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Elanso [62]
3 years ago
5

Exercise 6-5 (Algo) Performance obligations [LO6-2, 6-4, 6-5] On March 1, 2021, Gold Examiner receives $156,000 from a local ban

k and promises to deliver 106 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink’s, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,410 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $90 per unit. Brink’s picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1. Required: 1. How many performance obligations are in this contract? 2. to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.
Business
1 answer:
kirill [66]3 years ago
5 0

Answer:

stisgksgksgkdkhclhlfjfpj

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Chrissie and Mirinda want to form a corporation. Chrissie contributes property worth $750,000 and a basis of $500,000 in exchang
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a. Does this qualify as a good Section 351 transaction?

Answer: No. This is because service is not a qualified property contribution under the section 321. Moreover, fair value of stock received by Chrissie is just 75% of 100%.

b. What gain does Chrissie Recognize?

Answer: The Gain Chrissie recognizes = FMV of stock received - Adjusted basis of transferred property = $750,000 - $500,000 = $250,000.

c. What gain does Mirinda recognize?

Answer: The Gain Mirinda recognizes is $0 or Mirinda will recognizes compensation worth which will be taxed as an ordinary Income ($250,000).

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3 years ago
Looking at your Personal Fact Sheet, do you see any areas that may need improvement? In which areas do you have the most room fo
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In the classroom and in the grocery store and house.

Explanation:

Hope this helps!

4 0
3 years ago
When originally purchased, a vehicle had an estimated useful life of 12 years. The vehicle cost $47,000 and its estimated residu
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66545

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4 0
3 years ago
Writing About Economics
enot [183]

Answer:

Russia and China used to be command economy with the property rights lying solely with the government and the means of production, except labour were owned entirelyby the government. However, the command economy demanded long term planning that needed to be ultra accurate.moreover the system it self gave rise ro bureaucracy and dictatorial regimes, increasing the power centralization and the state corruption and lessening the innovative spirit of the nation.

Capitalism got rid of most of the problems in the command economy. It was accompanied by the democratic reforms in Russia and this led to more transparency. Moreover, the capitalist style social market economy in China introduced private ownership and Entrepreneurship l along with the concept of state owned companies.

In addition, the function of the price mechanism was pivotal as well. Instead of thorough and detailed planning, the resources were distributed by the price and the market demand and supply.

Explanation:

4 0
3 years ago
Wexpro, Inc., produces several products from processing 1 ton of clypton, a rare mineral. Material and processing costs total $5
beks73 [17]

Answer:

1. What is the financial advantage (disadvantage) of further processing product X15?

  • financial advantage of further processing X15 =  $10,206

2. Should product X15 be processed further or sold at the split-off point?

  • X15 should be processed further

Explanation:

processing costs for every batch of X15 (6,300 units) = $54,000 x 1/4 = $13,500

production cost per unit $13,500 / 6,300 = $2.14286 = $2.14 per X15

contribution margin per unit without further processing = $17 - $2.14 = $14.86

costs of further processing $8,700, per unit = $8,700 / 6,300 = $1.38

total costs per unit $2.14 + $1.38 = $3.52

contribution margin with further processing = $20 - $3.52 = $16.48

total financial advantage of further processing X15 = ($16.48 - $14.86) x 6,300 = $10,206

3 0
3 years ago
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