On July 15,2024, Ortiz & Company signed a contract to provide EverFresh Bakery with an...
90.2K
Verified Solution
Link Copied!
Question
Accounting
On July Ortiz & Company signed a contract to provide EverFresh Bakery with an ingredientweighing system for a price of $ The system included finely tuned scales that fit into EverFreshs automated assembly line, Ortizs proprietary software modified to allow the weighing system to function in EverFreshs automated system, and a oneyear contract to calibrate the equipment and software on an asneeded basis. If Ortiz was to provide these goods or services separately, it would charge $ for the scales, $ for the software, and $ for the calibration contract. Ortiz delivered and installed the equipment and software on August and the calibration service commenced on that date.
Assume that the scales, software and calibration service are all separate performance obligations. How much revenue will Ortiz recognize in for this contract?
Note: Do not round intermediate calculations.
Multiple Choice
$
$
$
$
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
