Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 6.00

Clarks Inc

Clarks Inc., a shoe retailer, sells boots in different styles. In early November the company starts selling Ac€A?SunBootsAc€?? to customers for $70 per pair. When a customer purchases a pair of SunBoots, Clarks also gives the customer a 30% discount coupon for any additional future purchases made in the next 30 days. Customers canAc€?ct obtain the discount coupon otherwise. Clarks anticipates that approximately 20% of customers will utilize the coupon, and that on average those customers will purchase additional goods that normally sell for $100.

Required:

1.   How many performance obligations are in a contract to buy a pair of SunBoots?
      
  
2.  
Prepare a journal entry to record revenue for the sale of 1,000 pairs of SunBoots, assuming that Clarks uses the residual method to estimate the stand-alone selling price of SunBoots sold without the discount coupon. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 12:08 AM My Price 6.00

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