9.

On October 1, 2016, Acme Fuel Co. sold 100,000 gallons of heating oil to Karn Co. at $3 per gallon. Fifty thousand gallons were delivered on December 15, 2016, and the remaining 50,000 gallons were delivered on January 15, 2017. Payment terms were 50% due on October 1, 2016, 25% due on first delivery, and the remaining 25% due on second delivery. What amount of revenue should Acme recognize from this sale during 2017?

$ 75,000

$150,000

$225,000

$300,000

10.

Elmo Painting Service signed a contract charging a customer $3,000 to paint the customers house. The contract includes all paint and all painting labor. Elmo would charge $1,200 for the paint if sold separately, and $2,800 for the labor if done using the customers paint. How much of the transaction price would Elmo allocate to its performance obligation to provide paint to the customer?

$0

$900

$1,200

$3,000

11.

Triangle Travel offers their normal Bahama Get-Away travel package for $2,000, and offers their special Bahama Elite package (with additional guided tours) for $2,500. Triangle hasnt offered the Elite package previously, and is unsure what it would charge for the additional guided tours absent the basic Bahama Get- Away package. How much of the Elite transaction price should Triangle assign to the basic Bahama Get-Away portion of the Elite package?

$2,500

$2,000

$1,250

$0