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Random Inc sells a photocopy system to Centennial College on September 10th, 2020. The selling price for the photocopy equipment is usually $85,500.
Problem 1: List the performance obligations?
Problem 2: Explain when the revenue should be recognized for each performance obligation under IFRS. Support your answer by explaining why it should be recognized at the time you selected.
Problem 3: Prepare the journal entries for 2020 and 2021. If there is no entry be sure to state no entry. Hint remember to allocate the revenue among the different performance obligations and then use this information when you prepare the journal entries.
How much could Betty include in her 2011 taxable income as interest? How much could Betty report as dividend income for 2011? How much could Betty include in taxable "Other Income" for her state lottery winnings?
Calculate the Current ratio and working capital for the year ended December 31,2008
Due to changing technology, sales department is having difficulty selling product. It cost $500 to scrap the units. The company should consider any price over
the assets and liabilities of toronto service inc. as of december 31 2008 and revenue and expenses for the year ended
Hootman Shipping, At the end of the year, the inventory balance was $71,800. What is the inventory turnover rate? (Assume a 365-day year)
Compute the amount of overhead allocated to each of the products under activity-based costing. Compute the amount of overhead to be allocated to each product using labor hours as the allocation base.
What The amount of organization expense to be charged against LeeGon's income for 2020 is? What is the common stock balance on December 31, 2020?
Find a level workforce plan that uses overtime and the minimum amount of undertime (idle time for workers) possible. Overtime can be used to its limits
Compute the income tax due if the corporation is a non-resident owner or lessor of aircraft, machineries and other equipment corporation
Calculate the Net advantage of closing the Downtown Store and what recommendation would you make to the management of Thrifty Markets, Inc.?
Prepare a schedule showing all the cash and cost flows that Tiny Treasures Company needs to consider in order to decide whether to keep the machine.
Provide examples of products that EEC might offer for which a process costing system would be appropriate.
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