Performance obligation: Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract. Prepayments: Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer. To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

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Answer 1

Question

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

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Charlotte Metals' operating activities for the year are listed below: Beginning inventory $950,600 Ending inventory Purchases Sales revenue $420,700 $825,900 $1,601,850 Operating expenses $720.7* What is the cost of goods sold (COGS) for the year?

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Answer 2

Question

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

Question

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

Answer 6

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

Answer 7

Chapter 6, Problem 6.7BE

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Prepayments:

Prepayment is the payment made by the customer before the supply of goods or services to the customer. In some contract, the prepayment is a nonrefundable amount which is paid by the customer.

To determine: The number of performance obligations that exist in the implied contract, when a customer registers for the services.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 6 - What are the five key steps a company follows to...Ch. 6 - What indicators suggest that a performance...Ch. 6 - What criteria determine whether a company can...Ch. 6 - We recognize service revenue either at one point...Ch. 6 - What characteristics make a good or service a...Ch. 6 - Prob. 6.6Q Ch. 6 - What must a contract include for the contract to...Ch. 6 - How might the definition of probable affect...Ch. 6 - When a contract includes an option to buy...Ch. 6 - Prob. 6.10Q

Solution Summary: The author explains that the number of performance obligations in the implied contract is one because the customer registered the services on the website for the access of online services.

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