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Vroom Vacuums sells the Tornado vacuum cleaner. Each Tornado has a one-year warranty that covers any product defects. When customers purchase a Tornado, they also have the option to purchase an extended three-year warranty that covers any breakage or maintenance. The extended warranty sells for the same amount regardless of whether it is purchased at the same time as the Tornado or at some other time. How many performance obligations exist in the implied contract for the purchase of a vacuum cleaner?
Assume the same facts as in BE 5-6 but that customers pay 20% less for the extended warranty if they buy it at the same time they buy a Tornado. How many performance obligations exist in the implied contract for the purchase of a vacuum cleaner?
WyCo has the following account balances: Purchase Returns $19,000; purchases $812,000; Purchase Discounts $8,000; Begging inventory $21,000; Freight In $30,000; and ending inventory $37,000. WyCo 's cost of goods sold is ?
Prepare the journal entries necessary for the preparation of consolidated financial statements.Prepare a consolidated statement of financial position as at 30 June 2012.
Prepare the journal entry necessary to record the depreciation expense on the building in 2011. Compute depreciation expense on the machinery for 2011.
question 1on april 10 abc inc. enters in a swap contract for 10 years with a chartered bank to turn a fixed rate on
Financial statements for Oracle Corporation and Microsoft Corporation, respectively, you will calculate and compare the financial ratios listed further down this document for the fiscal year
Discuss the reasons a consulting firm might use a normal costing system rather than an actual costing system. What might be some reasons for the firm to change from a one-pool to a multiple-pool allocation concept?
Prepare the appropriate journal entry on December 31, 2013, to record interest on the note for the 2013 financial statements. Prepare the appropriate journal entry(s) on July 31, 2014, to record interest and the payment of the note.
ABC Corp. purchases equipment for $500,000 on account on July 1, 2014. Their fiscal year ends on December 31. If they Debit Equipment Expense for $500,000 and Credit Accounts Payable for $500,000, is this correct? Discuss why or why not, and, if not,..
Carson uses the sum-of-the-years'-digits method of depreciation. What should the accumulated depreciation be at December 31, 2011?
question1. bell mountain vineyards is considering updating its current manual accounting system with a high-end
In some cases , the motivation for the borrowing and repurchase of shares was the desire of executives to secure their year –end cash bonuses. Did these executives act ethically?
What is the contribution margin per composite (bundled) unit? How many composite units must be sold in order to break even? At the break-even point, how many units of product A are sold?
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