User Account

All Pages

How much revenue will ortiz recognize in 2021

Assignment Help Accounting Basics
Reference no: EM132594308

Question

On July 15, 2021, Ortiz & Co. signed a contract to provide EverFresh Bakery with an ingredient-weighing system for a price of $90,000. The system included finely tuned scales that fit into EverFresh's automated assembly line, Ortiz's proprietary software modified to allow the weighing system to function in EverFresh's automated system, and a one-year contract to calibrate the equipment and software on an as-needed basis. (Ortiz competes with other vendors who offer ongoing calibration contracts for Ortiz's systems.) If Ortiz was to provide these goods or services separately, it would charge $60,000 for the scales, $10,000 for the software, and $30,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1, 2021, and the calibration service commenced on that date.


Assume that the scales, software and calibration service are all separate performance obligations. How much revenue will Ortiz recognize in 2021 for this contract?

Reference no: EM132594308

Questions Cloud

Write steps involved in implementing activity based costing : The Furniture Manufacturing, Write steps involved in implementing Activity based costing in a typical furniture manufacturing operation as described
Compute for the ending balance of raw materials : Compute for the under-or over-applied overhead for the year. Is it under-applied or over-applied? Compute for the ending balance of raw materials
How a payroll practitioner could make use of the content : Explore the CPA website and provide detailed information on one of the areas with respect to how a payroll practitioner could make use of the content
What is the amount of the monthly? payment : If you buy the car and borrow through? GMAC, then what are the monthly? (end-of-month) payments for a 9?-year ?term?
How much revenue will ortiz recognize in 2021 : software and calibration service are all separate performance obligations. How much revenue will Ortiz recognize in 2021 for this contract
Perform relevant calculations and analysis : The cost to buy outside(externally) how do you obtain that value - Describe the circumstances of the following case study and recommend a course of action
How determine the cash payback period for each proposal : How Determine the cash payback period for each proposal.Proposals L and K each cost $500,000, have 6-year lives, and have expected total cash flows of $720,000
Determine whether the company should make or buy the bread : A restaurant bakes its own bread, Prepare a differential analysis dated August 16 to determine whether the company should make or buy the bread.
Compute the revised annual depreciation : On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd