Pacifica Fitness Ltd is marketing a 'fitness package' in which, for $400, it provides customers with a 6-month gym membership (which retails separately for $530, a gym bag (which retails separately for $32) and five free zumba classes (which retail separately for 69). You are required to determine: (10 marks) a) Separate performance obligations and how much of the transaction price to allocate to each performance obligation. Good or Service Stand-alone Price Discount Allocation Allocated Amount Total b) Pacifica Fitness Ltd sold 19 packages advance and receive first payment on 30 May 2023. The reporting period is 30 June 2023. Provide the accounting entries to record the receipt of the cash and the subsequent reporting date adjustment. 30 May 2023 Debit/Credit Description Debit Amount Credit Amount 30 June 2023 Debit/Credit Description Debit Amount Credit Amount c) What is the balance of revenue and liability account impacted by the above tran

Prairie, inc. produces one single product. it has an annual capacity of 10,000 units, but currently uses only 80% of it. each unit is sold for $50 and requires direct material worth $30 and direct labor worth $5. manufacturing overhead cost is $10 per unit of which 70% is variable. should a special order to sell 1,000 units at $44 be accepted? yes no

Symantec corp., located in cupertino, california, is one of the world's largest producers of security and systems management software. the company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands): current assets: receivables, less allowances of $21,766 in 2009 and $24,089 in 2008 $ 838,010 $ 758,700 a disclosure note accompanying the financial statements reported the following ($ in thousands): year ended 2009 2008 (in thousands) trade accounts receivable, net: receivables $ 859,776 $ 782,789 less: allowance for doubtful accounts (8,938) (8,990) less: reserve for product returns (12,828) (15,099) trade accounts receivable, net: $ 838,010 $ 758,700 assume that the company reported bad debt expense in 2009 of $2,000 and had products returned for credit totaling $3,230 (sales price). net sales for 2009 were $6,174,800 (all numbers in thousands).required: what is the amount of accounts receivable due from customers at the end of 2009 and 2008? what amount of accounts receivable did symentec write off during 2009? what is the amount of symentec’s gross sales for the 2009 fiscal year? assuming that all sales are made on a credit basis, what is the amount of cash symentec collected from customers during the 2009 fiscal year?

Perez, inc., applies the equity method for its 25 percent investment in senior, inc. during 2018, perez sold goods with a 40 percent gross profit to senior, which sold all of these goods in 2018. how should perez report the effect of the intra-entity sale on its 2018 income statement?