User Account

All Pages

Prepare the journal entries to record of theresa ltd

Assignment Help Financial Accounting
Reference no: EM132913064

Theresa Ltd provides a bundled service offering to Donald Ltd. It charges Donald Ltd $35,000 for initial connection to its network and two ongoing services - access to the network for 1 year and 'oncall trouble-shooting' advice for that year. Donald Ltd pays the $35,000 upfront, on 1 July 2018.

Theresa Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:

Connection fee $5,000

Access fee $12,000

Troubleshooting $23,000

The end of Theresa Ltd reporting period is 30 June.

Problem 1: You are required to prepare the journal entries to record this transaction in accordance with IFRS 15 for the year ended 30 June 2019, assuming Theresa Ltd applies the relative fair value approach. Show all workings.

Reference no: EM132913064

Questions Cloud

Compute the adjusted balances in partners capital accounts : An unpaid mortgage of 20,000 on the land is assumed by the partnership. Compute the adjusted balances in partners capital accounts
What amount was actually paid the year for warranty claims : The amount charged to warranty expense on its books was 95,000. Assuming a 40% income tax rate, what amount was actually paid this year for warranty claims?
What is the amount of the deferred tax liability at the end : Olivia Company deducts insurance expense of 84,000, Assuming that income tax payable for 2021 is 96,000, the income tax expense for 2021 would be what amount?
Implementing strategic recommendations : Identify implementation issues that an organisation will need to consider when implementing strategic recommendations based on internationalisation.
Prepare the journal entries to record of theresa ltd : You are required to prepare the journal entries to record this transaction in accordance with IFRS 15 for the year ended 30 June 2019
Define the differences between motivation and persuasion : Define the differences between motivation and persuasion and describe a time where you tried to do both. Remember to cite your sources for your definitions.
Describe an integer linear programming problem : Describe an integer linear programming problem related to healthcare and write its LP relaxation.
Find the simple interest : Richard deposits $ 5400 and got back an amount of $ 6000 after a year. Find the simple interest he got.
What the surprising resource ought to be addressed : The extent of remuneration isn't all around the reasonable worth yet beats the passing on extent of the plant. The surprising resource ought to be addressed

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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