Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition

1st Edition

ISBN: 9780134047430

Author: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

Publisher: PEARSON

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Textbook Question

Chapter 8, Problem 8.12BE

Allocation of Transaction Price. Sycamore Sidewalk Company enters into a contract with a customer to sell three products for a total transaction price of $15,000 Information related to those three products is provided in the following table.

Product	Standalone Selling Price
Bricks	$6,200
Stones	$8,000
Cement	$3,000

How should Sycamore Sidewalk Company allocate the transaction price to the three products?

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Chapter 8, Problem 8.11BE

Chapter 8, Problem 8.13BE

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Chapter 8 Solutions

Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition

Ch. 8 - What are the primary issues involved in revenue...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - What is the fundamental principle underlying the...Ch. 8 - Prob. 8.4Q Ch. 8 - Prob. 8.5Q Ch. 8 - How is a performance obligation defined?Ch. 8 - What are the two criteria to define a good or...Ch. 8 - Prob. 8.8Q Ch. 8 - What principles regarding timing and measurement...Ch. 8 - Prob. 8.10Q

Ch. 8 - What is variable consideration and what factors...Ch. 8 - Describe and contrast the two approaches used to...Ch. 8 - Prob. 8.13Q Ch. 8 - What factors should accountants consider to...Ch. 8 - Prob. 8.15Q Ch. 8 - How does a seller account for any consideration...Ch. 8 - Prob. 8.17Q Ch. 8 - What are the two exceptions to the general rule...Ch. 8 - What are the three criteria required to recognize...Ch. 8 - When an entity does not meet the three criteria...Ch. 8 - Prob. 8.21Q Ch. 8 - Prob. 8.22Q Ch. 8 - How does a firm estimate the degree completed...Ch. 8 - Can a firm record inventory out on consignment as...Ch. 8 - What method do agents in a transaction use to...Ch. 8 - Prob. 8.26Q Ch. 8 - What qualitative disclosures do the standards...Ch. 8 - All of the following are elements of a contract...Ch. 8 - Prob. 8.2MC Ch. 8 - Telecom Co. enters into a two-year contract with a...Ch. 8 - The transaction price must reflect the time value...Ch. 8 - Prob. 8.5MC Ch. 8 - When allocating the transaction price to separate...Ch. 8 - Which of the following indicators is not...Ch. 8 - During Yoar 1 Moriwothor Construction Company...Ch. 8 - All of the following are indicators that the...Ch. 8 - Prob. 8.10MC Ch. 8 - Prob. 8.11MC Ch. 8 - Identify a Contract with a Customer. Complete the...Ch. 8 - Prob. 8.2BE Ch. 8 - Identifying Performance Obligations. Perfect Party...Ch. 8 - Identifying Performance Obligations. Perfect Party...Ch. 8 - Estimating Variable Consideration. Gear Garage...Ch. 8 - Estimating Variable Consideration. Using the...Ch. 8 - Estimating Variable Consideration. Sellet...Ch. 8 - Prob. 8.8BE Ch. 8 - Prob. 8.9BE Ch. 8 - Allocation of Transaction Price. Martin Software...Ch. 8 - Prob. 8.11BE Ch. 8 - Allocation of Transaction Price. Sycamore Sidewalk...Ch. 8 - Allocation of Transaction Price. Sycamore enters...Ch. 8 - Prob. 8.14BE Ch. 8 - Allocation of Transaction Price. Using the...Ch. 8 - When to Recognize Revenue. For each scenario...Ch. 8 - Prob. 8.17BE Ch. 8 - Prob. 8.18BE Ch. 8 - Prob. 8.19BE Ch. 8 - Prob. 8.20BE Ch. 8 - Sales with the Right of Return. Both incorporated...Ch. 8 - Sales with the Right of Return. Using the...Ch. 8 - Sales Returns. Historically, about 5% or the...Ch. 8 - Sales on Consignment. Hanna Lighting recertify...Ch. 8 - Determining Performance Obligations. Pagit Inc, a...Ch. 8 - Prob. 8.2E Ch. 8 - Estimating Variable Consideration. King Rat Pest...Ch. 8 - Prob. 8.4E Ch. 8 - Prob. 8.5E Ch. 8 - Prob. 8.6E Ch. 8 - Allocation of Variable Consideration. Green-Up Inc...Ch. 8 - Allocation of Variable Consideration. Green-Up Inc...Ch. 8 - Prob. 8.9E Ch. 8 - Prob. 8.10E Ch. 8 - Determination of When to Recognize Revenue. Far...Ch. 8 - Prob. 8.12E Ch. 8 - Prob. 8.13E Ch. 8 - Prob. 8.14E Ch. 8 - Prob. 8.15E Ch. 8 - Prob. 8.16E Ch. 8 - Prob. 8.17E Ch. 8 - Prob. 8.18E Ch. 8 - Prob. 8.19E Ch. 8 - Other Principal Agent Transactions, Net Revenue...Ch. 8 - Prob. 8.1P Ch. 8 - Prob. 8.2P Ch. 8 - Prob. 8.3P Ch. 8 - Determining When to Recognize Revenue. Megrew...Ch. 8 - Prob. 8.5P Ch. 8 - Prob. 8.6P Ch. 8 - Prob. 8.7P Ch. 8 - Prob. 8.8P Ch. 8 - Prob. 8.9P Ch. 8 - Prob. 8.10P Ch. 8 - Prob. 8.11P Ch. 8 - Prob. 1JC Ch. 8 - Prob. 1FSAC Ch. 8 - Prob. 1SSC Ch. 8 - Basis for Conclusions Case 1: Control According to...

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Solution Summary: The author explains the allocation of transaction price to the performance obligation by multiplying relative percent of the standalone selling price by contract price.

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Chapter 8 Solutions