On May 1, 2016, Meta Computer, Inc., enters into a contract to sell 5,000 units of Comfort Office Keyboard to
one of its clients, Bionics, Inc., at a fixed price of $95,000, to be settled by a cash payment on May 1. Delivery
is scheduled for June 1, 2016. As part of the contract, the seller offers a 25% discount coupon to Bionics for any
purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time
period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability
that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $20,000 of purchases.
The stand-alone selling price for the Comfort Office Keyboard is $19.60 per unit.

1. How many performance obligations are in this contract?
2. Prepare the journal entry that Meta would record on May 1, 2016.
3. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to Bionics
instead of 25%. In this case, what journal entry would Meta record on May 1, 2016?

You have just received notification that you have won the $2.0 million first prize in the centennial lottery. however, the prize will be awarded on your 100th birthday (assuming you're around to collect), 66 years from now. what is the present value of your windfall if the appropriate discount rate is 8 percent?

Which of the following is an example of search costs? a.) driving to a faraway place to find available goods b.) buying goods in some special way that is outside the normal channels c.) paying a premium cost for goods d.) selling extra goods for a discount price

Required information problem 15-1a production costs computed and recorded; reports prepared lo c2, p1, p2, p3, p4 [the following information applies to the questions displayed below. marcelino co.'s march 31 inventory of raw materials is $84,000. raw materials purchases in april are $540,000, and factory payroll cost in april is $364,000. overhead costs incurred in april are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. the predetermined overhead rate is 50% of direct labor cost. job 306 is sold for $670,000 cash in april. costs of the three jobs worked on in april follow. job 306 job 307 job 308 balances on march 31 direct materials $30,000 $36,000 direct labor 25,000 14,000 applied overhead 12,500 7,000 costs during april direct materials 133,000 210,000 $100,000 direct labor 105,000 150,000 101,000 applied overhead ? ? ? status on april 30 finished (sold) finished in process (unsold) required: 1. determine the total of each production cost incurred for april (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from march 31). a-materials purchases (on credit). b-direct materials used in production. c-direct labor paid and assigned to work in process inventory. d-indirect labor paid and assigned to factory overhead. e-overhead costs applied to work in process inventory. f-actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) g-transfer of jobs 306 and 307 to finished goods inventory. h-cost of goods sold for job 306. i-revenue from the sale of job 306. j-assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions. 3. prepare a schedule of cost of goods manufactured. 4.1 compute gross profit for april. 4.2 show how to present the inventories on the april 30 balance sheet.