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Which of the following identifies, in the correct order, steps in the five-step model for reporting...
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...
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)...
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity...
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity Increases to assets Increases to liabilities 2. true or false Under the five-step revenue recognition model, a contract can be written, verbal, or implied. 3.When cash is received in advance of a performance obligation being satisfied, a(n) ______ called _________ is recorded.
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...
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 Tomato Example Part 2: On November 1, 2014 Tomato sells 1,000 FertPhones to consumers for...
The Tomato Example Part 2: On November 1, 2014 Tomato sells 1,000 FertPhones to consumers for $800 each. These FertPhones have no service contract. Tomato estimates that 60% of the sales price is attributable to the phones hardware and that the software will be used for two years on average. The customers have the right to return the phones within 30 days for a full refund. Each phone comes with a 12 month warranty against defects in manufacturing. In addition,...
Identifying Customer Control and Recording Advance Payment Allstar Inc. sells uniforms and spirit clothing to local...
Identifying Customer Control and Recording Advance Payment Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 80 items for a total selling price of $3,520 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $1,784. To place the order, Allstar Inc. required an $800 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining...
Fit & Slim (F&S) is a health club that offers members various gym services. Required: 1....
Fit & Slim (F&S) is a health club that offers members
various gym services.
Required:
1. Assume F&S offers a deal whereby enrolling
in a new membership for $1,400 provides a year of unlimited access
to facilities and also entitles the member to receive a voucher
redeemable for 30% off yoga classes for one year. The yoga classes
are offered to gym members as well as to the general public. A new
membership normally sells for $1,455, and a one-year...
Check my work Required: 1. Assume F&S offers a deal whereby enrolling in a new membership...
Check my work Required: 1. Assume F&S offers a deal whereby enrolling in a new membership for $950 provides a year of unlimited access to facilities and also entities the member to receive a voucher redeemable for 20% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $980, and a one year enrollment in yoga classes sells for an additional $500. F&S...
Really Nice Company Pte Ltd (RNC), a non-GST registered company, manufactures and markets computer hardware, middleware...
Really Nice Company Pte Ltd (RNC), a non-GST registered company, manufactures and markets computer hardware, middleware and software, and provides hosting and consulting services in areas of mainframe computer. On 1 September 2017, RNC entered into a 36-month InfoSphere Information Server (IIS) contract with a Singapore-based internet search provider. RNC’s financial year ends on 31 December. The terms of the contract are as follows: Monthly server consulting and maintenance fixed fee: $5,500 (to be billed monthly) A complimentary IIS computer...
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)...
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...
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...
Identifying Customer Control and Recording Advance Payment Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 80 items for a total selling price of $3,520 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $1,784. To place the order, Allstar Inc. required an $800 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining...
Fit & Slim (F&S) is a health club that offers members
various gym services.
Required:
1. Assume F&S offers a deal whereby enrolling
in a new membership for $1,400 provides a year of unlimited access
to facilities and also entitles the member to receive a voucher
redeemable for 30% off yoga classes for one year. The yoga classes
are offered to gym members as well as to the general public. A new
membership normally sells for $1,455, and a one-year...
Check my work Required: 1. Assume F&S offers a deal whereby enrolling in a new membership for $950 provides a year of unlimited access to facilities and also entities the member to receive a voucher redeemable for 20% off yoga classes for one year. The yoga classes are offered to gym members as well as to the general public. A new membership normally sells for $980, and a one year enrollment in yoga classes sells for an additional $500. F&S...
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