Question: Hi, please answer all!! its my third time uploading the same questions! PLEASE TYPE THE ANSWERS CLEARLY! thank you so much! Ched 3 Exercise 6-5



Ched 3 Exercise 6-5 (Algo) Performance obligations (L06-2, 6-4, 6-5) pood On March 1, 2021, Gold Examiner receives $169,000 from a local bank and promises to deliver 95 units of certified 1-oz gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit The stand-alone price of a gold bar is $1,710 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $90 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1 Required: 1. How many performance obligations are in this contract? 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1 Doom HA Complete this question by entering your answers in the tabs below. Print Reg 1 Reg 2 to 4 How many performance obligations are in this contract? rences Number of performance obligations Reg 2 to 4 > 1 Exercise 6-8 (Algo) Performance obligations; customer option for additional goods or services (LO6-4, 6- 5] ged On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 4,500 units of Comfort Office Keyboard to one of its clients, Bionics, Inc., at a fixed price of $75,600, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $54,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $18.80 per unit. Required: 1. How many performance obligations are in this contract? 2. Prepare the journal entry that Meta would record on May 1, 2021. 3. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option Bionics instead of 25%. In this case, what journal entry would Meta record on May 1, 2021? ok + aces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 How many performance obligations are in this contract? Number of performance obligations Check 5 Exercise 6-12 (Algo) Time value of money for accounts receivable (LO6-6) pos Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $30,700 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 11%, (Ey of $1. PV of $1. EVA of $1. PVA O $1. FVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Prepare the Journal entry for Arctic to record the sale on January 1, 2021. 2. Assume the some facts as in requirement 1, and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021 3. Assume Instead that Seneca is to pay Arctic the $30.700 due on the note on December 31, 2022. Prepare the journal entry for Arctic to record the sale on January 1, 2021 4. Assume instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. (if no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your final answers to the nearest whole dollar amount) 3 ences View transaction et Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
