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Cass Company enters into a contract with Dearborn Inc. to sell it $50,000 of goods with delivery on May 10, 2017. Cass manufactured the goods at a cost of $33,000. The contract is signed on April 15, 2017, at which time Dearborn pays Cass $25,000. Cass delivers the goods on May 10, 2017, and Cass pays the final $25,000 on that date.
Required:
Problem 1: On what date does a contract exist between Cass and Dearborn?
Problem 2: What are Cass's performance obligations in the contract?
Problem 3: What is the transaction price?
Problem 4: Does this transaction price need to be allocated?
Problem 5: Prepare Cass's journal entries related to the contract with Dearborn.
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