User Account

All Pages

Prepare any journal entries to record revenue arrangement

Assignment Help Accounting Basics
Reference no: EM131762546

Tablet Tailors sells tablet PCs combined with Internet service (Tablet Bundle A) that permits the tablet to connect to the Internet anywhere (that is, set up a Wi-Fi hot spot). The price for the tablet and a four-year Internet connection service contract is $440. The stand-alone selling price of the tablet is $220 (cost to Tablet Tailors $154). Tablet Tailors sells the Internet access service independently for an upfront payment of $100, plus $63 payments at the beginning of years 2 to 4 of the contract. With an imputed interest rate of 8%, the stand-alone value of the service is $262. On January 2, 2017, Tablet Tailors signed 100 contracts, receiving a total of $27,764 in cash (full payment of $440 each in cash, less the upfront fee for Internet service, less the present value of the note for the future service plan payments), delivered the tablets, and started service for 100 tablet packages.

1. Prepare any journal entries to record this revenue arrangement on January 2, 2017.

2. Prepare any journal entries to record this revenue arrangement on December 31, 2018

3. Prepare any journal entries to record this revenue arrangement on December 31, 2019

4. Prepare any journal entries to record this revenue arrangement on January 2, 2017, assuming that Tablet Tailors has no reliable data with which to estimate the stand-alone selling price for the Internet service.

Reference no: EM131762546

Questions Cloud

What role does pricing play in the product strategy : What role does pricing play in the product strategy? Discuss the implications of new competitor like Shark on Dyson's product strategy?
Reflect the cost involved in making a product : Take a position: Prices should reflect the value that consumers are willing to pay or Prices should primarily just reflect the cost involved in making a product
With products is it form or function : With products, is it form or function? Take a position: Product functionality is the key to brand success or Product design is the key to brand success.
How christ and his followers influenced organizations : Prepare a one or two-page paper summarizing how Christ and His followers influenced organizations and people of their day.
Prepare any journal entries to record revenue arrangement : Prepare any journal entries to record this revenue arrangement
Research an important part of communication : Research an important part of communication Will emoticons give you career a frowny face - write your message briefly introducing yourself
Errors on a vacuum cleaner production line : Question 1: Discuss why it is so much easier to reduce errors on a vacuum cleaner production line than it is in a hair salon.
4 ps of marketing that apple uses : Describe the 4 Ps of marketing that Apple Uses. Describe the segmentation for the company's product (i.e. the good or service)
Write essay in which you discuss style and placement of work : Construct an essay in which you discuss the style, moment of story shown, placement of work, and historical significance of three representations of the Old Tes

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entries for the depreciation in 2019

Determine whether any impairment loss needs to be recognised in relation to the machinery and, if so, provide the appropriate journal entry - Prepare the journal entries for the depreciation in 2019

  What is his net tax cost or net tax savings

What is his net tax cost or net tax savings for 2014 from these transactions if his marginal tax rate is 28%

  Outline at least three specific trust building strategies

Outline at least three specific trust building strategies for an organization to gain the trust of consumers.

  On january 1 2007 the queen corporation issued 8 bonds with

on january 1 2007 the queen corporation issued 8 bonds with a face value of 95000. the bonds are sold for 92150. the

  What is the horizon or continuing value

Current and projected free cash flow for Radell Global Operations are shown below. Growth is expected to be constant after 2012, and the weighted average cost of capital is 11%. What is the horizon (continuing) value at 2012?

  A 525000 bond issue on which there is an authorized

a 525000 bond issue on which there is an authorized discount of 40000 is redeemed for 475000. journalize the redemption

  In addition jose incurred the following expenses before

jose purchased a delivery van for his business through an online auction. his winning bid for the van was 37500. in

  Probability of getting heads on at least one flip

What is the probability of getting heads on onlyone of your flips? The cases favorable to the event E1 of getting heads on only one of your flips are,

  Prepare the current liabilities section of the balance sheet

Prepare the current liabilities section of the balance sheet, assuming $30,000 of the mortgage is payable next year.

  If fastenalt does not have excess capacity to accept hanks

fastenalt is an industrial supply manufacturer that provides hvac specialty thermostats to manufacturers and retailers.

  Provide examples of manufacturers in your geographic area

Provide examples of manufacturers in your geographic area and explain which system would be best for them

  Information technology and systems infrastructure assessment

*Please answer each question individually and accurately. Must cite any and all references in APA format. Label each solution with the corresponding question. Copy and pasted solutions will NOT be accepted. Minimum 2-3 quality paragraphs per ques..

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