SP-BUS121A-Chapter_6_Assignment

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Question 2Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universalThe installation includes programming the remote to have the TV interface with other parts of theVP sells the 60-inch TV separately for $2,465, sells the remote separately for $145, and offers thRequired:How much revenue would be allocated to the TV, the remote, and the installation service?Items Description Allocated RevenueTV2380Total package2900Remote140Installation280Total Revenue2800
remote, and on-site installation by VP staff.e customer’s home entertainment system. VP concludes that the TV, remote, and installation service arhe installation service separately for $290. The entire package sells for $2,800.
re separate performance obligations.
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Question 3On March 1, 2024, Gold Examiner receives $139,000 from a local bank and promises to delivThe contract states that ownership passes to the bank when Gold Examiner delivers the produIn addition, Gold Examiner has agreed to provide a replacement shipment at no additional cosand Gold Examiner estimates the stand-alone price of the replacement insurance service to beRequired:1. How many performance obligations are in this contract?22. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30, aDateGeneral JournalDebitCreditMarch 1Cash139,000Deferred Revenue - Gold bar130,660Deferred Revenue - Insurance8,340March 30Deferred Revenue - Gold bar130,660Sale revenue130,660April 1Deferred Revenue - Insurance8,340Service revenue8,340
ver 94 units of certified 1-ounce gold bars on a future date.ucts to Brink’s, a third-party carrier.st if the product is lost in transit. The stand-alone price of a gold bar is $1,410 per unit,e $90 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the baand April 1.Stand-alone price of 94 units gold bars132,540Insurance of 94 units gold bars8,460141,000
ank occurred on April 1.
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Question 4Rocky Guide Service provides guided 1 to 5 day hiking tours throughout the Rocky Mountains. WildeRocky receives $1,900 per tour day, and shortly after the end of each month, Rocky learns whether it wif its service during that month received an average evaluation of "excellent" by Wilderness customersOn July 1, based on prior experience, Rocky estimated there is a 40% chance it will earn the bonus forOn July 16, based on Rocky’s view that it had provided excellent service during the first part of the moOn August 5, Rocky learned it did not receive an average evaluation of “excellent” for its July tours, soRocky bases estimates of variable consideration on the most likely amount it expects to receive.Required:Prepare Rocky’s July 15 journal entry to record revenue for tours given from July 1–July 15.Prepare Rocky’s July 31 journal entry to record revenue for tours given from July 16–July 31.Prepare Rocky’s August 5 journal entry to record any necessary adjustments to revenue and receipt ofDateGeneral JournalDebitCreditJuly 15Account Receivable19,000Service Revenue19,000July 31Account Receivable28,500Bonus Receivable4,750Service Revenue33,250August 5Cash47,500Account Receivable47,500Service Revenue4,750Bonus Receivable4,750
erness Tours hires Rocky to lead various tours that Wilderness sells.will receive a $190 bonus per tour day it guided during the previous months. The $1,900 per day and any bonus due are paid in one lump payment shortly after the end of each mor July tours. It guided a total of 10 days from July 1 to July 15.onth, Rocky revised its estimate to an 90% chance it would earn the bonus for all July tours. Rocky alsoo it would not receive any bonus for July, and received all payment due for the July tours.payment from Wilderness.
onth.o guided customers for 15 days from July 16 to July 31.
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Question 5Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The proje20242025Costs incurred during the year$316,000$1,700,000Estimated costs to complete as of 12/311,264,0000Billings during the year400,0001,660,000Cash collections during the year290,0001,770,000Required:1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assumin2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assumin3. Prepare a partial balance sheet to show how the information related to this contract would be present4. Prepare a partial balance sheet to show how the information related to this contract would be present20242025#1Contract price2,200,0002,200,000Actual cost to date316,0002,016,000Estimated cost to complete1,264,0000Total estimated cost1,580,0002,016,000Estimated gross profit620,000184,000Percentage CompletionRevenue recognition20242025Actual cost316,000Total estimated cost1,580,000Rate0.200.80Contract price2,200,0002,200,000Revenue recognized440,0001,760,000#2#3#4
ect began in 2024 and was completed in 2025. Data relating to the contract are summarized beng Avaya recognizes revenue over time according to percentage of completion.ng this project does not qualify for revenue recognition over time.ted at the end of 2024, assuming Avaya recognizes revenue over time according to percentagted at the end of 2024, assuming this project does not qualify for revenue recognition over timPercentages of completionActual cost / Estimated total cost=Actual + Estimated cost2024316,0001,580,0000.2020252,016,0002,016,0001.002024To dateRecognized in prior yearRecognized in 2024Contrustion Revenue440,0000440,000Contruction Expenese316,0000316,000Gross profit (loss)124,0000124,0002025To dateRecognized in prior yearRecognized in 2025Contrustion Revenue2,200,000440,0001,760,000Contruction Expenese2,016,000316,0001,700,000Gross profit (loss)184,000124,00060,000RevenueGross profit (loss)20240020252,200,000184,000Balance SheetAt December 31, 2024Current AssetsAccount Receivable110,000CIP in excess of billings40,000Balance Sheet
At December 31, 2024Current AssetsAccount Receivable110,000Current LiabilityBillings in excess of CIP84,000
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below:ge of completion.me.
Question 6On February 1, 2024, Arrow Construction Company entered into a three-year construction conDuring 2024, costs of $2,030,000 were incurred with estimated costs of $4,030,000 yet to be iIn 2025, costs incurred were $2,530,000 with remaining costs estimated to be $3,645,000. 202The project was completed in 2026 after additional costs of $3,830,000 were incurred. The comRequired:1. Calculate the amount of revenue and gross profit or loss to be recognized in each of th2a. Prepare journal entries for 2024 to record the transactions described (credit "Cash, M2b. Prepare journal entries for 2025 to record the transactions described (credit "Cash, M3a. Prepare a partial balance sheet to show the presentation of the project as of Decembe3b. Prepare a partial balance sheet to show the presentation of the project as of Decembe20242025Costs incurred during the year$2,030,000$2,530,000Estimated costs to complete as of 12/314,030,0003,645,000Billings during the year2,530,0002,780,000Cash collections during the year2,280,0002,505,000202420252026Contract price8,090,0008,090,0008,090,000Actual cost to date2,030,0004,560,0008,390,000Estiamted cost to complete4,030,0003,645,0000Total estimated cost6,060,0008,205,0008,390,000Estimated gross profit2,030,000(115,000)(300,000)Percentage CompletionRevenue recognition202420252026Actual cost2,030,0004,560,000Total estimated cost6,060,0008,205,000Rate0.330.560.11Contract price8,090,0008,090,0008,090,000Revenue recognized2,710,0171,786,0713,593,912General JournalDebitCredit
#2a - Year 2024#1Contruction in progress2,030,000Cash, Materials, etc2,030,000#2Account Receivable2,530,000Billings on contruction contract2,530,000#3Cash2,280,000Account Receivable2,280,000#4Contruction in progress680,017Cost of contruction2,030,000Revenue from long-term contract2,710,017#2b - Year 2025#1Contruction in progress2,530,000Cash, Materials, etc2,530,000#2Account Receivable2,780,000Billings on contruction contract2,780,000#3Cash2,505,000Account Receivable2,505,000#4Cost of contruction2,581,088Revenue from long-term contract1,786,071Contruction in progress795,017
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ntract to build a bridge for a price of $8,090,000.incurred. Billings of $2,530,000 were sent, and cash collected was $2,280,000.25 billings were $2,780,000, and $2,505,000 cash was collected.mpany’s fiscal year-end is December 31. Arrow recognizes revenue over time according to percentaghe three years.Materials, etc." for construction costs incurred).Materials, etc." for construction costs incurred).er 31, 2024.er 31, 2025.2026$3,830,000000#1Percentages of completionActual cost / Estimated total cost=Actual + Esti20242,030,0006,060,00020254,560,0008,205,00020268,390,0008,390,0002024To dateRecognized in prior yearContrustion Revenue2,710,0170Contruction Expenese2,030,0000Gross profit (loss)680,01702025To dateRecognized in prior yearContrustion Revenue4,496,0882,710,017Contruction Expenese4,611,0882,030,000Gross profit (loss)-115,000680,0172026To dateRecognized in prior yearContrustion Revenue8,090,0004,496,088Contruction Expenese8,390,0004,611,088Gross profit (loss)-300,000-115,000#3aBalance Sheet
At December 31, 2024Current AssetsAccount Receivable250,000CIP in excess of billing180,017#3bBalance SheetAt December 31, 2024Current AssetsAccount Receivable525,000Current LiabilityBillings in excess of CI865,000
ge of completion.imated cost0.33500.55581.0000Recognized in 20242,710,0172,030,000680,017Recognized in 20251,786,0712,581,088-795,017Recognized in 20263,593,9123,778,912-185,000
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Total billings up to 20255,310,000Total cost up to 20254,560,000Loss incurred-115,000Billings in excess CIP865,000
Question 7Brady Construction Company contracted to build an apartment complex for a price of $5The following is a series of independent situations, numbered 1 through 6, involving difSituationCosts Incurred during YearEstimated Costs to Complete202420252026202420251$1,550$2,280$1,050$3,330$1,05021,5501,0502,6003,3302,60031,5502,2802,0003,3301,90045503,0501,1003,85090055503,0501,6503,8501,90065503,0502,3005,1002,150Required:Complete the following table.Gross Profit (Loss) RecognizedRevenue Recognized Over TimeRevenue RecognizeSituation202420252026202420251196,926289,672133,402002196,926(46,926)150,000003196,926(426,926)(100,000)0(230,000)4137,500662,5000005137,500(137,500)250,000006(150,000)(100,000)(150,000)(150,000)(100,000)Situation 1Costs Incurred during YearEstimated Costs to Complet20242025202620242025$1,550,000$2,280,000$1,050,000$3,330,000$1,050,000202420252026Contract price5,500,0005,500,0005,500,000Actual cost to date1,550,0003,830,0004,880,000Estiamted cost to complete3,330,0001,050,0000Total estimated cost4,880,0004,880,0004,880,000Estimated gross profit620,000620,000620,000Percentage Completion
Revenue recognition202420252026Actual cost1,550,0003,830,000Total estimated cost4,880,0004,880,000Rate0.320.78(0.10)Contract price5,500,0005,500,0005,500,000Revenue recognized1,746,9262,569,6721,183,402Actual cost (as given)1,550,0002,280,0001,050,000Gross Profit196,926289,672133,402Situation 2Costs Incurred during YearEstimated Costs to Complet202420252026202420251,550,0001,050,0002,600,0003,330,0002,600,000202420252026Contract price5,500,0005,500,0005,500,000Actual cost to date1,550,0002,600,0005,200,000Estiamted cost to complete3,330,0002,600,0000Total estimated cost4,880,0005,200,0005,200,000Estimated gross profit620,000300,000300,000Percentage CompletionRevenue recognition202420252026Actual cost1,550,0002,600,000Total estimated cost4,880,0005,200,000Rate0.320.500.18Contract price5,500,0005,500,0005,500,000Revenue recognized1,746,9261,003,0742,750,000Actual cost (as given)1,550,0001,050,0002,600,000Gross Profit196,926(46,926)150,000Situation 3Costs Incurred during YearEstimated Costs to Complet202420252026202420251,550,0002,280,0002,000,0003,330,0001,900,000202420252026Contract price5,500,0005,500,0005,500,000
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Actual cost to date1,550,0003,830,0005,830,000Estiamted cost to complete3,330,0001,900,0000Total estimated cost4,880,0005,730,0005,830,000Estimated gross profit620,000(230,000)(330,000)LOSSPercentage CompletionRevenue recognition202420252026Actual cost1,550,000Total estimated cost4,880,000Rate0.32Contract price5,500,000Revenue recognized1,746,926Actual cost (as given)1,550,000Gross Profit196,926(426,926)(100,000)Situation 4Costs Incurred during YearEstimated Costs to Complet20242025202620242025550,0003,050,0001,100,0003,850,000900,000202420252026Contract price5,500,0005,500,0005,500,000Actual cost to date550,0003,600,0004,700,000Estiamted cost to complete3,850,000900,0000Total estimated cost4,400,0004,500,0004,700,000Estimated gross profit1,100,0001,000,000800,000Percentage CompletionRevenue recognition202420252026Actual cost550,0003,600,000Total estimated cost4,400,0004,500,000Rate0.130.80Contract price5,500,0005,500,000Revenue recognized687,5003,712,500Actual cost (as given)550,0003,050,000Gross Profit137,500662,5000
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Situation 5Costs Incurred during YearEstimated Costs to Complet20242025202620242025550,0003,050,0001,650,0003,850,0001,900,000202420252026Contract price5,500,0005,500,0005,500,000Actual cost to date550,0003,600,0005,250,000Estiamted cost to complete3,850,0001,900,0000Total estimated cost4,400,0005,500,0005,250,000Estimated gross profit1,100,0000250,000LOSSPercentage CompletionRevenue recognition202420252026Actual cost550,0003,600,000Total estimated cost4,400,0005,500,000Rate0.130.65Contract price5,500,0005,500,000Revenue recognized687,5003,600,000Actual cost (as given)550,0003,050,000Gross Profit137,500(137,500)250,000Situation 6Costs Incurred during YearEstimated Costs to Complet20242025202620242025550,0003,050,0002,300,0005,100,0002,150,000202420252026Contract price5,500,0005,500,0005,500,000Actual cost to date550,0003,600,0005,900,000Estiamted cost to complete5,100,0002,150,0000Total estimated cost5,650,0005,750,0005,900,000Estimated gross profit(150,000)(250,000)(400,000)LOSSPercentage CompletionRevenue recognition202420252026Actual costTotal estimated cost
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RateContract priceRevenue recognizedActual cost (as given)Gross Profit(150,000)(100,000)(150,000)
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5,500,000. Construction began in 2024 and was completed in 2026.ffering costs for the project. All costs are stated in thousands of dollars.e (As of the End of the Year)2026——————ed Upon Completion2026620,000300,000(100,000)800,000250,000(150,000)te (As of the End of the Year20260Revenue Recognized Upon Completion
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YearGross Profit Recognized20240202502026620,000Total Gross Profit620,000te (As of the End of the Year20260Revenue Recognized Upon CompletionYearGross Profit Recognized20240202502026300,000Total Gross Profit300,000te (As of the End of the Year20260
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Revenue Recognized Upon CompletionYearGross Profit Recognized202402025(230,000)2026(100,000)Total Gross Profit(100,000)te (As of the End of the Year20260Revenue Recognized Upon CompletionYearGross Profit Recognized20240202502026800,000Total Gross Profit800,000
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te (As of the End of the Year20260Revenue Recognized Upon CompletionYearGross Profit Recognized20240202502026250,000Total Gross Profit250,000te (As of the End of the Year20260Revenue Recognized Upon CompletionYearGross Profit Recognized2024(150,000)2025(100,000)
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2026(150,000)Total Gross Profit(150,000)
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Related Questions
Subject: acounting
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Exercise 6-3 (Algo) Allocating transaction price [LO6-4]Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-siteinstallation by VP staff. The installation includes programming the remote to have the TV interface with other parts ofthe customer's home entertainment system. VP concludes that the TV, remote, and installation service are separateperformance obligations. VP sells the 60-inch TV separately for $2,000, sells the remote separately for $125, and offersthe installation service separately for $375. The entire package sells for $2,400.Required:How much revenue would be allocated to the TV, the remote, and the installation service?Note: Do not round intermediate calculations.ItemDescriptionTVRemoteInstallationTotal revenueAllocatedRevenue
Exercise 6-3 (Algo) Allocating transaction price [LO6-4]Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VPstaff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainmentsystem. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TVseparately for $1,575, sells the remote separately for $210, and offers the installation service separately for $315. The entire packagesells for $2,000.Required:How much revenue would be allocated to the TV, the remote, and the installation service?Note: Do not round intermediate calculations.Item DescriptionAllocatedRevenueTVRemoteInstallationTotal revenue0
Exercise 6-3 (Algo) Allocating transaction price [LO6-4]Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VPstaff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainmentsystem. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TVseparately for $1,575, sells the remote separately for $210, and offers the installation service separately for $315. The entire packagesells for $2,000.Required:How much revenue would be allocated to the TV, the remote, and the installation service? (Do not round intermediate calculations.)Item DescriptionTVRemoteInstallationTotal revenue$AllocatedRevenue0
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Question Viewer iufacturing bought three used machines in a $164,000 lump-sum purchase. An independent appraiser valued the machines as shown:(Click on the icon to view the appraised values.)Read the requirement.What is each machine's individual cost? (Round decimals to three places when calculating proportions, and use your computed percentages in all calculations.)Machine 1's cost isData tableAppraisedValueMachine No. 162,000Machine No. 248,000Machine No. 390,000PrintDone-☑
tesVideo Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VPstaff. The installation includes programming the remote to have the TV interface with other parts of the customer's home entertainmentsystem. VP concludes that the TV, remote, and installation service are separate performance obligations, VP sells the 60-inch TVseparately for $1,870, sells the remote separately for $110, and offers the installation service separately for $220. The entire packagesells for $2,100.Required:How much revenue would be allocated to the TV, the remote, and the installation service?Note: Do not round intermediate calculations.TVItem DescriptionRemoteInstallationTotal revenue$AllocatedRevenue0
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Problem 18-04Bridgeport Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Bridgeport’s main products are as follows.Item StandaloneSelling Price (Cost) Refrigerator $500($260)Range 570(270)Stackable washer/dryer unit 690(400)Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,800. The bundle price includes delivery and installation. Bridgeport also provides installation (not a separate performance obligation).Respond to the requirements related to the following independent revenue arrangements for Bridgeport Appliance Co.      1.    On June 1, 2020, Bridgeport sold 100 washer/dryer units without installation to Laplante Rentals for $69,000. Laplante is a newer customer and is unsure how this product will work in its older rental units.…
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O v2.cengagenow.comMake or BuyA company manufactures various-sized plastic bottles for its medicinal product. The manufacturingcost for small bottles is $75 per unit (100 bottles), including fixed costs of $28 per unit. A proposal isoffered to purchase small bottles from an outside source for $40 per unit, plus $4 per unit for freight.a. Prepare a differential analysis dated July 31 to determine whether the company should make(Alternative 1) or buy (Alternative 2) the bottles, assuming fixed costs are unaffected by thedecision. If an amount is zero, enter "0". Use a minus sign to indicate a loss.Differential AnalysisMake Bottles (Alt. 1) or Buy Bottles (Alt. 2)July 31Make BottlesBuy Bottles(Alternative 2)Differential Effect on Income(Alternative 1)(Alternative 2)Sales price%24%$4Unit costs:Purchase price$4-40-40Freight-4-4Variable costs-47-47 X47Fixed factory-28-28overheadIncome (Loss)-75-119 X31хFeedbackCheck My Work 1 more Check My Work uses…
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MyUSFX My HomeCengageNOWv2 | Online teachin X -ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator=D&inpro... oSnipe Company has been purchasing a component, Part Q, for $19.20 per unit. Snipe is currently operating at 70% of capacity, and no signific.increase in production is anticipated in the near future. The cost of manufacturing a unit of Part Q is estimated as follows:Direct materials$11.50Direct labor4.50Variable factory overhead1.12Fixed factory overhead3.15Total$20.27Prepare a differential analysis report dated March 12 of the current year. Round your answers to two decimal places. If an amount is zerO"o".Differential AnalysisMake (Alternative 1) or Buy (Alternative 2) Part QMarch 12DifferentialEffectsBuyMakePart Q(Alternative 1) (Alternative 2) (Alternative 2)Part QUnit costs:Direct laborDirecthaterialsVariable operating expenses
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Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal remote, and on-site installation by VP staff. The installation includes programming the remote to have the TV interface with other parts of the customer’s home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $1,700, sells the remote separately for $100, and offers the installation service separately for $200. The entire package sells for $1,900. Required:How much revenue would be allocated to the TV, the remote, and the installation service?
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