am.100. Exercise 6-5 (Algo) Performance obligations [LO6-2, 6-4, 6-5]On March 1, 2024, Gold Examiner receives $154,000 from a local bank and promises to deliver 96 units of certified 1-ounce gold barson 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 intransit. The stand-alone price of a gold bar is $1,560 per unit, and Gold Examiner estimates the stand-alone price of the replacementinsurance service to be $65 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bankoccurred 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.Complete this question by entering your answers in the tabs below.Req 1eq 2 to 4Prepare the journal entry Gold Examiner would record on March 1, March 30, and April 1.Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field. Round your final answers to the nearest whole dollar amount.View transaction listJournal entry worksheet

The number of performance obligations is computed based on the promises made in the contract by the…

ceives $154,000 from a local bank and promise re date. The contract states that ownership passes to the bank when Gold rier. In addition, Gold Examiner has agreed to provide a replacement shipm he stand-alone price of a gold bar is $1,560 per unit, and Gold Examiner es

ceives $154,000 from a local bank and promise re date. The contract states that ownership passes to the bank when Gold rier. In addition, Gold Examiner has agreed to provide a replacement shipm he stand-alone price of a gold bar is $1,560 per unit, and Gold Examiner es

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the following accounts; Cash Foreign exchange gain Foreign exchange loss Capital Bank Short-term investments Loss on sale of short-term investment Gain on sale of short-term investment RA established his own company, r@ktas Co. The following transactions are the events that occurred during December 2018, the company's first month: Date 12/1 The owner invested $ 200,000 cash for capital. 12/5 r@ktas Co., opened deposit account on Don't Trust Bank and put 2.000 Euro (Exchange rate was 1 Euro= 1,5 Dollar) 12/10 The Company purchased short-term investment with cash for $2,500. 12/18 The Company sold short-term investment with cash for $2.000 Note: • Exchange rate was 1 Euro= 1,4 Dollar at the end of the period. Requirements: 1- Give the journal entry for each transaction. 2- Post each transaction to Taccounts.
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