Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

my math is not even close to these options Help Save & Exi On July 15, 2024. Ortiz & Company signed a contract to provide

my math is not even close to these options
image text in transcribed
Help Save & Exi On July 15, 2024. Ortiz & Company signed a contract to provide EverFresh Bakery with an ingredient-weighing system for a price of $82,800. The system included finely tuned scales that fit into EverFresh's automated assembly line, Ortiz's proprietary software modified to allow the weighing system to function in EverFresh's automated system, and a one-year contract to calibrate the equipment and software on an as-needed basis. If Ortiz was to provide these goods or services separately, it would charge $54,000 for the scales, $10,000 for the software, and $36,000 for the calibration contract. Ortiz delivered and installed the equipment and software on August 1, 2024, and the calibration service commenced on that date. Assume that the scales, software and calibration service are all separate performance obligations. How much revenue will Ortiz recognize in 2024 for this contract? Note: Do not round intermediate calculations. Multiple Choice ww $82.800 $52.992

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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 That Matters Case Studies Discussion Guide

Authors: Norman Marks

1st Edition

B089J5JCL2, 979-8650410546

More Books

Students also viewed these Accounting questions

Question

12. Evaluate the given f w(t) = 2

Answered: 1 week ago