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On March 1, 2016, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1.
Required:
1. How many performance obligations are in this contract?
2. to 4.
Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
You are required to show the Machinery Account for three years from 2006 to 2009 in the books of SUN Limited, which closes its books on Dec 31st.
TopNotch Medical, Inc., is a supplier of medical equipment. It recently introduced a new line of equipment that may revolutionize the medical profession. Because of the new technology, potential users of the equipment are reluctant to purchase the eq..
problem 1 - nancy company has budgeted sales of 750000 with the subsequent budgeted costsdirect materials 210000direct
A company's manufacturing accounting system relates overhead to direct labor costs for the purpose of applying overhead to goods in process and finished goods inventories. The company's manufacturing costs for the current year were: direct labor, $57..
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