2 Telecom Co. enters into a two-year contract with a customer toprovide wireless service (voiceand data) for $40 per month. Toinduce customers, Telecom Co.provides a free phone. TelecomCo. normally sells the phone on astandalone basis for $200.Telecom Co. also charges thecustomer a one-time activationfee of $35. Which of the followingis true? Question content areabottom Part 1 A. There are twodistinct performance obligations:the wireless service and thephone. B.

As per the accounting standard (IFRS/PFRS 15) Revenue from contracts with customer which is based on…

Answered: Telecom Co. enters into a two- year…

Telecom Co. enters into a two- year contract with a customer to provide wireless service (voice and data) for $40 per month. To induce customers, Telecom Co. provides a free phone Telecom

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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Question

Telecom Co. enters into a two-
year contract with a customer to
provide wireless service (voice
and data) for $40 per month. To
induce customers, Telecom Co.
provides a free phone. Telecom
Co. normally sells the phone on a
standalone basis for $200.
Telecom Co. also charges the
customer a one-time activation
fee of $35. Which of the following
is true? Question content area
bottom Part 1 A. There are two
distinct performance obligations:
the wireless service and the
phone. B.

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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800