Business, 27.01.2021 20:30 jordanrini

Seadrill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing the software, the company also provides consulting services and support to ensure smooth operation of the software. The total transaction price is $420,000. Based on standalone values, the company estimates the consulting services and support have a value of $120,000 and the software license has a value of $300,000. Assuming the performance obligations are not interdependent, the journal entry to record the transaction includes: a. a credit to Sales Revenue of $420,000.
b. a credit to Unearned Service Revenue of $120,000.
c. a credit to Sales Revenue for $300,000 and a credit to Unearned Service Revenue of $120,000.
d. a credit to Service Revenue of $120,000.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:00

Employees of dti, inc. worked 1,600 direct labor hours in january and 1,000 direct labor hours in february. dti expects to use 18,000 direct labor hours during the year, and expects to incur $22,500 of worker’s compensation insurance cost for the year. the cash payment for this cost will be paid in april. how much insurance premium should be allocated to products made in january and february?

Answers: 1

Answer

Business, 22.06.2019 17:50

On january 1, eastern college received $1,350,000 from its students for the spring semester that it recorded in unearned tuition and fees. the term spans four months beginning on january 2 and the college spreads the revenue evenly over the months of the term. assuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on february 28?

Answers: 2

Answer

Business, 22.06.2019 19:50

Which of the following would create the most money? the initial deposit is $6,500 and the required reserve ratio is 20 percent. the initial deposit is $3,000 and the required reserve ratio is 10 percent. the initial deposit is $7,500 and the required reserve ratio is 25 percent. the initial deposit is $4,500 and the required reserve ratio is 15 percent.

Answers: 1

Answer

Business, 23.06.2019 00:00

How much is a 2019 tesla? ? exact price trying to buy for my 6 year old sister

Answers: 2

Answer

You know the right answer?

Seadrill Engineering licensed software to oil-drilling firms for 5 years. In addition to providing t...

Questions