Exercise 6-5 (algo) performance obligations [lo6-2, 6-4, 6-5] on march 1, 2021, gold examiner receives $156,000 from a local bank and promises to deliver 106 units of certified 1-oz. gold bars on a future date. the contract states that ownership passes to the bank when gold examiner delivers the products to brink’s, a third-party carrier. in addition, gold examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. the stand-alone price of a gold bar is $1,410 per unit, and gold examiner estimates the stand-alone price of the replacement insurance service to be $90 per unit. brink’s picked up the gold bars from gold examiner on march 30, and delivery to the bank occurred on april 1. required: 1. how many performance obligations are in this contract? 2. to 4. prepare the journal entry gold examiner would record on march 1, march 30 and april 1.

Emily spent her summer vacation in buenos aires, argentina, where she got plastic surgery for a fraction of what it would cost in the united states. this is an example of:

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.

The following transactions occur for badger biking company during the month of june: a. provide services to customers on account for $32,000. b. receive cash of $24,000 from customers in (a) above. c. purchase bike equipment by signing a note with the bank for $17,000. d. pay utilities of $3,200 for the current month. analyze each transaction and indicate the amount of increases and decreases in the accounting equation. (decreases to account classifications should be entered as a negative.)