The following transactions occur for Badger Biking Company during the month of June:
a. Provide services to customers on account for $36,000.
b. Receive cash of $28,000 from customers in (a) above.
c. Purchase bike equipment by signing a note with the bank for $21,000.
d. Pay utilities of $3,600 for the current month.
Required:
Analyze each transaction and indicate the amount of increases and decreases in the accounting equation.
Answers
Answer:
A pdf file is attached to show the effect of each transaction on accounting equation, Please find it.
Explanation:
Accounting equation is
Assets = Equity + Liabilities
a.
The services are performed on account means that the revenue of $36,000 is recorded against the receivable of the same value.
b.
Receiving cash will increases the cash balance as an asset and reduces the receivable value.
c.
Bike Equipment are assets and it will increase the value of assets and Note payable is a liability instrument which will increase the liabilities.
d.
Utilities payment will decrease the cash in the assets section and reduce the equity balance as an expense.
Related Questions
Compare and contrast an operating budget with cash flow budget.
Answers
Answer:
hope this helps
Explanation:
An operating budget tends to have a longer time frame than a cash budget, although the period covered by an operating budget can be covered by a series of cash budgets. Operating budgets are tied to strategic, long-term plans, expressing a company's priorities based on its overall mission and direction
Impact of 2020 lockdown on world's business economy?
Answers
Companies in the services industry, a major source of growth to many economies, were among the hardest hit in the coronavirus pandemic.
Manufacturers have also been hit, and world trade volume could once again plummet this year.
“Lockdown,” brought much of global economic activity to a halt, hurting businesses and causing people to lose their jobs.
The process of allocating funds to projects and investments includes the following:
A. Analysis
B. Selection
C. Monitoring
D. Evaluating performance
Analyze or explain any three of the above.
Answers
The process of allocating funds to projects and investments involves several important steps, including analysis, selection, and monitoring. By following these steps, organizations can make informed decisions about where to invest their resources and ensure that their investments are delivering the expected returns.
The process of allocating funds to projects and investments involves several important steps, including analysis, selection, monitoring, and evaluating performance. Here are explanations of three of these steps:
Analysis: This step involves gathering and analyzing information about potential projects and investments to determine whether they are financially viable and aligned with the organization's goals and objectives. This includes conducting market research, analyzing financial statements and projections, assessing risks, and identifying potential barriers to success. The analysis phase helps decision-makers to make informed choices about which projects and investments to pursue.
Selection: Once potential projects and investments have been analyzed, the next step is to select the most promising ones. This involves using the information gathered during the analysis phase to compare options and choose the projects and investments that are most likely to provide the greatest returns on investment. The selection process may involve developing criteria for evaluating potential options, ranking them based on their financial potential, and weighing the costs and benefits of each option.
Monitoring: Once projects and investments have been selected and funded, it is important to monitor their progress and performance over time. This involves regularly reviewing financial and operational data to identify any potential issues or risks, and taking action to address them. Monitoring can help decision-makers to stay informed about the status of their investments, identify opportunities for improvement, and make adjustments to their funding strategies as needed.
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is D right?
Scarcity can be eliminated through
A) the use of market mechanisms.
B) exploration that helps us find new resources. C) wise use of our resources.
D) None of the above because scarcity cannot be eliminated.
Answers
Answer:
C
Explanation:
wise use of our resources
Answer:
Hello, There! I'll be Gald to help!
QuestionScarcity can be eliminated through
AnswerC is the Correct Answer
Explanation:
By Using Our resources Wisely We Would Not have scarity Because We are using them Wisely
Also
This reduces scarcity and gives us more satisfaction from our existing resources.
Therefore The Answer is option C.
Janbo Company produces a variety of stationery products. One product, sealing wax sticks, passes through two processes: blending and molding. The weighted average method is used to account for the costs of production. After blending, the resulting product is sent to the molding department, where it is poured into molds and cooled. The following information relates to the blending process for August:A. Work in Process on August 1, had 30,000 pounds, 20% complete. Costs associated with partially completed units were:Materials $220,000Direct labor 30,000Overhead applied 20,000B. Work in Process on August 31, had 50,000 pounds, 40% complete.C. Units completed and transferred out totaled 480,000 pounds. Costs added during the month were (all inputs are added uniformly):Materials $5,800,000Direct labor 4,250,000Overhead applied 1,292,500Required:1A. Prepare a physical flow schedule.1B. Prepare an equivalent unit schedule.2. Calculate the unit cost.3. Compute the cost of EWIP and the cost of goods transferred out.4. Prepare a cost reconciliation.5. Suppose that the materials added uniformly in blending are paraffin and pigment and that the manager of the company wants to know how much each of these materials costs per equivalent unit produced. The costs of the materials in BWIP are as follows:Paraffin $120,000Pigment 100,000The costs of the materials added during the month are also given:Paraffin $3,250,000Pigment 2,550,000Prepare an equivalent unit schedule with cost categories for each material.
Answers
Answer:
1a. Janbo Company
Physical Flow Schedule
Units to account for:
Units in beginning work in process 30000
Units started 500000
Total units to account for 530,000
Units accounted for:
Units completed 480,000
From ending work in process 50,000
Total units accounted for 530,000
1b. Janbo Company
Schedule of Equivalent Units
Weighted Average Method
Units completed 480,000 100% 480,000
Units in ending work in process 50,000 40% 20,000
Total equivalent units 500,000
2. Particulars Amount Amount
Beginning work in process:
Materials $220,000
Direct labor $30,000
Overhead applied $20,000 $270,000
Cost added during the month
Materials $5,800,000
Direct labor $4,250,000
Overhead applied $1,292,500 $11,342,500
Total cost $11,612,500
Equivalent cost per unit = Total cost/Total equivalent units
Equivalent cost per unit = $11,612,500/500,000
Equivalent cost per unit = $23.225
3. Ending work in process= 20000 * $23.225 = 464500
Goods transferred out = 480000 * $23.225 = 11148000
4. Janbo Company
Cost Reconciliation
Costs to account for:
Beginning WIP 270000
August costs 11342500
Total to account for 11,612,500
Costs accounted for:
Transferred out 11,148,000
Ending WIP 464,500
Total costs accounted for 11,612,500
10 principles of economics
Answers
The 10 principles of economics were given by Gregory Mankiw.
These principles are:
People face tradeoffs: it means that to get one thing, one has to give up on another thing.The cost of Something is What You Give Up to Get It: it refers to the opportunity cost you incur on doing something else. Rational people think at the margin: considering the marginal cost of the product.People Respond to Incentives Trade Can Make Everyone Better Off: trading helps a country in being self-sufficient and enjoying more goods and services. Markets Are Usually a Good Way to Organize Economic Activity. Governments Can Sometimes Improve Economic Outcomes: Government can intervene to allocate resources efficiently.The Standard of Living Depends on a Country's Production: the standard of living increases as the consumption of goods and services, increases.Prices Rise When the Government Prints Too Much Money: when there's a lot of money flowing the market, it will increase the demand for goods which will increase the cost of goods, ultimately leading to inflation.Society Faces a Short-Run Tradeoff Between Inflation and Unemployment.Learn more about "Principles of economics":
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Expanding a business
will ultimately lead to more revenue.
Answers
Answer:
Expansion might involve adding employees and franchises, increasing your marketing efforts, forming an alliance, offering new products or services, merging with or acquiring another business, or expanding online.
Explanation:
Exercise 12.7 Cash dividends, stock dividends, and share splits L.O. 4
Answers
Answer:
Exercise 12.7 Cash dividends, stock dividends, and share splits L.O. 4
If the effect of the debit portion of an adjusting entry is to increase the balance of an asset
account, which of the following describes the effect of the credit portion of the entry?
Answers
When the debit portion of an adjusting entry is used to increase the balance of an asset account, the credit portion of the entry will decrease the balance of another account, which will be either a liability account or an equity account.
What is the adjusting entry?Adjusting entries are journal entries that are made at the end of an accounting period to modify the accounts' balances. They are done to update and verify revenue and expense accounts' accuracy, as well as to adjust the balance sheet accounts for adjustments that have yet to be recorded.When should adjusting entries be made?Adjusting entries are typically made at the end of an accounting period. For example, adjusting entries may be needed if a company's insurance premiums have been paid in advance, or if a company has earned revenue but has not yet received payment.Adjusting entries are critical in determining the correct profit and loss as well as the balance sheet, which is why they must be accurate and complete.Adjusting entries are required for each financial statement's following types:Income Statement - revenue and expense accounts are adjusted.Balance Sheet - asset, liability, and equity accounts are adjusted.How are adjusting entries made?Adjusting entries are made with the following steps:Step 1: Determine the transaction or event that necessitates an adjustment. Step 2: Determine which accounts are affected by the transaction or event. Step 3: Decide whether each account is to be debited or credited. Step 4: Make the necessary adjusting journal entries.
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explain the changing nature of public administration
Answers
The nature of public administration has undergone significant changes over the years. Traditional public administration was characterized by hierarchical structures.
However, with the increasing complexity of modern society, new challenges have emerged that require a more flexible and responsive approach to public administration.
One of the key changes in public administration has been the shift towards more participatory and collaborative approaches. This has been driven by a growing recognition of the importance of engaging citizens and stakeholders in decision-making processes, and the need to build trust and legitimacy in government institutions.
Another important change has been the adoption of technology in public administration. From e-government initiatives to data-driven decision-making, technology has transformed the way that government organizations operate and interact with citizens.
At the same time, there has been a growing emphasis on performance management and accountability in public administration. This has involved the development of performance metrics, the use of benchmarking and evaluation, and a focus on outcomes rather than inputs.
Overall, the changing nature of public administration reflects the broader shifts in society towards greater complexity, interdependence, and accountability. While there are still many challenges to be addressed, the evolution of public administration offers hope for more effective and responsive governance in the years to come.
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7 the follow table contains the demand from the last 10 months :
Answers
Explanation:
Month Actual Demand Month Actual Demand
1 31 6 36
2 34 7 38
3 33 8 40
4 35 9 40
5 37 10 41
Show Work and answer the following:
a.) calculate the single exponential smoothing forcast for these data using a of .30 and an initial forecast ( F1) of 31.
b.) calculate the exponential smooting with trend forecast for these data using an a of .30, & of .30, and an initial trend forecast ( T1) of 1, and an initil exponentailly smoothed forecast F1 of 30,
c.) calculate the mean absolute deviation (MAD0 for each forecast
1. Think about a business idea (sector)
2. Create a budget and a cash flow statement for that business
3. Highlight the investment appraisal technics to determine if such a business is viable or not.
4. Indicate the source of funding and if it's a loan create an amortisation schedule.
5. Try to convince someone to invest in your project with convincing evidences.
Answers
Answer:
i didn't understand
Explanation:
Objectives of pep stores
Answers
Answer:
The answer is below
Explanation:
PEP is a big store that is located in South Africa and other African countries.
Based on the PEP mission and vision and according to the company's website, the Objectives of PEP stores are:
1. To be the friendliest and most trusted retailer for this market.
2. To offer wanted products and services at the lowest possible prices
3. To meet changing consumer needs.
24. You have saved $4,000 for a down payment on a new car. The largest monthly payment you can afford is $350. The loan will have a 12% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months
Answers
Answer:
The most expensive car can be afforded is = $17290.89
Explanation:
The down payment of a new car = $4000
The mothly payment (annuity ) = $350
Interest rate on the rate = 12% = 12% / 12 per month.
Now we have to calculate the most expensive car that can be afforded with the finance time of 48 months.
Below is the calculation:
\(Present \ value = annuity \times \left [ \frac{1-(1+r)^{-n}}{r} \right ] \\= 350 \times \left [ \frac{1-(1+ 0.01)^{-48}}{0.01} \right ] \\= 13290.89 \\\)
\(\text{Total value of car} = savings + present \ value \\= 4000 + 13290.89 \\= 17290.89\)
Suppose that M = 300, P = 100, and Y = 6. Then the velocity of circulation equals Select one: a. 2.00. b. 3.00. c. 50 d. 0.50. e. 0.02.
Answers
Answer:
a. 2.00.
Explanation:
The formula and the computation of the velocity of circulation are shown below:
According to the quantity money theory
M = Total money
V = Velocity
P = Price level
Y = Volume of goods and services
As we know that
Total amount of money in the economy × velocity = Price level × volume of goods and services
300 × velocity = 100 × 6
300 × velocity = 600
So, the velocity is
= 600 ÷ 300
= 2
Hence, the first option is correct
Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2019. Based on an analysis of customer complaints made over the past two years, the cost of a warranty program was estimated at 0.3% of sales. During 2019, sales totaled $4,486,000. Actual costs of servicing products under warranty totaled $20,100. a-2. Record the journal entry to show the effect of having the warranty program during 2019
Answers
Answer:
Prist Co.
Journal Entry, showing the effect of having the warranty program during 2019:
Debit Warranty Expense $13,458
Credit Warranty Liability $13,458
To establish the warranty liability of 0.3% of sales.
Debit Warranty Liability $20,100
Credit Inventory $20,100
To record the actual cost of warranty.
Debit Warranty Expense $6,642
Credit Warranty Liability $6,642
To account for the difference between the actual cost and the estimated cost.
Explanation:
a) Data and Calculations:
Estimated cost of a warranty program = 0.3% of sales
2019 Sales = $4,486,000
Estimated Warranty liability for 2019 = $13,458 ($4,486,000 * 0.3%)
Actual warranty expense = $20,100
Difference between warranty liability and actual warranty expense $6,642 ($20,100 - $13,458)
If a seller can develop large enough _____ compared to other sellers in the market, this will deter the entry of new sellers.
Answers
Answer:
economies of scale
Explanation:
Economies of scale: cost advantages gained when production increases, leading to lower average costs.
Using the income elasticity of demand to characterize goods
Answers
Income elasticity of demand refers to the sensitivity of the quantity demanded for a certain good to a change in the real income of consumers who buy this good.
What are the characteristics of goods with elastic demand?Elastic demand occurs when a product or service's demanded quantity changes by a greater percentage than changes in price. The opposite of elastic demand is inelastic demand, which occurs when consumers buy largely the same quantity regardless of priceNormal goods have a positive income elasticity of demand, where a change in demand and a change in income move in the same direction. Income elasticity of demand measures the magnitude with which the quantity demanded changes in reaction to a change in income.Therefore, by looking at the income elasticity, we can measure the responsiveness of the quantity demanded for a good due to a change in income. We can then classify the good as normal, inferior, luxury, or necessity.To learn more about elastic demand refers to:
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Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of $73,100,469. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.
Required:
For all journal entries with a compound transaction, if an amount box does not require an entry, leave it blank.
1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds on July 1, Year 1.
2. Journalize the entries to record the following:
a. The first semiannual interest payment on December 31, Year 1, and the amortization of the bond premium, using the straight-line method. (Round to the nearest dollar.)
b. The interest payment on June 30, Year 2, and the amortization of the bond premium, using the straight-line method. (Round to the nearest dollar.)
3. Determine the total interest expense for Year 1. Round to the nearest dollar.
4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest?
5. Compute the price of $73,100,469 received for the bonds by using the present value tables
Answers
Answer:
Rodgers Corporation
Journal Entries:
1. July 1, Year 1:
Debit Cash $73,100,469
Credit Bonds Payable $65,000,000
Credit Bonds Premium $8,100,469
To record the issuance of bonds at a premium.
2. a) December 31, Year 1:
Debit Interest Expense $3,494,976.55
Debit Amortization $405,023.45
Credit Cash $3,900,000.00
To record the first semi-annual interest payment, including amortization.
b) June 30, Year 2:
Debit Interest Expense $3,494,976.55
Credit Amortization $405,023.45
Credit Cash $3,900,000.00
To record the second semi-annual interest payment, including amortization.
3. The total interest expense for Year 1 is $3,494,976.55
4. Yes. The bonds are issued at a premium. So the bond proceeds will always be greater than the face amount, and the contract rate (coupon rate) will always be greater than the market (effective) rate.
5. The price of $73,100,469 received for the bonds by using the present value tables is $1,124.62 ($73,100,469/65,000) per $1,000.
Explanation:
a) Data and Calculations:
Face value of bonds issued = $65,000,000
Price received from the issue $73,100,469
Premium received = $8,100,469
Period of maturity = 10 years
Coupon interest rate = 12%
Market (effective) interest rate = 10%
Payment of interest = semiannually on December 31 and June 30
Analysis of Journal Entries:
1. July 1, Year 1:
Cash $73,100,469 Bonds Payable $65,000,000 Bonds Premium $8,100,469
2. a) December 31, Year 1:
Interest Expense $3,494,976.55 Amortization $405,023.45 Cash $3,900,000.00
b) June 30, Year 2:
Interest Expense $3,494,976.55 Amortization $405,023.45 Cash $3,900,000.00
N (# of periods) 20
I/Y (Interest per year) 10
PMT (Periodic Payment) 3900000
FV (Future Value) 65000000
Results
PV = $73,100,439
Sum of all periodic payments = $78,000,000.00
Total Interest $69,899,569
According to the creditor hierarchy, list the following from high risk to low risk
1 Ordinary share capital 2 Preference share capital 3 Trade payables 4 Bank loan with fixed and floating charges A 1,2,3,4 B 2,1,4,3 C 1,2,4,3 D 4,1,2,3 2.
Answers
The correct order from high risk to low risk is: D) 4, 1, 2, 3 where trade payables are the lowest-risk creditors, followed by ordinary share capital, preference share capital, and bank loans with fixed and floating charges being the highest-risk creditors.
Bank loans are a common form of debt financing provided by financial institutions such as banks to individuals and businesses.
The terms and conditions of bank loans can vary depending on the lender and the borrower's creditworthiness, but typically include an interest rate, repayment schedule, and collateral or security requirements.
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Score: 0/450
Question Value:
In 2018, the U.S. balance of payment numbers showed that income received was $1,060.4 billion and
income payments were $816.1. What was the net result?
an outflow of $816.1 billion
a net inflow of $244.3 billion
a net outflow of $244.3 billion
an inflow of $1,060.4 billion
Answers
The net result of the U.S. balance of payment numbers in 2018 was a net inflow of $244.3 billion.
In 2018, the U.S. balance of payment numbers indicated that income received was $1,060.4 billion, while income payments amounted to $816.1 billion.
To determine the net result, we need to subtract the income payments from the income received.
Net Result = Income Received - Income Payments
Substituting the given values into the equation, we have:
Net Result = $1,060.4 billion - $816.1 billion
Calculating the difference, we find:
Net Result = $244.3 billion
This signifies a net inflow of funds, indicating that the United States received more income from abroad than it paid out. It is important to note that a positive net result implies a surplus in the current account, which includes trade in goods and services, income receipts, and unilateral transfers.
This surplus indicates a favorable position for the U.S. economy in terms of its international financial transactions during that period.
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You can earn 3% interest on a CD and 1.25% interest on a savings account.
How much more interest will the CD earn for one year if you make a deposit of
$1,650?
Financial Lit, please help!!
Answers
Answer:
The CD will earn $49.50 more interest than the savings account for one year if you make a deposit of $1,650.
Perit Industries has $180,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are Cost of equipment required Working capital investment required Annual cash inflows Salvage value of equipment in six years Life of the project Project A S180,000 $0 $32,000 $9,300 6 years Project B $0 $180,000 $54,000 $0 6 years The working capital needed for project B will be released at the end of six years for investment elsewhere. Perit Industries' discount rate is 15% Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables Required a. Calculate net present value for each project. Project A Project B Net present value b. Which investment alternative (if either) would you recommend that the company accept? O Project A O Project B
Answers
NPV is the difference between the present value of all cash inflow and the initial cost of an asset or project. All the future cash flows are discounted using discounting rate or required rate and the sum of all the discounted cash flows will be subtracted from the initial cost.
NPV = Sum of future cash inflow - initial cost
Pls refer below table for NPV calculation,
NPV of project B is positive.
Project B should be selected.
Capital investments can talk over with a commercial enterprise's acquisition of a capital asset or a kind of mortgage via an economic group in a business. inside the latter, a financial group, typically an assignment capital institution, loans a business cash in change for a promise of repayment or a share of the income.
Capital profits and other investment earnings range based on the supply of the profit. Capital profits are the returns earned whilst investment is sold for greater than its buy charge. investment profits are benefiting from interest payments, dividends, capital profits, and some other earnings made via an investment car.
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In The New Rules, which social media channel is described as “a primary source of newsjacking ideas and a powerful channel to get your message out to the media in real time?”
Answers
D. Twiter- is said to as a major source of newsjacking ideas and a potent way to communicate with the media in real time in the new rules.
Hence, option D. is the right choice.
Why would you utilise newsjacking?Through the use of "newsjacking," you may present your company and your spokesperson (or spokespersons) as an authority on a certain subject. Since it generates instant coverage, this is crucial for a brand in the near term.
Is newsjacking morally correct?Only if you adhere to these three key rules can newsjacking be considered ethical. For your client's target audience and them, the newsjacked tale makes sense. For your media contact, your proposition offers real value.
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The complete question is-
In The New Rules, which social media channel is described as "a primary source of newsjacking ideas and a powerful channel to get your message out to the media in real time?"
A. Facebk
B. Instagrm
C. Snpchat
D. Twittr
The demand curve is ?
sloping.
Answers
Answer:
u used my post for points so im doing the same
Explanation:
I have a shop that currently sells 50 kettles a week at £25 each. I undertake some market research, which indicates that for each £2 reduction in the price of the kettles, the number sold will increase by 5 each week. Assuming that this information is reliable, what should the price of these kettles have to be in order to maximise the weekly takings they bring in, and by how much would those takings increase?
Answers
The price of the kettles should be reduced by £2 to £23 per kettle in order to maximize the weekly takings.
How to calculate thisTo find the price that will maximize the weekly takings, we need to find the price point where the increase in sales due to the reduction in price is balanced out by the decrease in revenue due to the lower price.
Let's start by finding out how many kettles would be sold at different price points:
At £25 per kettle, we sell 50 kettles per week.At £23 per kettle, we can increase sales by 5 per week to 55 kettles.At £21 per kettle, we can increase sales by another 5 per week to 60 kettles.And so on, until we reach a price point where the increase in sales is offset by the lower price.
From this information, we can create a table to see the effect of reducing the price of kettles:
Price Quantity Revenue
£25 50 £1,250
£23 55 £1,265
£21 60 £1,260
£19 65 £1,235
£17 70 £1,190
£15 75 £1,125
From the table, we can see that the revenue peaks at £23, where we sell 55 kettles per week for a total of £1,265. This is an increase of £15 from the original revenue of £1,250 at the original price of £25.
Therefore, the price of the kettles should be reduced by £2 to £23 per kettle in order to maximize the weekly takings.
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Wages for a business should be about 32 percent of gross revenue. Does the Y Sample T-Shirt Company, INC make enough revenue to hire another employee?
Answers
Yes, Sample T-Shirt Company, INC currently only spends 21% of its budget on staff salaries at the moment. They therefore have room to increase this to 32%.
What does gross revenue mean?Gross revenue, commonly referred to as gross income, is the whole amount of money made by a business, excluding any amounts that have been or will be utilized for expenses.Gross income is the total of all incomes, salaries, profits, interest payments, rents, and other kinds of income for families and people before any deductions or taxes. It differs from net income, which is calculated as gross income less any applicable taxes and other deductions.Gross revenue is the sum of money a company makes from sales in a specific time frame. Net revenue is the difference between a company's sales for a specific time period and its expenses for that same time period.Learn more about gross revenue refer to :
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\
Which attribute of ethical behavior is exhibited by individuals who feel an obligation to be truthful, trustworthy, just, and courteous to others?
Answers
To act with good faith, intellectual honesty, and fairness while adhering to moral ideals. Accountability means accepting responsibility for one's choices, actions, and outcomes.
What are the principles of integrity?Three major pillars—honesty and openness, respect and dignity, and exemplarity—are the foundations around which eight integrity principles have been defined and expressed. We must all adhere to the same moral and ethical principles in our day-to-day work.
Being truthful and exhibiting a staunch and unshakable dedication to high moral and ethical standards are practices of integrity. Being truthful, honest, or accurate in one's actions is the definition of integrity in ethics.
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Sweet Company manufactures equipment. Sweet’s products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment in order for the installed equipment to perform to specifications. Sweet has the following arrangement with Winkerbean Inc.
● Winkerbean purchases equipment from Sweet for a price of $930,000 and contracts with Sweet to install the equipment. Sweet charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Sweet determines installation service is estimated to have a standalone selling price of $46,000. The cost of the equipment is $560,000.
● Winkerbean is obligated to pay Sweet the $930,000 upon the delivery and installation of the equipment.
Sweet delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations which should be accounted for separately.
How should the transaction price of $930,000 be allocated among the service obligations?
Equipment $
Installation $
Prepare the journal entries for Sweet for this revenue arrangement on June 1, 2020 and September 30, 2020, assuming Sweet receives payment when installation is completed.
Answers
Answer:
Equipment:
= Fair value of Equipment / Total fair value * Transaction price
= Fair value of Equipment / (Equipment+Installation) * Transaction price
= $930,000 / ($930,000+$46,000) * $930,000
= $886,168.03
Installation:
= Fair value of Installation / Total fair value * Transaction price
= Fair value of Installation / (Equipment+Installation) * Transaction price
= $46,000 / ($930,000+$46,000) * $930,000
= $43,831.97
Thus, the transaction price of $930,000 allocated to Equipment is $886,168.03 and $43,831.97 to Installation
Date Account Titles and Explanation Debit Credit
June 1 Account receivable $930,000
Sales revenue $886,168.03
Unearned service revenue $43,831.97
(To record the sales of equipment including installation to W)
June 1 Cost of goods sold $560,000
Inventory $560,000
(To record the cost of equipment sold)
Sep 30 Unearned service revenue $43,831.97
Service revenue $43,831.97
(To record the revenue on installation of equipment)
Sep 30 Cash $930,000
Account receivable $930,000
(To record the receipt of cash flow from W)
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