for Walker Spa. What is the balance in the Retained Earnings account after the closing entries are posted?
Greenwood corporation has 80,000 shares of common stock outstanding . it declares at $1 per share cash dividend on november 1 to stockholders of record on december 1. the dividend is paid on december 31 . prepare the entries on appropriate dates to r..
Data for the closing entries of Thompson Company are shown below. Prepare closing journal entries for Thompson Company for the year ended December 31.
Bunyan Lumber, LLC, harvests timber and delivers logs to timber mills for sale. The company was founded 70 years ago by Pete Bunyan. The current CEO is Paula Bunyan, the granddaughter of the founder. The table here shows the current price per MBF for..
Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100
On January 1, year 2, Pane Corp. exchanged 150,000 shares of its $20 par value common stock for all of Sky Corp.'s common stock.
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