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On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn...
On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn...
On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS...
The Five-Step Revenue Recognition Model A. Step 1: Identify the Contract(s) with a Customer B. Step...
The Five-Step Revenue Recognition Model
A.
Step 1: Identify the Contract(s) with a Customer
B.
Step 2: Identify the Performance Obligations in the Contract
C.
Step 3: Determine the Transaction Price
D.
Step 4: Allocate the Transaction Price to the Performance
Obligations in
the Contract
E.
Step 5: Recognize Revenue When (or as) the Entity Satisfies
a
Performance Obligation
F.
Practical Expedients in Applying the Model
G.
Applying the Model to Contract Modifications
C3-1 Applying the 5-step model (LO 3-1)...
Identifying the Five Steps in the Revenue Recognition Process Match each step 1 through 5 with...
Identifying the Five Steps in the Revenue Recognition Process Match each step 1 through 5 with the sales process described in a through e. Step 1: identify contract(s) with customer. Step 2: identify performance obligation(s) in the contract. Step 3: determine transaction price. Step 4: allocate transaction price to performance obligation(s). Step 5: Recognize revenue when (or as) each performance obligation is satisfied through a transfer of control a. The total price for the computer and two years of services...
1. During June 2019 Needs Business Company (NBC) runs a special offer whereby every customer who...
1. During June 2019 Needs Business Company (NBC) runs a special offer whereby every customer who purchases a 4th of July picnic set receives a coupon for 2 dozen free gourmet hot dogs during the first week of July (presumably for use at a 4th of July picnic!). Two dozen gourmet hot dogs normally sell for $20. In a similar promotion run in October 2018 (2 free pumpkin pies during the week of Thanksgiving when a customer purchased inflatable turkey...
On December 1, 2019, AwakeAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The...
On December 1, 2019, AwakeAllNight Inc. sells 5,000 super caffeinated candy bars to Campus Grocers. The candy bars sell for $3 per bar. In addition, AwakeAllNight pays Campus Grocers a $900 “placement fee” to ensure that its candy bars are always stocked prominently by the cash register. The $900 is paid at the end of each month based on the results of random inspections of Campus Grocers by AwakeAllNight to ensure that the terms of the contract are being followed....
E6.18 (LO 6) (Allocation of Transaction Price) Appliance Centre is an experienced home appli- ance dealer....
E6.18 (LO 6) (Allocation of Transaction Price) Appliance Centre is an experienced home appli- ance dealer. Appliance Centre also offers a number of services together with the home appliances that it sells. Assume that Appliance Centre sells ovens on a stand-alone basis. Appliance Centre also sells instal- lation services and maintenance services for ovens. However, Appliance Centre does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows. Oven only...
pls find comission revenue ent A franchise of automotive technidans has a contract arrangement for a...
pls find comission revenue
ent A franchise of automotive technidans has a contract arrangement for a rewards program with a car manufacturing company and C Por every $4.00 Vis prored by technidan at anyone of the franchise locations, the customer is warded Car Dollar The Car Dolans can be redeemed towards the purchase of a motor vehide manufactured by BMC to the automotive technicians performed $20,200,000 worth of services in 2020. BMC have estimated the stand-alone selling price of $0.35...
Part (b) A franchise of automotive technicians has a contract arrangement for a rewards program with a car manufacturing...
Part (b)
A franchise of automotive technicians has a contract arrangement for a rewards program with a car manufacturing company called BMC. For every $5.00 of services performed by an automotive technician at anyone of the franchise locations, the customer is awarded Car Dollars. The Car Dollars can be redeemed towards the purchase of a motor vehicle manufactured by BMC. In total the automotive technicians performed $23,000,000 worth of services in 2020. BMC have estimated the stand-alone selling price of...
Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design...
Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King. The contract spans eight months. Burger Boy promises to pay $69,000 at the end of each month. At the end of the contract, Velocity either will give Burger Boy a refund of $23,000 or will be entitled to an additional $23,000 bonus, depending on whether sales at Burger Boy at year-end have increased to a target...
A franchise of automotive technicians has a contract arrangement for a rewards program with a car...
A franchise of automotive technicians has a contract arrangement
for a rewards program with a car manufacturing company called BMC.
For every $4.00 of services performed by an automotive technician
at anyone of the franchise locations, the customer is awarded Car
Dollars. The Car Dollars can be redeemed towards the purchase of a
motor vehicle manufactured by BMC. In total the automotive
technicians performed $20,200,000 worth of services in 2020. BMC
have estimated the stand-alone selling price of $0.35 and...
On December 1, 2019, Coburn Consulting Ltd. signed a contract with Burke Inc., which obligated Coburn to provide Burke with 16 hours of consulting services per month from January through December of 2020. The contract requires Burke to pay a total of $67,200 for these services, with payments of $5,600 due at the end of each month. Coburn has provided similar services to Burke in the past and has always collected its fees on a timely basis. Requirement Using IFRS...
The Five-Step Revenue Recognition Model
A.
Step 1: Identify the Contract(s) with a Customer
B.
Step 2: Identify the Performance Obligations in the Contract
C.
Step 3: Determine the Transaction Price
D.
Step 4: Allocate the Transaction Price to the Performance
Obligations in
the Contract
E.
Step 5: Recognize Revenue When (or as) the Entity Satisfies
a
Performance Obligation
F.
Practical Expedients in Applying the Model
G.
Applying the Model to Contract Modifications
C3-1 Applying the 5-step model (LO 3-1)...
E6.18 (LO 6) (Allocation of Transaction Price) Appliance Centre is an experienced home appli- ance dealer. Appliance Centre also offers a number of services together with the home appliances that it sells. Assume that Appliance Centre sells ovens on a stand-alone basis. Appliance Centre also sells instal- lation services and maintenance services for ovens. However, Appliance Centre does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows. Oven only...
pls find comission revenue
ent A franchise of automotive technidans has a contract arrangement for a rewards program with a car manufacturing company and C Por every $4.00 Vis prored by technidan at anyone of the franchise locations, the customer is warded Car Dollar The Car Dolans can be redeemed towards the purchase of a motor vehide manufactured by BMC to the automotive technicians performed $20,200,000 worth of services in 2020. BMC have estimated the stand-alone selling price of $0.35...
Part (b)
A franchise of automotive technicians has a contract arrangement for a rewards program with a car manufacturing company called BMC. For every $5.00 of services performed by an automotive technician at anyone of the franchise locations, the customer is awarded Car Dollars. The Car Dollars can be redeemed towards the purchase of a motor vehicle manufactured by BMC. In total the automotive technicians performed $23,000,000 worth of services in 2020. BMC have estimated the stand-alone selling price of...
A franchise of automotive technicians has a contract arrangement
for a rewards program with a car manufacturing company called BMC.
For every $4.00 of services performed by an automotive technician
at anyone of the franchise locations, the customer is awarded Car
Dollars. The Car Dollars can be redeemed towards the purchase of a
motor vehicle manufactured by BMC. In total the automotive
technicians performed $20,200,000 worth of services in 2020. BMC
have estimated the stand-alone selling price of $0.35 and...
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