II - Single Performance Obligation - Polnt in Time vs. Over Time Anton Video Tech sells the Play Station Portable (PSP) game-box, a gaming console. A PSP game-box is only a gaming module and includes no other goods or services. When should Anton recognize revenue for the following sale of 200 PSP games-boxes to Robcom Computers? • December 20, 20x6: Robcom Computers orders 200 games-boxes at a price of P7,600 each. promising payment within thirty (30) days after delivery. • January 1. 20x7: Anton delivers 200 PSP game-boxes to Robcom Computers, and title to the PSP game-boxes transfers to Robcom Computers. • January 25, 20x7: Anton receives P1,520,000 from Robcom. Required: 1. Prepare the journal entryfies) on December 20, 20x7. 2. Prepare the journal entry(ies) on January 1, 20x7. 3. Prepare the journal entry (ies) on January 25, 20x7.

II - Single Performance Obligation - Polnt in Time vs. Over Time Anton Video Tech sells the Play Station Portable (PSP) game-box, a gaming console. A PSP game-box is only a gaming module and includes no other goods or services. When should Anton recognize revenue for the following sale of 200 PSP games-boxes to Robcom Computers? • December 20, 20x6: Robcom Computers orders 200 games-boxes at a price of P7,600 each. promising payment within thirty (30) days after delivery. • January 1. 20x7: Anton delivers 200 PSP game-boxes to Robcom Computers, and title to the PSP game-boxes transfers to Robcom Computers. • January 25, 20x7: Anton receives P1,520,000 from Robcom. Required: 1. Prepare the journal entryfies) on December 20, 20x7. 2. Prepare the journal entry(ies) on January 1, 20x7. 3. Prepare the journal entry (ies) on January 25, 20x7.

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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buying and sellingABC Company offers to fill an order for goods at P 25,800.00 less 25% and 25 %, terms n/30. On the other hand, XYZ Corporation offers P 25,000.00 less 35%, 3%, and 2%, terms 8/10, n/30: on the same order. Assuming that Mr Cruz will pay cash, which is the better offer?
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Bonita Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Bonita Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $506. The standalone selling price of the tablet is $234 (the cost to Bonita Company is $167). Bonita Company sells the Internet access service independently for an upfront payment of $324. On January 2, 2020, Bonita Company signed 90 contracts, receiving a total of $45,540 in cash. 2. Bonita Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $612. Bonita Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $155.…
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1. A hotel receives advance payment of 2,500,000 from a conference organizer. This is not a sale due to the ______ principle. 2. Resto Supplies, Inc. takes a 32,000 loss on a number of older ovens in its inventory; it paid the manufacturer 107,000 for them but can sell them for only 75,000 Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers