Telephone Sellers plc sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells £4,000 of prepaid cards in January 2010. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is £3,000. Indicate how much income Telephone Sellers should recognize in January, February, March, and April.
Answer to relevant QuestionsWeather Accurate Inc. provides weather updates to various television stations. In lieu of cash payments, the television stations run various advertisements for Weather Accurate. Weather Accurate estimates that this ...Consider the following independent situations. Prepare responses to each as indicated.1. Holmes Company sells goods to Watson Corp. for £22,000 on January 2, 2010, with payment due in 12 months. The fair value of the goods ...Given the following items and amounts, compute the actual return on plan assets: fair value of plan assets at the beginning of the period $9,200,000; benefits paid during the period $1,400,000; contributions made during the ...Briefly discuss the convergence efforts that are underway with respect to the accounting for pensions and other postretirement benefits.Using the information in BE20-12, prepare the journal entry for Wasson, assuming that instead of having unrecognized actuarial gains, Wasson has unrecognized losses before the curtailment of €50. Prepare the pension plan ...
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