CHECKLIST OF KEY

FIGURES
Chapter 6
Revenue Recognition

Assignment Check Figures

E6.2 a. Unearned Revenue $119,000
E6.3 a. Loyalty points $17,640
E6.4 c. Credit Unearned Revenue $800
E6.5 b. Credit Sales Revenue $3,200
E6.6 4. Revenue $450,000
E6.7 a. Transaction price $10,000
E6.8 b. Credit Service Revenue $14,500
E6.9 PV = $925.93
E6.10 b. Credit Estimated Inventory Returns $53,333
d. Credit Estimated Inventory Returns
E6.11
$1,200,000
a. Credit Unearned Revenue $38,400 for 2023
E6.12
season
E6.13 d. Balance for unredeemed gift cards $6,956
E6.14 d. FV = $150,550.38
E6.15 a. Installation $39,040
E6.16 a. Installation $47,600
E6.17 a. Installation $43,100
E60.18 a. Installation $49

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E6.19 c. Cost of Goods Sold $320
E6.20 c. Cost of Goods Sold $575
E6.24 c. Interest Expense $1,200
E6.25 b. Interest Expense $4,000
E6.26 c. Debit Accounts Receivable $1,700,000
E6.27 d. Debit Accounts Receivable $80,000
E6.28 b. Profit on consignment sale $7,310
E6.29 4. a. Debit Commission Expense $90,000
E6.32 a. Gross profit 2022 $155,000
E6.33 a. Gross profit $180,000
c. Revenue from Long-Term Contracts
E6.34
$880,000
E6.35 b. Balance contract liability $180,000
E6.36 a. Gross profit 2022 $65,000
E6.37 e. Gross profit 2021 $(475,000)
E6.38 a. Gross profit 2022 $300,000
E6.39 f. Gross profit 2021 $(720,000)
a. Service revenue-installation $1,412 a. Cost of
P6.1 goods sold $44,800 c. Cost of goods sold
$2,700
b. Cost of goods sold $280,500 c. July 1, 2020
P 6.2
Unearned revenue $108,000
P 6.3 b. Net sales $5,600,000
a. March 31, 2020 Cost of goods sold $800 c.
P 6.4
March 1, 2020 Unearned revenue $1,750
a. Cost of goods sold $30,400 c. June 20, 2020
P6.5
Contract liability $9,040
P6.6 a. July 2, 2020 Sales revenue $292,680

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 b. Cost of goods sold $17,500 c. Dec. 31, 2021
P 6.7 Service revenue $6,675 e. Sales revenue
$25,000
b. Unearned revenue $11,600 c, Cost of goods
P 6.8
sold $55,000
a. 2021 75% c. Bal. Dec. 31, 2021 ($200,000)
P 6.9
g. Bal. Dec. 31, 2021 ($500,000)
a. 2021 63.16% e. Bal. Dec. 31, 2021
P 6.10
($550,000)