Charlie is in the business of sharpening skates for youth hockey programs.   He signed a contract on September 1, 2020 for $35,000 with the Waltham Hockey League to sharpen the team’s skates for the 2020-2021 hockey season, which is played from the months of September 2020 through March 2021.     The contract states that the Waltham Hockey League will pay Charlie a deposit of $3,000 on September 1, 2020, $10,000 on October 31, 2020, $10,000 on

In March 2018, the Buffalo Bills signed Star Lotulelei to a contract reportedly worth $50 million. Lotulelei's salary (including bonuses) was to be paid as $17.1 million in 2018, $8.9 million in 2019, $7.5 million in 2020, and $8.25 million in 2021 and 2022. If the appropriate interest rate is 11 percent, what kind of deal did the defensive tackle sack? Assume all payments are paid at the end of each year. (Do not round intermediate calculations and enter your answer in dollars, not millions, rounded to 2 decimal places, e.g., 1,234,567.89.) Present value

Al paid $700 for a vehicle at Honest Bob's Cars. Al signed a $500 instalment agreement after paying $200 in cash. The complete agreement read as follows: "January 15, 2018 I commit to pay to the order of Honest Bob's Cars the sum of $500 in 10 equal payments." (signed) Al Tom accepted the instrument after Honest Bob's negotiated a fair price with him. Al wants his down payment, the first two monthly payments, and to stop making any more payments when the refrigerator stopped working after he had made two instalments. What outcome?

In 2021, a basketball player signed a contract reported to be worth $60.8 million. The contract was to be paid as $8.2 million in 2021, $9.7 million in 2022, $10.6 million in 2023, $10.7 million in 2024, $10.7 million in 2025, and $10.9 million in 2026. If the appropriate interest rate is 10 percent, what kind of deal did the player dunk? Assume all payments are paid at the end of the year. Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g., 1,234,567.89. Present value

On March 1, 2023, Dak Prescott leases and places in service a passenger automobile. The lease will run for five years and the payments are $500 per month. During 2023, he uses his car 60% for business and 40% for personal activities. Assuming the dollar amount from the IRS table for auto leases is $70, determine Dak's gross income attributable to the lease. The car was in service for 305 out of 365 days. a. $0 b. $35 c. $59 d. $70

On December 31, 2023, Sablok Company sells production equipment to Tang Inc. for $50,000. Sablok includes a one-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2023. Sablok estimates the prices to be $48,800 for the equipment and $1,200 for the cost of warranty. Instructions Are the sale of the equipment and the warranty separate performance obligations within the contract? Explain. Prepare a single compound journal entry to record this transaction on December 31, 2024. Ignore any related cost of goods sold entry. Repeat the requirements for part (b), assuming that, in addition to the assurance warranty, Sablok sold an extended warranty (service-type warranty) for an additional two years (2024–2025) for $800. (Hint: Use unearned revenue).

On January 1, 2025, Mary Johnson signed an agreement, covering 5 years, to operate as a franchisee of Blossom Inc. for an initial franchise fee of $50,000. The amount of $9,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $8,200 each, beginning January 1, 2026. The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April 1, 2025. Mary Johnson's credit rating indicates that she can borrow money at 8% for a loan of this type. Click here to view the factor table. (a) Your answer is correct. Prepare journal entries for Blossom for 2025-related revenue for this franchise arrangement. (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 O for the amounts. Round present value factor calculations to 5 decimal…

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