Seller and buyer execute a contract on January 2, 2023 for the sale of 100 red widgets at an agreed-upon price of $1.00 per widget. Between January 2, 2023 and March 30, 40 red widgets are delivered leaving 60 red widgets yet to be delivered. On April 1, 2023, the agreement was modified to add 40 blue widgets at an agreed upon sales price of $1.50 each ($1.00 is the stand alone sales price of blue widgets). So, at close of business April 1, 2023, Seller is obligated under the modified agreement to deliver 60 more red widgets plus 40 blue widgets. How much revenue should be recognized in April 2023 if Seller delivers 10 red widgets and 10 blue widgets (total of 20 widgets) during that month?

On December 31, 2023, Green Valley Farm entered into a contract to buy a $150,000 harvester from John Deere. The contract required Green Valley Farm to pay $150,000 in advance on that date. The harvester (cost of $110,000) was delivered to Green Valley Farm on January 31, 2024. How much revenue from this transaction will be reported on John Deere’s income statement for the fiscal year ended December 31, 2023? If none enter $0.

What is the transaction price assuming use of the expected value approach for measuring variable consideration?

What will be the adjusted balance in Accounts Receivable at 12/31/2024 if Cooper uses the percentage-of-completion method and the cost-to-cost method to gauge job progress? Enter a debit balance as a positive value, a credit balance as a negative value.

How does one identify the individual performance obligations within a contract under current U.S. GAAP (i.e., FASB ASC 606-10)?

On January 15, 2024, Bella Vista Company enters into a contract to build custom equipment for ABC Carpet Company. The contract specified a delivery date of March 1, 2024. The equipment was not delivered until March 31, 2024. The contract required full payment of $75,000 by April 30, 2024. On which date should Bella Vista recognize revenue on this contract?

Identify the 3 indicators used to distinguish the principal from the agent in a principal/agent revenue contract.

Facts for questions 20 to 29 Cooper Construction Company had a contract starting April 2024, to construct a $24,000,000 building that is expected to be completed in September 2026, at an estimated cost of $22,000,000. At the end of 2024, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2024 were $4,800,000 and the cash collected during 2024 was 3,200,000.  Use these facts to answer questions 20 to 29.

During the late nineteenth century and the early twentieth century, the United States experienced one of its largest waves of immigration. Why were native-born American citizens concerned about the influx of migrants from southern and eastern Europe?    

The Teller Amendment sought to mollify nervous allies by denying any territorial interest in