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Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned.   a. How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. Performance Obligations TransactionPriceas Stated StandaloneSellingPrice AllocatedTransaction Price(rounded) Product purchase Answer   Answer   Answer   Loyalty rewards Answer   Answer   Answer     Answer   Answer   Answer   b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400…

please answer part C and part D but not in image format

Allocate the revenue from the computer bundle purchase to each of the hardware products using the stand-alone method based on physical units (that is, the number of individual units of product sold per bundle).

Sage Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations.Respond to the requirements related to the following independent revenue arrangements for Sage products and services.

What is the amount of receiving costs?

Ginger Ltd is marketing a ‘surfing bundle’ in which, for $2200, it provides customers with a surfboard(which retails separately for $1700), a wetsuit (which retails separately for $500) and five lessons(which retail separately for $400). You are required to determine:a) Whether separate performance obligations exist, and to explain why you made thisjudgement.b) How much of the transaction price to allocate to each performance obligation?

Firms usually offer their customers some form of trade credit. This allowance comes with certain terms of credit, which will affect the actual cost of asset being sold for the buyer and the seller. Consider this case: Green Moose Industries buys most of its raw materials from a single supplier. This supplier sells to Green Moose on terms of 1/10, net 30.   The cost per period of the trade credit extended to Green Moose is  ________(1.23%, 0.89%, 1.01%, 1.05%)   (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.).   Green Moose’s trade credit has a nominal annual cost of  _______ (22.85%, 19.17%, 16.59%, 18.43%) , assuming a 365-day year. (Note: Round all intermediate calculations to four decimal places, and your final answer to two decimal places.)   If Green Moose Industries’s supplier shortens its discount period to five days, this will  _______ (Increase, Decrease) the cost of the trade credit.

CycleWorld sells motorcycles and also provides operating training and license testing. Training is $75 per hour, and testing is $125 per hour. How should it show license testing in its Service Item? Select an answer: as a separate category of Service Revenue as a separate level under Motorcycle Sales as a separate level under Service Revenue

Allocate the revenue from the computer bundle purchase to each of the hardware products using the stand-alone method based on cost per unit.

1. How should the $25 Referral Credit be recorded in Runway’s incomestatement?2. When would Runway record the $25 Referral Credit? What are the journalentries Runway would record when the $25 Referral Credit is earned bythe Existing Customer? What are the journal entries Runway would recordwhen the $25 Referral Credit is redeemed against a $100 purchase madeby the Existing Customer?3. Runway is planning to adopt IFRSs in the near future. What is the relevantaccounting guidance it would follow under IFRSs?

ss.  Subject :- Accounting

The following describes the revenue cycle procedures for a hypothetical company.The sales department clerk receives hard-copy customer orders and manually prepares a six-part hardcopy sales order. Copies of the sales order are distributed to various departments as follows: Copies 1, 2, and 3 go to the shipping department, and Copies 4, 5, and 6 are sent to the billing department where they are temporarily filed by the billing clerk.Upon receipt of the sales order copies, the shipping clerk picks the goods from the warehouse shelves and ships them to the customer. The clerk sends Copy 1 of the sales order along with the goods to the customer. Copy 2 is sent to the billing department, and Copy 3 is filed in the shipping department. When the billing clerk receives Copy 2 from the warehouse, she pulls the other copies from the temporary file and completes the documents by adding prices, taxes, and freight charges. Then, using the department PC, the billing clerk records the sale in the…

Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is receivedfrom a customer within the discount period, the seller consents to thereturn of the entire shipment for a cash refund. The cost of themerchandise returned is $16,800. (A) What is the amount of the refundowed to the customer? (B) Journalize the entries made by the seller torecord the return and the refund.

Surfside Ltd is marketing a surfing bundle in which, for $1100, it provides customers with a surfboard (which retails separately for $850), a wetsuit (which retails separately for $250), and five lessons (which retail for $200). You are required to determine: Whether separate performance obligations exist, and to explain why you made this judgement. How much of the transaction price to allocate to each performance obligation?

Grill Master Company sells total outdoor grilling solutions, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Instructions Respond to the requirements related to the following independent revenue arrangements for Grill Master products and services. a.    Grill Master offers contract GM205, which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $800. On a standalone basis, the grill sells for $700 (cost $425), and Grill Master estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $150. (The selling of the grill and the installation services should be considered two performance obligations.) Grill Master signed 10 GM205 contracts on April 20, 2020, and customers paid the contract price in cash. The grills were delivered and installed on May 15, 2020. Prepare journal entries for Grill Master for GM205 in…