User Account

All Pages

Identify the respective performance obligations in contract

Assignment Help Accounting Basics
Reference no: EM133039245

Question - Mobile First Ltd is a telecommunications provider. The company entered into a contract on 1 October 2020, under which the customer receives an old handset free-of-charge (stand-alone selling price is $250) bundled with a 400-minute talk time plan at $40 per month. The customer will pay the monthly subscription of $40 at the end of each month. The contract lasts for 24 months.

Required -

(a) Identify the respective performance obligations in this contract.

(b) How much revenue should be recognised in the 3 months ended December 2020. Show all your workings clearly in a table and round off answers to the nearest cent, where applicable.

(c) Based on your answers in (b) above, prepare the necessary journal entries. Show all your workings clearly.

Reference no: EM133039245

Questions Cloud

Promoting innovation in the workplace : 1. Describe two factors or tools that may contribute to an individual becoming innovative.
How to work effectively in a workgroup : How to identify you own responsibilities in relation to the team and the organisation's requirements
What is the specific business activity of corning inc : What is the specific business activity of Corning Inc.? What steps are involved in performing the activities?
Describe the nature of the organizational culture : Describe the nature of the organizational culture in the restaurant. What kind of opportunities are there for unethical behavior to occur?
Identify the respective performance obligations in contract : The customer will pay the monthly subscription of $40 at the end of each month. Identify the respective performance obligations in contract
Discuss the three goals of a project : 1. Discuss the three goals of a project as illustrated in the module.
Advantages or disadvantage of the selected position : What are the advantages or disadvantage of the selected position? This is may two choice selected position.
State of the tuition industry in singapore : Singapore households spent S$1.4 billion on tuition, based on the Household Expenditure Survey conducted by the Department of Statistics from October 2017 to Se
What is the historical or acquisition cost of the investment : There were no other transactions in 2020 affecting the investment in Oranges Corporation. What is the historical or acquisition cost of the investment account

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