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
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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
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- AuctionCo.com sells used products that are collected from different suppliers. Assume a customer purchases a used bicycle through AuctionCo.com for $300. AuctionCo.com agrees to pay the supplier $200 for the bicycle. The bicycle will be shipped to the customer by the original bicycle owner. these are the questions AuctionCo.com takes control of this used bicycle before the sale and pays $200 to the supplier. Under this assumption, how much revenue would AuctionCo.com recognize at the time of the sale to the customer? AuctionCo.com never takes control of this used bicycle before the sale. Instead, the bicycle is shipped directly to the customer by the original bicycle owner, and then AuctionCo.com pays $200 to the supplier. Under this assumption, how much revenue would AuctionCo.com recognize at the time of the sale to the customer? Assume AuctionCo.com promises to pay $200 to the supplier regardless of whether the bicycle is sold, but the bicycle will continue to be shipped…AuctionCo.com sells used products collected from different suppliers. Assume a customer purchases a used bicycle through AuctionCo.com for $300. AuctionCo.com agrees to pay the supplier $200 for the bicycle. The bicyclewill be shipped to the customer by the original bicycle owner.Required:1. Assume AuctionCo.com takes control of this used bicycle before the sale and pays $200 to the supplier. Underthis assumption, how much revenue would AuctionCo.com recognize at the time of the sale to the customer?2. Assume AuctionCo.com never takes control of this used bicycle before the sale. Instead, the bicycle isshipped directly to the customer by the original bicycle owner, and then AuctionCo.com pays $200 to thesupplier. Under this assumption, how much revenue would AuctionCo.com recognize at the time of the saleto the customer?3. Assume AuctionCo.com promises to pay $200 to the supplier regardless of whether the bicycle is sold, butthe bicycle will continue to be shipped directly from the…eBay sells used products collected from different suppliers. Assume a customer purchases a used bicycle through eBay for $300. eBay agrees to pay the supplier $200 for the bicycle. The bicycle will be shipped to the customer by the original bicycle owner. Assume eBay bay never takes control of the used bicycle before the sale. Instead the bicycle is shipped directly to the customer by the original bicycle owner, and then eBay pays $200 to the supplier. How much revenue would eBay recognize at the time of the sale? Why?
- You own your own outdoor recreation supply store. You are in the process of drafting a standard invoice agreement for customer sales conducted on credit. Create a sample sales invoice with the following minimum information listed: Your company information Date of sale Your customers information An example product you sell with name, description, price per unit, and number of units sold Terms of sale including credit terms and shipping charges, with numerical figures for shipping charges Any contract language necessary to further establish the terms of sale (for example, warranties, limitations on shipping, and returns) Write a reflection about your invoice choice, as it relates to format, terms, contract language, and pricing strategies. Conduct a comparison study to others in your industry (such as REI) to evaluate your choices. Make sure to support your decisions with concrete examples and research.Great American Oilchange (GAO) sells a combined oil change service and parts package for $40. A customer who supplies the parts (oil and filter) is charged $30 for only the service, whereas a customer who buys only the oil and filter (for do-it-yourself use) is charged $30 for the parts. The parts cost GAO $24. CP6-4 (Algo) Part 1 Required: 1. Determine the dollar amount of revenue from the oil change service versus the sale of parts for each combined oil change package. TIP: To calculate the percentage of the combined package that relates to the service, divide the stand- alone selling price of the service by the combined stand-alone selling prices of both the service and parts. Parts Service Allocated Transaction Price 234 $ 8 9 J 1/ deleA large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget and Hertz. Suppose Budget is negotiating with the auto manufacturer to purchase 1,000 vehicles. Fill in the short paragraph to explain to the auto manufacturer when the company should, and should not, record this sales revenue and the related expense for cost of goods sold. Mention the accounting principles that provide the basis for your explanation. Let's decide how and when the manufacturer should recognize revenue. The manufacturer should record sales revenue when the revenue is (collected ,deferred, earned) by (agreeing to deliver, delivering, never delivering) automobiles to the auto rental companies. The manufacturer should not record any revenue (after, during, prior to) delivery of the vehicles to the auto rental companies because it hasn't (collected, deferred, earned)the revenue yet. The (expense recognition principle, historical cost principle, revenue principle)…
- A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget and Hertz. Suppose Budget is negotiating with the auto manufacturer to purchase 1,000 vehicles. Fill in the short paragraph to explain to the auto manufacturer when the company should, and should not, record this sales revenue and the related expense for cost of goods sold. Mention the accounting principles that provide the basis for your explanation. Let's decide how and when the manufacturer should recognize revenue. The manufacturer should record sales revenue when the revenue is earnedby delivering automobiles to the auto rental companies. The manufacturer should not record any revenue prior to delivery of the vehicles to the auto rental companies because it hasn't earned the revenue yet. The revenue principle governs this decision. Now let's decide how and when the manufacturer should record the cost of the sale. The manufacturer should record the cost of…Ticketmaster contracts with the producer of Blue Man Group to sell tickets online. Ticketmaster charges each customer a fee of $9 per ticket and receives $22 per ticket from the producer. Ticketmaster does not take control of the ticket inventory. Average ticket price for the event is $105. How much revenue should Ticketmaster recognize for each Blue Man Group ticket sold?Neo Airconditioner Sdn Bhd primarily sells and installs air conditioner. As well as suppliers air conditioners, it also provide air conditioner repair and services to its customers. The business commonly sells the supply and installation, and maintenance and services support in a combined goods and services contract. The combined goods and services contract sells for $3,600, but if sold separately the supply and installation is sold for $2,500 and the maintenance and service support for $1,300 fir a period of 24 months. Required: If Neo Airconditioner sold a combined contract on 1 July 219, demonstrate how the transaction would be presented in the financial statements for the year ended 31 December 2019, using the 5 steps revenue recognition model.
- Luke sells machines, and also offers installation and technical support services. The individual selling prices of each product are shown below. Sale price of goods $75 Installation $25 A year’s service $50 Company X bought a machine on 1 May 2018 and was charged a reduced price of $100. Luke only offers discounts when customers purchase a package of products together. According to IFRS 15 Revenue from Contracts with Customers, how much should be recorded in revenue for the year ended 31 December 2019? Answer should be rounded to the nearest $.Sammy John Ltd has a customer loyalty programme that rewards a customer with one customer loyalty point for every $10 of purchases. Each point is redeemable for a $1 discount on any future purchases Customers purchase products for $100,000 and earn 10,000 points The entity expects 9,500 points to be redeemed, so they have a stand-alone selling price $9,500 Identify the steps in the revenue recognition process match the steps to the relevant process in the case above to describe how it will be dealt with under IFRS 15?Pearl Inc. sells storage structures of various sizes to homeowners and businesses.Respond to the requirements related to the following independent revenue arrangements for Pearl products and services. Pearl offers building R400, mainly to homeowners. Pearl will also install the building for the customer. The price for Pearl to deliver and install an R400 is $ 5,500. On a standalone basis, the building sells for $ 5,300 (cost $ 3,400), and Pearl estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $ 500. (The selling of the building and the installation services are considered two performance obligations.) Pearl signed 15 contracts to deliver and install R400s on April 5, 2017. Customers paid the contract price in cash. The buildings were delivered and installed during May 2017. Prepare journal entries for Pearl for R400 in April and May 2017. (Round intermediate calculations to 6 decimal places, e.g. 1.246871 and final answers to…
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