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Problem - Variable Consideration - Jonas Consulting enters into a contract to provide cost management consulting services over a 1-year period for $10,000 per month. At the end of the contract, Jonas will either give the customer a $24,000 refund or be entitled to an additional $24,000, depending on the level of cost savings. The company believes there is an 80% chance that it will be entitled to an additional $24,000 and a 20% chance it will give a refund of $24,000. In addition, Jonas believes it is probable that a significant reversal of any previously recognized revenue will not occur. The contract performance is determined to be satisfied over time.
Required -
Determine the monthly transaction price that Jonas should use for recording the contract and prepare Jonas's journal entry at the end of the first month of the contract using the most likely amount approach.
What is the objective of determining the transaction price based on the amount of variable consideration?
Assume that the company evaluates performance using residual income and that the minimum required rate of return for any division is 16%. Compute the residual income for each division.
carly riccardi and her mother nancy own and operate freezetime inc. a company specializing in freeze-drying flowers
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Looks like a slush fund to me. Why don't we just use it to help keep taxes down? How would you advise the mayor about this matter?
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Suppose Mary wants to invest is a portfolio consisting of A and B such that the portfolio has the smallest possible variance. What are the weights on asset A
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Analyze the different accounting treatments between GAAP and IFRS for the issue that you have selected, and make at least two (2) recommendations.
If we refinance for the remaining 10 years at 7% how much interest expense will we save over the remainder of the loan?
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