Ally Co sells a refrigerator plus a warranty to Jackson Inc for $95,000 The refrigerator has a standalone price of $80,000 and the warranty can be sold separately for $20,000 How many performance obligations does Ally Co have in this transaction (2 points) What is the transaction price allocated to each performance obligation (2 points)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 04, 2024

Ally Co. sells a refrigerator plus a warranty to Jackson Inc. for $95,000. The refrigerator has a standalone price of $80,000 and the warranty can

Ally Co. sells a refrigerator plus a warranty to Jackson Inc. for $95,000. The refrigerator has a standalone price of $80,000 and the warranty can be sold separately for $20,000.

How many performance obligations does Ally Co. have in this transaction? (2 points)

What is the transaction price allocated to each performance obligation? (2 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Theory

Authors: Ian Dennis

1st Edition

1138599700, 978-1138599703

More Books

Students also viewed these Accounting questions

Question

★★★★★

Derive the following formula for the distance e from the centerline of the wall to the shear center S for the hat section of constant thickness shown in the figure: Also, check the formula for the...

Answered: 1 week ago

Question

★★★★★

Socioeconomic status and school achievement are often correlated. Which one of the following statements is NOT true regarding the relationship between SES and levels of achievement? A. The longer a...

Answered: 1 week ago

Question

★★★★★

12.2. Differentiate between reactive attachment disorder (RAD) and disinhibited social engagement disorder (DSED) in terms of their key features, causes, and treatment.

Answered: 1 week ago

Question

★★★★★

On October 1, Lou Marks opened Eagle Restaurant, Inc. Marks is now at a crossroads. The October financial statements paint a glowing picture of the business, and Marks has asked you whether he should...

Answered: 1 week ago

Question

★★★★★

Suppose Hillard Manufacturing sold an issue of bonds with a 10-year maturity, a $1,000 par value, a 10% coupon rate, and semiannual interest payments. Two years after the bonds were issued, the going...

Answered: 1 week ago

Question

★★★★★

government funded programs. Research and summarize what the program offers consumers. Prepare an outline of the management and reporting structure for the two programs you selected. In an effort to...

Answered: 1 week ago

Question

★★★★★

27. Question 27 The newest recruits of Adventure Works sit eagerly in the training room. As the company's chief data analyst, you're tasked with introducing them to the company's data-driven culture....

Answered: 1 week ago

Question

★★★★★

1. Wembley Marketing Ltd. v. ITEX Corp. , 2008 CanLII 67425 (ON SC) Wembley claimed it did not receive goods and services from ITEX for which it had paid. ITEX argued that the action should not...

Answered: 1 week ago

Question

★★★★★

4.- In a print run of 2500 books, it is estimated that the probability of having a badly bound book is 0.01%. Calculate the probability that the print run has two books with bad bindings. What is the...

Answered: 1 week ago

Question

★★★★★

Why does Barcelona COO Scott require managerial candidates write an essay about their experiences on the stage two "shop?" to determine the candidate's experience working with others to determine the...

Answered: 1 week ago

Question

★★★★★

Number 1 and 2 show all work please ? 1) Based on the graph below estimate the instantaneous velocity at the following times: (a) 1.0 s; (b) 2.5 s; (c) 3.5 s; (d) 4.5 s; (e) 5.0 s; x (m) 15 10 5 0 t...

Answered: 1 week ago

Question

★★★★★

2. Shake up your clothing and artifacts today. Wear something completely out of character for you, and consider how people react. If you normally dress very casually, try wearing a suit, or if youre...

Answered: 1 week ago

Question

★★★★★

Why We Listen?

Answered: 1 week ago

Question

★★★★★

2 Should you just buy the conservative suit for your interview and kiss the tongue ring good-bye? Is it ethical to present an image that works for the job, even if its incongruous with the way you...

Answered: 1 week ago

Previous Question Next Question