True Tech Industries manufactures the Tri-Box System, a multiplayer gaming system allowing players to compete with...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
True Tech Industries manufactures the Tri-Box System, a multiplayer gaming system allowing players to compete with each other over the Internet. •The Tri-Box System includes the physical Tri-Box module as well as a one-year subscription to the Tri-Net multiuser platform of Internet-based games and other applications. •True Tech sells individual one-year subscriptions to the Tri-Net platform for $80. Customers can access the Tri-Net using a Tri-Box as well as other gaming modules. •True Tech sells individual Tri-Box modules for $320. Customers can use a Tri-Box to access the Tri-Net as well as other multiuser gaming platforms. •As a package deal, TrueTech sells the Tri-Box System (module plus subscription) for $350. On January 1, 2021, True Tech delivers 1,000 Tri-Box Systems to CompStores at a price of $350 per system. TrueTech receives $350,000 from CompStores on January 25, 2021. Which of the following statements is incorrect? O On January 31, 2021, TrueTech should recognize service revenue $6,667. O The transaction price is $350,000. O On January 1, 2021, TrueTech should recognize sales revenue $280,000 O A Tri-Box system includes two performance obligations. True Tech Industries manufactures the Tri-Box System, a multiplayer gaming system allowing players to compete with each other over the Internet. •The Tri-Box System includes the physical Tri-Box module as well as a one-year subscription to the Tri-Net multiuser platform of Internet-based games and other applications. •True Tech sells individual one-year subscriptions to the Tri-Net platform for $80. Customers can access the Tri-Net using a Tri-Box as well as other gaming modules. •True Tech sells individual Tri-Box modules for $320. Customers can use a Tri-Box to access the Tri-Net as well as other multiuser gaming platforms. •As a package deal, TrueTech sells the Tri-Box System (module plus subscription) for $350. On January 1, 2021, True Tech delivers 1,000 Tri-Box Systems to CompStores at a price of $350 per system. TrueTech receives $350,000 from CompStores on January 25, 2021. Which of the following statements is incorrect? O On January 31, 2021, TrueTech should recognize service revenue $6,667. O The transaction price is $350,000. O On January 1, 2021, TrueTech should recognize sales revenue $280,000 O A Tri-Box system includes two performance obligations.
Expert Answer:
Answer rating: 100% (QA)
The detailed answer for the above question is provided below Answer Step 1 I ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Which of the following statements is (are) false? Explain why the starementfs) is (are) false. a. Is a structural isomer of pentonic acid. b. Is a structual isomer of 2-methyl-3-pentanone. c....
-
Which of the following statements is an organizational objective (as opposed to an organizational goal)? To increase in patient volume by 3 percent per year To increase market share To provide high...
-
Which of the following statements is not true? a.Companies that have higher fixed costs relative to variable costs have higher operating leverage. b. When a company's sales revenue is increasing,...
-
In home with hand sanitizers, the risk of catching a gastrointestinal illness from a sick child dropped 60 percent compared with the control families. This statement is consistent with: (RR = risk...
-
Suppose Gray Corporation completed the following international transactions: Requirements 1. Record these transactions in Grays journal and show how to report the transaction gain or loss on the...
-
The 2015 average commute time (in minutes) in a West Hills, Los Angeles, census tract was 29.9. Let X = commute time to work and Z = the usual standardized random variable. Assuming a normal...
-
Selected accounts and a section of a worksheet for Sunhill Stores are shown below. Required (a) The beginning and ending inventory were \($45\) 760 and \($52\) 420 respectively. Enter the beginning...
-
Deacon Publishing House is a publishing company that produces consumer magazines. The house and home division, which sells home-improvement and home-decorating magazines, has seen a 20% reduction in...
-
56. If the maximum concentration of PbCl2 in water is 0.01M at 298 K. Its maximum concentration in 0.1M NaCl will be : (1) 4 103 M x (3) 4 102 M (2) 0.4 10M x (4) 410 M
-
Many small-business owners have a difficult time finding financing to start or expand their business. The Small Business Administration is one potential source of financing for many types of small...
-
What is the major product? aq. NaOH, heat?
-
Johns basis in the painting in problem 67 is: a. $0 b. $25,000 c. $30,000 d. $39,000 e, $42,250 problem 67 John sold a painting in February 2019 for $40,000. He received $10,000 in February and was...
-
Y uses the FIFO method in computing its inventory. On January 1, 2019, its beginning inventory of 3,500 units consisted of the following: During 2019, Y purchased the following units: During 2019, it...
-
Larry Johnson, 45 and single, has the following income and deductions in 2018. Using the tax rate schedules rather than the tax tables, compute Larry's tax owed or refund due for 2018. Assume...
-
John Smythe has a margin account with Investit Investment Company. The stocks and bonds in the account earned dividends and interest of $10,000 in 2019. The $10,000 was paid directly to the margin...
-
Although most firms that have a customer advisory board set them up after their firm is started, primarily to assess customer satisfaction and brainstorm new product ideas, customer advisory boards...
-
What is the number of tuples (, a2, a3, 4, a5, 6) with ai {0, 1, 2, 3, 4, 5, 6, 7, 8, 9) for all i [6] and a; = 10?
-
Draw the appropriate control flow graph of the given pseudocode.Make sure to only use one number for blocks of code which are all sequential and when the first line is executed, all of those lines...
-
Explain the meaning of coefficient of variation.
-
Describe input/output analysis.
-
Define cost tracing, cost allocation, allocation base and cost driver.
-
Which of Stosurs statements regarding ETF mechanics is correct? A. Statement 1 B. Statement 2 C. Statement 3 Howie Rutledge is a senior portfolio strategist for an endowment fund. Rutledge meets with...
-
Factor (smart beta) strategy ETFs are least likely to be used by investors: A. to modify portfolio risk. B. for tactical trading purposes. C. to seek outperformance versus a benchmark.
-
Which of the following statements regarding applications of ETFs in portfolio management is correct? A. Equity ETFs tend to be more active than fixed-income ETFs. B. The range of risk exposures...
Study smarter with the SolutionInn App