Reference no: EM133045489
Questions -
Q1. ABC Co sold merchandise to DEF Co for P120,000 and received P120,000 for that sale one month later. One week prior to receiving payment from DEF, ABC made a P20,000 payment to DEF for advertising services that have a fair value of P15,000. After accounting for any necessary adjustments, how much revenue should ABC record for the merchandise sold to DEF?
Q2. Guardians Fund Managers Company sells two licenses to XYZ Company on September 1, 20x6. First in exchange for P400,000, the company provides XYZ with a copy of its proprietary investment management software, which the company does not anticipate updating and which XYZ can permanently use. Second, in exchange for P360,000, the company provides XYZ with a three-year right to market the company's financial advisory services under the name of Guardians, which the company advertises on an ongoing basis. How much revenue will the company recognize in 20x6 under this arrangement?
Q3. A department store sells a television set that was a one-year warranty (quality-assurance) that covers any product defects. When customers purchase a TV set, they also have the option to purchase an extended three-year warranty that covers any breakage or maintenance. The extended warranty sells for the same amount regardless of whether it is purchased at the same time as the TV set or at some other time. How many performance obligations does the department store have?
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