Question: 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

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 customers home entertainment system. VP concludes that the TV, remote, and installation service are separate performance obligations. VP sells the 60-inch TV separately for $1,575, sells the remote separately for $225, and offers the installation service separately for $450. The entire package sells for $2,150. Required: How much revenue would be allocated to the TV, the remote, and the installation service?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Calculate the payback period and the Net present value (NPV) using the following data: Returns, Investment Year 0: $0, $1M Year 1: $1M, $2M Year 2: $3M, $2M Year 3: $6M, $5M Year 4: $10M, $5M Year 5:...

Q:

Included in this folder you will find a power point presentation that outlines the basics of the new Revenue Recognition Standard. Included in these slides are specific examples that show you how the...

Q:

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...

Q:

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...

Q:

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...

Q:

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...

Q:

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...

Q:

Could you help please ? 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...

Q:

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...

Q:

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...

Q:

1. 2. 3. 1 and 3 are the same question. C 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...

Q:

Solve the order of operations: 23.3 x (5x4+6)-10 24. (6+4)+(10+10-5) 25. (15+5) x (20-10)+5 26. (9+7)/(8-6) Solve the equations: 27.6+x=2 28. 7(5x 3) = 49 29.94-7x+x-2 Solve and Graph the...

Q:

Consider the following financial information for a manufacturer that applies overhead to production jobs using pounds of direct materials as the allocation base. The company's facility is 100,000...

Q:

In Switzerland the government provided registered heroin addicts with low - cost heroin up to three times per day. True False

Q:

What are the nontax costs associated with providing pension benefits for employees?

Q:

Elbow Lake Corp. issues a $600,000, 4-year, 4% note payable on March 31, 2017. The terms provide for fixed principal payments annually of $150,000. (a) Prepare the journal entries to record the note...

Q:

The following instalment payment schedule is for an instalment note payable: (a) What are the non-current and current portions of the note at December 31, 2017? (b) What are the non-current and...

Q:

When is it tax advantageous for the firm to pay salary instead of an equivalent pension contribution?

Q:

What is an ESOP? Why has Congress encouraged their use over the years?

Q:

Who declares an emergency in order to get a response from the Federal government? governor of the state

Q:

Be able to address different common forms of termination for cause: discharge for behavior problems and dismissal for performance problems

Q:

Be able to define the critical difference between the terms standard and average as they are used in performance appraisals

Q:

Recognize the features of practical performance appraisal forms