Required: (a) How many performance obligations are in a single subscription contract? (b) Prepare the journal entry to account for one new subscription of "Nova Health," clearly identifying the revenue or deferred revenue associated with each performance obligation.

Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $20,000 for the period. The pension formula determined a pension cost of $232,000. Only $13,920 was contributed to the pension plan administrator. Question Content Area a. Journalize the entry to record the vacation pay. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank                 Feedback Area   Feedback   Question Content Area b. Journalize the entry to record the pension benefit. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank

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Current Attempt in Progress Expenses are recognized when they are billed by the supplier. O they are paid. the invoice is received. they contribute to the production of revenue.

Pumpkin Ltd. received the following information from its pension plan trustee concerning their defined benefit pension plan for the year ended December 31, 2020: December 31, 2020 $3,500,000 Defined benefit obligation Fair value of plan assets 1,750,000 For 2020, the service cost is $210,000 and past service cost (effective Jan 1, 2020) is $100,000. During 2020, Pumpkin contributed $595,000 to the plan, and paid 89,000 to the retirees throughout the year. The actual return of the plan assets is $90,000. The company was also informed by the consulting firm that an actuarial gain of $750 should be reported. Pumpkin uses discount rates of 6%. Pumpkin uses the immediate recognition approach under IFRS. Instructions Please calculate Pumpkin's DBO and Plan Assets ending balance and net defined pension asset/liability by completing the following worksheet. No separate journal entry necessary.

Process activity analysis: For a service company Statewide insurance company has a process for making payments on insurance claims as follows. An activity analysis revealed the cause of these activities was as follows. Receiving claim $78,000 Adjusting claim 338,000 Paying claim 104,000 Total. $520,000 This process includes only the cost of the process the claims payments, not the actual amount of the claim payments. The adjustment activity involves verify the estimated amount of the claim and is variable to the number of claims adjusted. The process received, adjusted, and paid 6,500 claims During the period. All claims were treated identically in this process. To improve the cost of the process, management has determined that claims should be segregated into two categories. Claims under $1,000 at claims greater than $1,000 claims under 1,000 would not be adjusted but would be acceptable to insured evidence of the claim. Claims above $1,000 would be adjusted it is estimated…

Under the completed-contract method,   Question 16 options: a revenue, cost, and gross profit are recognized at the time the contract is completed. b revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed. c revenue, cost, and gross profit are recognized during the production cycle. d None of these answers are correct.

A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on credit on April 13. The seller's cost of the merchandise returned was $480. The merchandise is not defective and is restored to inventory. The seller has not yet received any cash from the customer.

Transactions (a) through (e) took place in Stoney Heights Private Hospital during the year ending December 31, 2019.a. Gross revenues of $5,000,000 were earned for service toMedicare patients.b. Expected contractual adjustments with Medicare, a third-party payor, are $2,500,000; and an allowance for contractual adjustments account is used by Stoney Heights.c. Medicare cleared charges of $5,000,000 with payments of $2,160,000 and total contractual allowances of $2,840,000 ($2,500,000 + $340,000).d. Interim payments received fromMedicare amounted to $250,000.e. The hospital made a lump-sum payment back toMedicare of $100,000.1. Record the transactions in the general journal.2. Calculate the amount of net patient service revenues.3. What is the net cash flow from transactions withMedicare?4. What adjustments must be made at year-end to settle up with Medicare and properly report the net patient service revenues after this settlement?

The five steps in the revenue recognition process are: Identify the contract(s) with customers. 2. 1. lidentify the separate performance obligations in the contract. 3. Determine the Delivery Date 4. Allocate the transaction price to the separate performance obligations. 5 Recognize revenue when each performance obligation is satisfied. O True False