Question

In: Accounting

Marin Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...

Marin Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Marin Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $506. The standalone selling price of the tablet is $269 (the cost to Marin Company is $158). Marin Company sells the Internet access service independently for an upfront payment of $285. On January 2, 2017, Marin Company signed 100 contracts, receiving a total of $50,600 in cash. 2. Marin Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $598. Marin Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $157. Marin Company signed 220 contracts for Marin Bundle B on July 1, 2017, receiving a total of $131,560 in cash. Prepare any journal entries to record the revenue arrangement for Marin Bundle A on January 2, 2017, and December 31, 2017. (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. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Prepare any journal entries to record the revenue arrangement for Marin Bundle B on July 1, 2017, and December 31, 2017. (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. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Dec. 31, 2017 Repeat the requirements for part (a), assuming that Marin Company has no reliable data with which to estimate the standalone selling price for the Internet service. (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. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)

Solutions

Expert Solution


Related Solutions

Culver Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Culver Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Culver Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $496. The standalone selling price of the tablet is $238 (the cost to Culver Company is $184). Culver Company sells...
Martinez Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Martinez Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Martinez Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $491. The standalone selling price of the tablet is $246 (the cost to Martinez Company is $166). Martinez Company sells...
Sandhill Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Sandhill Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Sandhill Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $469. The standalone selling price of the tablet is $230 (the cost to Sandhill Company is $157). Sandhill Company sells...
Crane Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Crane Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. (A):Prepare any journal entries to record the revenue arrangement for Crane Bundle A on January 2, 2020, and December 31, 2020. (B) Prepare any journal entries to record the revenue arrangement for Crane Bundle B on July 1, 2020, and December 31, 2020. (C)Repeat the requirements...
Buffalo Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Buffalo Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Buffalo Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $471. The standalone selling price of the tablet is $243 (the cost to Buffalo Company is $163). Buffalo Company sells...
Sheridan Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Sheridan Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Sheridan Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $506. The standalone selling price of the tablet is $234 (the cost to Sheridan Company is $167). Sheridan Company sells...
Cheyenne Company sells tablet PCs combined with Internet service, which permits the tablet to connect to...
Cheyenne Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. Cheyenne Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $534. The standalone selling price of the tablet is $264 (the cost to Cheyenne Company is $184). Cheyenne Company sells...
As a quality control​ manager, you are responsible for checking the quality level of AC adapters for tablet PCs that your company manufactures.
As a quality control​ manager, you are responsible for checking the quality level of AC adapters for tablet PCs that your company manufactures. You must reject a shipment if you find 55 defective units. Suppose a shipment of 45 AC adapters has 12 defective units and 33nondefective units. Complete parts​ (a) through​ (d) below assuming you sample 11 AC adapters  What is the probability that there will be no defective units in the​ shipment? b. What is the probability that...
1. what is internet+ 2.which company is using internet+
1. what is internet+ 2.which company is using internet+
A company sells a service with demand for service Q = 500 - P. The cost...
A company sells a service with demand for service Q = 500 - P. The cost of each service is $3000 + $100 per user of the service 1) What is the profit maximizing price the business will charge? How many people can use the service? What is the companys profit for each service? 2) The company decides to open up an upper market version of the service. Regular demand is shown as Q1 = 260 - 0.4P, and the...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT