Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - SwiFty Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2020, Swifty entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $10,700 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modiFIed and the fee for the third year of services is reduced to $8,900. In addition, Walleye agrees to pay an additional $21,400 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modiFIcation). The extended contract services are similar to those provided in the first 2 years of the contract.
Required -
a. Prepare the journal entries for Swifty in 2020 and 2021 related to this service contract.
b. Prepare the journal entries for Swifty in 2022 related to the modified service contract, assuming a prospective approach.
c. Repeat the requirements for part (b), assuming Swifty and Walleye agree on a revised set of services (fewer bookkeeping services but more tax services) in the extended contract period and the modification results in a separate performance obligation.
publicly-traded company which has published financial statements with accompanying ratio analysis
waterways corporation is preparing its budget for the coming year 2011. the first step is to plan for the first quarter
Required - Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system
Is the estate correct in disregarding the valuation factor for a life estate in light of Mel's medical condition
What fraction of your portfolio must you invest in risky portfolio of Q and risk-free to have a portfolio standard deviation of 12 per cent
If the cost method is used to record treasury stock transactions, what are the entries related to the treasury stock transactions
Jack's employer requires him to use his personal vehicle for business, but does not reimburse him for auto expenses
When the present value of a bond is below par, market rates of interest are lower than stated rates
Compute the effect of this event on their tax liability, assuming that their AGI was $103,000, and their taxable income before considering the new dependent
What gain or loss do the Jacobys realize and recognize on the sale of their home? What amount of taxes must they pay on the gain, if any?
Vibrant Paint Company has the following relationships: Sales/Total assets = 2.93; ROA = 0.1100. What is Vibrant Paint's net profit margin
Cash paid to suppliers and employees 6,000,000,Proceeds from sale of long-term investments. What is the net cash provided by operating activities for 2020?
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd