On 1st July 2023, LizardCom Co provides a bundled-service package to E. Aardvark for $1200 upfront. The service package includes: Upfront advice Database access for a 1-year period If each service was sold separately to E. Aardvark the fees would be: Up-front advice $600 Database access $900 Using the relative fair value approach, the amount of revenue recognised by LizardCom in relation to the database access over the financial year ended 30th June 2024 is (rounded to the nearest whole dollar): Group of answer choices 600 720 900 800
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- Company A provides a bundled service offering to Customer B. It charges Customer B $800,000 for initial connection to its network and two ongoing services - access to the network for 1 year and 'on-call troubleshooting' advice for that year. Customer B pays the $800,000 upfront, on 1 July 2020. Company A determines that, if it were to charge a separate fee for each service if sold separately, the fee would be: Connection fee Access fee Troubleshooting Paragraph $400,000 Lato (Recomm... v $500,000 The end of Company A's reporting period is 30 June 2021. Required Prepare the journal entries to record this transaction in accordance with AASB 15 for 1 July 2020 and the year ended 30 June 2021, assuming Company A applies the relative fair value approach. (Show all workings). $400,000 BI U A/ 19px (... ✓ EQ DC X MOrange, Inc., sells a LearnIt-Plus software package that consists of their normal LearnIt math tutorial programalong with a one-year subscription to the online LearnIt Office Hours virtual classroom. LearnIt-Plus retails for$200. When sold separately, the LearnIt math tutorial sells for $150, and access to the LearnIt Office Hours sellsfor $100 per year. When should Orange recognize revenue for the parts of this arrangement? Would your answerchange if Orange did not sell the LearnIt Office Hours separately, but believed it would price it at $100 per yearif they ever decided to do so?ONE Computer Solution (“ONE") provides IT solutions to corporate clients. ONE offered a price of $2,400 to Client A if he purchases an accounting software from them and choose them to do the installation. Client A agreed and entered into a contract with ONE on 1 January 2022. ONE normally charges clients $2,000 as a standalone selling price for acquiring the accounting software, at a cost of $1,100. The installation service has a standalone selling price of $500. Client A paid ONE $2,000 upon delivery and the remaining balance upon installation of the software. The accounting software was delivered on 1 February 2022. ONE completed installation on 1 March 2022 and client A paid the balance due. Required: (a) Allocate the transaction price between the accounting software and installation service. (b) Prepare the journal entries on the following date (Note: If no entry is required, state “no entry" and write down the reason to support your answer): (i) 1 January 2022. (ii) 1 February…
- On August 31, 2022, Firewall Co. licensed its $9,600 application that will protect a customer's computer system from any cyber-attacks for a period of one year. Firewall will need to update this application every month for to fully protect the customers' computer system. How many performance obligation(s) does Firewall have? Also identify the amount of license revenue that Firewall should recognize in 2022 if it has a calendar year end. One performance obligation, and $9,600 license revenue should be recognized in 20X1. Two performance obligation, and $9,600 license revenue should be recognized in 20X1. One performance obligation, and $3,200 license revenue should be recognized in 20X1. Two performance obligation, and $3,200 license revenue should be recognized in 20X1.Question: Lumin Ltd is a mid-size database system developer. Lumin signed a contract with Xenon Ltd to develop a database system (both hardware and software) for Xenon Ltd on 1 February 2024. The agreement states that the total consideration to be paid for the system will be $430,000. Lumin Ltd expects that its total costs for the system will be $335,000. By the end of its reporting period, 30 June 2024, Lumin Ltd had incurred wages cost of $65,000 and materials costs of $180,000 associated with the project. Of the materials costs, $30,000 is in respect of materials that have not yet been used on the system. Of the wages cost, $12,500 is an advance payment to subcontractors who had not performed their work on the project as at 30 June 2024. As at 30 June 2024, Xenon Ltd had made progress payments to Lumin Ltd of $250,000. Lumin Ltd calculates the measurement of progress using input methods in accordance with AASB15/IFRS 15. Required: A) Calculate the revenue to be recognised by Lumin…Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year Complete this question by entering your answers in the tabs below. Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming Avaya recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time according to percentage of completion. 4. Prepare a partial balance sheet to show…
- On May 1, 2021,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period fromMay 1, 2021, to April 30, 2022, with Shaffer paying the entire $6,000 on May 1, 2021. How much revenue should Varga recognize in 2021?New Era Network Associates has a fi ve-year license to provide networking support services to a customer. Th e total amount of the license fee to be received by New Era is $1 million. New Era recognizes license revenue on a prorated basis regardless of the time at which cash is received. How much revenue will New Era recognize for this license in each year?On May 1, 2025, Sunland Company enters into a contract to transfer a product to Charlie Company on September 30, 2025. It is agreed that Charlie will pay the full price of $26,420 in advance on June 15, 2025. Charlie pays on June 15, 2025, and Sunland delivers the product on September 30, 2025, Prepare the journal entries required for Sunland in 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Date May 1,2025 June 15, 2025 Sep 30, 2025 Account Titles and Explanation No Entry No Entry Cath Debit 0 26420 26420 Credit 26420 26420
- Armel Gamboa Jonas licenses customer relationship software to Malen Cezar Hedges Inc. for 3 years. In addition to providing the software, Armel Gamboa Jonas promises to perform consulting services over the life of the license to maintain operability within Malen Cezar Hedges’ computer system. The total transaction price is P200,000. Based on stand-alone values, Armel Gamboa Jonas estimates the consulting services have a value of P75,000 and the software license has a value of P125,000. Upon installation of the software on July 1, 20x5, Malen Cezar Hedges pay P100,000; the contract balance is due on December 31, 20x5. Required: Identify whether the performance obligation and the revenue in 20x5, assuming The performance obligation are interdependent, and The performance obligations are not interdependentAssume Avaya contracted to provide a customer with Internet infrastructure for $2,050,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below: Costs incurred during the year Estimated costs to complete as of 12/31 Billings during the year Cash collections during the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required: 1. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming Avaya recognizes revenue over time according to percentage of completion. 2. Compute the amount of revenue and gross profit or loss to be recognized in 2024 and 2025, assuming this project does not qualify for revenue recognition over time. 3. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time according to percentage of completion. 4. Prepare a…Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered into a two-year agreement with Accurite Company. The agreement specifies that Garrett will pay $85,000 to Accurite immediately, and in return, Accurite will make its accounting software accessible via the Internet to Garrett and maintain all infrastructure necessary to run the software and store records. At any time, Garrett Corporation can freely remove its records and run the software on its own hardware or that of another accounting services company. In addition to the cost of the agreement, Garrett incurred $15,000 early in the year devising a plan for its accounting software needs, $25,000 for customizing its own computers for integration with Accurite’s software, and $20,000 after the software was implemented to train its employees. Determine the initial amount that Garrett should capitalize related to the software development costs.