FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Star-Power installed an entertainment system that cost $28,000 by itself. The customer also purchased a 2-year service contract that cost $42,000 by itself. The customer

Star-Power installed an entertainment system that cost $28,000 by itself. The customer also purchased a 2-year service contract that cost $42,000 by itself. The customer negotiated a price for both the entertainment system and the service contract of $45,000. Calculate the revenue that Star-Power should recognize immediately upon installing the entertainment system for the customer.

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

Intermediate Accounting

Intermediate Accounting

Authors: kieso, weygandt and warfield.

14th Edition

9780470587232, 470587288, 470587237, 978-0470587287

More Books

Students also viewed these Accounting questions

Question

11-25. MESSAGE STRATEGIES: PROPOSALS [LO-1], [LO-4] Presentations can makeor breakboth careers and businesses. A good presentation can bring in millions of dollars in new sales or fresh investment...

Answered: 1 week ago

Question

★★★★★
Terrier Company is in a 40 percent tax bracket and has a bond outstanding that yields 10 percent to maturity. a. What is Terriers aftertax cost of debt? b. Assume that the yield on the bond goes down...

Answered: 1 week ago

Question

★★★★★
Star-Power installed an entertainment system that cost $28,000 by itself. The customer also purchased a 2-year service contract that cost $42,000 by itself. The customer negotiated a price for both...

Answered: 1 week ago

Question

★★★★★
The inventory data for an item for November are: Date Line Item Description Units and Cost Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 17 Sold 20 units 30 Purchased...

Answered: 1 week ago

Question

★★★★★
Represent the marketing cost function in equation form. (Round variable cost to 2 decimal places, e.g. 52.75 and other answer to 0 decmial places, e.g. 5,275.) Marketing cost function $_____ sets...

Answered: 1 week ago

Question

★★★★★
A co-worker or a new student asks, "What are human factors?" Write the answer you would give and answer the following questions: How long have you been involved in aviation operations? What human...

Answered: 1 week ago

Question

★★★★★
Q1. Ingrid is considering several scenarios with respect to her retirement. Based on her contributory period, when she turns 65 years of age in 2024,shewill beentitled toa monthlyCPP pension of$800....

Answered: 1 week ago

Question

★★★★★
n order for you to continue with this body temperature problem you will need to determine sample sizes and then proceed to collect data (body temperatures) from the two populations. Based on a 1992...

Answered: 1 week ago

Question

★★★★★
Modify your axisymmetric model of a thick walled cylinder subjected to an internal pressure so that the cylinder has an inner radius of 110 mm and an outer radius of 320 mm. The length of the model...

Answered: 1 week ago

Previous Question Next Question