On 1st July 2023, LizardCom Co provides a bundled-service package to E. Aardvark for $1200 upfront.The service package includes: Upfront advice Database access for a 1-year period If each service wassold separately to E. Aardvark the fees would be: Up-front advice $600 Database access $900 Using therelative fair value approach, the amount of revenue recognised by LizardCom in relation to the databaseaccess over the financial year ended 30th June 2024 is (rounded to the nearest whole dollar): Group ofanswer choices 600 720 900 800

Under the relative fair value method, the issuer makes separate estimates of the fair value of each…

Answered: On 1st July 2023, LizardCom Co provides…

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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UniTel Co provides a bundled-service package to B. Mann for $4,200 upfront. The service package includes upfront advice, 'on-call' advice, and database access for a 1-year period. If each service was sold separately to B. Mann the fees would be: Up-front advice: $900 On-call advice: $1,800 Database access: $2,700 Using the relative fair value approach, what is the amount of revenue recognised in relation to the on-call advice is (rounded to the nearest whole dollar): O $700 O $1,400 $1,800 $2,100
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Company A provides a bundled service offering to Customer B. It charges Customer B $800,000 for initial connection to its network and two ongoing services - access to the network for 1 year and 'on-call troubleshooting' advice for that year. Customer B pays the $800,000 upfront, on 1 July 2020. Company A determines that, if it were to charge a separate fee for each service if sold separately, the fee would be: Connection fee Access fee Troubleshooting Paragraph $400,000 Lato (Recomm... v $500,000 The end of Company A's reporting period is 30 June 2021. Required Prepare the journal entries to record this transaction in accordance with AASB 15 for 1 July 2020 and the year ended 30 June 2021, assuming Company A applies the relative fair value approach. (Show all workings). $400,000 BI U A/ 19px (... ✓ EQ DC X M
Dd.33.
8, please read the qestion and answer b
1. A data analytics company wants Short Stop to provide a new client billing process which integrates their current customers with new payment options as well as technical. The payment for Short Stop's services would be structured with the specific payments to be $400,000 immediately, a further $300,000 at the end of the 2nd year, $500,000 at the end of the 4th year and $1,000,000 on completion at the end of the 7th year. The paid monies can be invested at a nominal rate of 9% p.a. compounded monthly. To complete the desired work Short Stop would have to purchase additional computers and data sources immediately which are valued at $1,500,000. In determining if this project is a viable project for Short Stop, your manager wants you to provide a detailed information on the differences between the effective rate of return and a nominal rate. In what circumstances can we use these to evaluate different investment opportunities?
TPPG Ltd is a telecommunications provider. On 1 January 2024, the company entered into acontract to sell a smart phone and to provide two-years’ data service to a customer for $22 amonth. The stand-alone selling price of the phone and the data service is $120 and $20respectively.The customer will obtain delivery of the phone on the same day that he signed the contract,while the data service will be billed to the customer at the end of every month. The customerwill pay the bill in the following month.Required:(a) Briefly explain when revenue can be recognised according to the core principles in IFRS15 – Revenue from Contracts with Customers. (4 marks)(b) Identify the respective performance obligations in this contract. (4 marks)(c) Compute the revenue that should be recognised for the year ended 31 December 2024.Show all your workings clearly and round off answers to the nearest cent, whereapplicable.(10 marks)(d) Based on your answers in (c) above, prepare the necessary journal entries…
Please with answering the required questions 1,2,3, and 4. Thanks!
KINDLY ANSWER THE QUESTIONS IN THE ATTACHED FILE. THANK YOU :)
On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers the product on September 30, 2025. Prepare the journal entries required for Sunland in 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation May 1, 2025 June 15, 2025 Sep. 30, 2025 Debit Credit
Gravity Services Ltd (GS) is a company set up in Hong Kong providing the region with cloud computingservices like servers, storage, networking and software, to help customers to meet their business challenges. During the year ended 30 September 2020, it enters into two contracts.(i) Data Tab Ltd (DT) enters into a contract with GS for the use of an identified server for three years.GS delivers and installs the server at DT’s premises in accordance with DT’s instructions, and provides repair and maintenance services for the server, as needed, throughout the period of use. GSsubstitutes the server only in the case of malfunction. DT can decide which data to be stored and howto integrate the server to its operation. DT can change its decisions on how to operate the serversthroughout the period of use. (b) list all possible indicators for lease and determine the lease classification from the perspective of thelessor of contract (ii)
Gravity Services Ltd (GS) is a company set up in Hong Kong providing the region with cloud computingservices like servers, storage, networking and software, to help customers to meet their business challenges. During the year ended 30 September 2020, it enters into two contracts.(i) Data Tab Ltd (DT) enters into a contract with GS for the use of an identified server for three years.GS delivers and installs the server at DT’s premises in accordance with DT’s instructions, and provides repair and maintenance services for the server, as needed, throughout the period of use. GSsubstitutes the server only in the case of malfunction. DT can decide which data to be stored and howto integrate the server to its operation. DT can change its decisions on how to operate the serversthroughout the period of use (a) advise GS whether the contract (i) falls within HKFRS 16 as a lease.

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