r the doors. The installation process does not involve changes in the doors, so this service can be provided by other vendors. Green enters into the following contract on May 1, 2023, with a local homeowner. The customer purcha
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Green Doors manufactures and sells custom folding doors for enclosed porches. Green also provides
installation service for the doors. The installation process does not involve changes in the doors, so this
service can be provided by other vendors.
Green enters into the following contract on May 1, 2023, with a local homeowner. The customer purchases a
door for a price of $7,500 and chooses Green to do the installation. The price of the installation service is
$1,000. The customer agrees to pay Green $5,000 upon delivery of the door and the remaining balance upon
installation of the doors. The door is delivered on July 1, 2023. Green completes installation on August 15,
2023, and the customer pays the balance due.
d) Prepare the
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- Sandhill Windows manufactures and sells custom storm windows for three-season porches. Sandhill also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Sandhill enters into the following contract on July 1, 2025, with a local homeowner. The customer purchases windows for a price of $2,440 and chooses Sandhill to do the installation. Sandhill charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $534. The customer pays Sandhill $2,136 (which equals the standalone selling price of the windows, which have a cost of $1,130) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2025, Sandhill completes installation on October 15, 2025, and the customer pays the balance due. Prepare the journal entries…Sandhill Windows manufactures and sells custom storm windows for three-season porches. Sandhill also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Sandhill enters into the following contract on July 1, 2025, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Sandhill to do the installation. Sandhill charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $534. The customer pays Sandhill $2,136 (which equals the standalone selling price of the windows, which have a cost of $1,110) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2025, Sandhill completes installation on October 15, 2025, and the customer pays the balance due. Prepare the journal entries…Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2022, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2022, Geraths completes installation on October 15, 2022, and the customer pays the balance due. The installation service is estimated to have a standalone selling price using the following methods. (a) Geraths estimates the standalone…
- Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2022, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows whether it does the installation, or not. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, at a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2022, Geraths completes installation on October 15, 2022, and the customer pays the balance due. Assuming that (a) Geraths estimates the standalone selling price of the installation based on an estimated cost of $400 plus a margin of…Crane Windows manufactures and sells custom storm windows for three-season porches. Crane also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Crane enters into the following contract on July 1, 2025, with a local homeowner. The customer purchases windows for a price of $2,670 and chooses Crane to do the installation. Crane charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Crane $2,016 (which equals the standalone selling price of the windows, which have a cost of $1,250) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2025, Crane completes installation on October 15, 2025, and the customer pays the balance due. (a) Your answer is partially correct. Crane estimates the standalone selling price of the installation based on an estimated cost of…Splish Windows manufactures and sells custom storm windows for enclosed porches. Splish also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Splish enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows for a price of $4,600 and chooses Splish to do the installation. Splish charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $1,800. The customer pays Splish $4,200 (which equals the fair value of the windows, which have a cost of $2,400) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2021, Splish completes installation on September 15, 2021, and the customer pays the balance due. (Round amounts to nearest dollar.) Prepare the journal entries…
- Pina Windows manufactures and sells custom storm windows for three-season porches. Pina also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pina enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,370 and chooses Pina to do the installation. Pina charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $610. The customer pays Pina $2,050 (which equals the standalone selling price of the windows, which have a cost of $1,140) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pina completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for Pina in 2020.ABC manufactures and sells custom windows for enclosed porches. ABC also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. ABC enters into the following contract on June 1, 2022, with a local homeowner. The customer purchases windows for a price of P6,650 and chooses ABC to do installation. ABC charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of P1,710. The customer pays ABC P5,700 (which equals the fair value of the windows, which have a cost of P3,230) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2022, ABC completes installation on September 15, 2022 and the customer pays the balance due. Compute for the revenue to be recognize on September 15, 2022.Pharoah Windows manufactures and sells custom storm windows for three-season porches. Pharoah also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pharoah enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,290 and chooses Pharoah to do the installation. Pharoah charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Pharoah $1,990 (which equals the standalone selling price of the windows, which have a cost of $1,150) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Pharoah completes installation on October 15, 2020, and the customer pays the balance due. Pharoah estimates the standalone selling price of the installation based on an estimated cost of $440…
- Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $600. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Geraths completes installation on October 15, 2020, and the customer pays the balance due. Prepare the journal entries for…Pharoah Windows manufactures and sells custom storm windows for enclosed porches. Pharoah also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Pharoah enters into the following contract on June 1, 2021, with a local homeowner. The customer purchases windows for a price of $4,740 and chooses Pharoah to do the installation. Pharoah charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $1,860. The customer pays Pharoah $4,340 (which equals the fair value of the windows, which have a cost of $2,500) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2021, Pharoah completes installation on September 15, 2021, and the customer pays the balance due. (Round amounts to nearest dollar.) Prepare the journal…Windsor Windows manufactures and sells custom storm windows for enclosed porches. Windsor also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Windsor enters into the following contract on June 1, 2018, with a local homeowner. The customer purchases windows for a price of £4,700 and chooses Windsor to do the installation. Windsor charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a fair value of £1,200. The customer pays Windsor £4,000 (which equals the fair value of the windows, which have a cost of £2,300) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2018, Windsor completes installation on September 15, 2018, and the customer pays the balance due. Prepare the journal entries for Windsor in 2018. (Round…