1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
adelina 88 [10]
3 years ago
11

On March 1, 2018, Gold Examiner receives $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold ba

rs 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. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.
Business
1 answer:
photoshop1234 [79]3 years ago
7 0

Answer:

<u><em>there are two performance: </em></u>

the sales revenue and the insurance.

cash     165,000 debit

    unearned revenues   165,000 credit

--to record collectiong from local bank

unearned revenues  165,000 debit

    sales revenues                    151,000 credit

    insurance liability                  9,900  credit

--to record gold delivered to Brink's--

insurance liability   9,900 debit

      insurance fees earned       9,900 credit

--to record reception of bank from Brink/end of the insurance--

Explanation:

sales revenue

100 x 1,410 = 141,000 = 94%

insurance:

100 x 90 =       9,000 =   6%

   total         150,000

combo: 165,000

sales revenue:             165,000 x 94% = 155,100

insurance fee earned: 165,000 x 6% =      9,900

You might be interested in
The right to trade an investment over a certain period of time is called a(n):
Sloan [31]
The right to trade in investment over a certain period of time is called C. Option.
3 0
3 years ago
Who is the home inspector's most important source of business leads? A. Engineering firms B. Architects C. Real estate agents D.
Nikitich [7]
This would be C. the Real Estate Agents. The engineering firms are only in charge of the construction of the home and the materials that are to be used for building it. The Architects, on the other hand, are responsible for the design of the home and the placement of the materials of the home. The lending institutions are focused more on providing the home inspector with money that he will need for a piece of property. So that leaves us with the Real Estate Agents. It is these people who deal with the sales of property which is why they are the source of business leads.
5 0
3 years ago
Darlene Company had checks outstanding totaling $5,400 on its June bank reconciliation. In July, Darlene Company issued checks t
Pie

Answer:

b. $18,000

Explanation:

The computation of outstanding checks is shown below:-

Outstanding checks as of the end of July = Start with outstanding checks as of June + Amount of checks issued in July - Amount of checks that cleared in July

= $5,400 + $38,900 - $26,300

= $44,300 - $26,300

= $18,000

Note, The $300 check was issued by a customer, not Darlene.

So, for computing the outstanding checks as of the end of July we simply applied the above formula.

4 0
3 years ago
Which of these images is most likely to portray nonverbal communication?<br><br> please help asap!!
drek231 [11]
She's the last one since she's the only one you're talking to
4 0
3 years ago
An undercover police officer is using an informant in order to be introduced to a local drug dealer. Just prior to the operation
Rama09 [41]

Answer:

The correct answer is that: informants are difficult to control and the police can not trust in them always.

Explanation:

To begin with, if the police officer finds out that the informant went behind his back and purchase drug then the officer must understand that the informant is not trustful and moreover<u> he could mean a risk to the whole undercover operation</u> that the police officer is managing, therefore that the scenario is propounding that situations like that exemplify that informants can not be trusted due to the fact that they are ex convicted and that is why the officers have to be carefull when working with them.

8 0
3 years ago
Read 2 more answers
Other questions:
  • The laffer curve illustrates that, in some circumstances, the government can reduce a tax on a good and increase the
    9·1 answer
  • Newman Labs is considering buying equipment, which would enable the company to obtain a five-year research contract. The special
    6·2 answers
  • Raymond and his brother decided to open a computer shop together. This is an example of which type of business structure
    6·2 answers
  • Which of the following statements exemplifies the importance of managerial skills?(A) Technical skills are most important after
    15·1 answer
  • Google this for me: What is business management?
    15·1 answer
  • A company reports accounting data in its financial statements. This data is used for financial analyses that provide insights in
    7·1 answer
  • The enormous variety of goods and services that we consume each day can be attributed mainly to
    5·1 answer
  • What happens to the economy during a recession cycle
    7·1 answer
  • Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses. Required: For each
    8·1 answer
  • g Marginal revenue product measures the rev: 06_21_2018 Multiple Choice amount by which the extra production of one more worker
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!