Problem 5-6 Variable consideration; change of estimate (LO5-3, 5-6 ] Since 1970, Super Rise, Inc., has...
9 Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2018, maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $95,000. T specifies that Super Rise will receive an additional $47,500 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the most likely amount it will receive....
6. Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $96,000. The contract specifies that Super Rise will receive an additional $48,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be...
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $98,000. The contract specifies that Super Rise will receive an additional $49,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the...
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $85,000. The contract specifies that Super Rise will receive an additional $42,500 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the...
Since 1970, Super Rise, Inc., has provided maintenance services for elevators. On January 1, 2021, Super Rise obtains a contract to maintain an elevator in a 90-story building in New York City for 10 months and receives a fixed payment of $80,000. The contract specifies that Super Rise will receive an additional $40,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Super Rise estimates variable consideration to be the...
journal entries for 1 and 2 Exercise 6-10 (Algo) Variable consideration - most likely amount; change in estimate (L06-3, 6-6) Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountains. Wilderness Tours hires Rocky to lead various tours that Wilderness sells. Rocky receives $1.400 per tour day, and shortly after the end of each month Rocky learns whether it will receive a $140 bonus per tour day it guided during the previous month if its service during...