How creative consulting inc would recognize revenue

Assignment Help Financial Accounting
Reference no: EM133001821

On December? 1, 2019?, Creative Consulting Ltd. signed a contract with Riverside ?Inc., which obligated Creative to provide Riverside with 14 hours of consulting services per month from January through December of 2020. The contract requires Riverside to pay a total of $42,000 for these? services, with payments of $3,500 due at the end of each month. Creative has provided similar services to Riverside in the past and has always collected its fees on a timely basis.

Requirement

Problem1 : Using IFRS and ASPE revenue recognition standards as a? guide, determine how Creative Consulting Inc. would recognize revenue from this transaction under both ASPE and IFRS.

Reference no: EM133001821

Questions Cloud

Determine the Fred total estate assets : They each own shares in their own name; Fred's are worth $50,000 and Audrey's $80,000. Determine the Fred's total estate assets
What is the expected annual revenue for the store : Cullumber, Inc., is launching a new store in a shopping mall in Houston. The annual revenue of the store depends on the weather conditions in the summer in Hous
What is the price of a call option : What is the price of a call option with a strike price of 57.5 with 3 month maturity on the same asset?
Examine how money is currently measured : 1. What is money and explain its evolution throughout time.
How creative consulting inc would recognize revenue : Using IFRS and ASPE revenue recognition standards as a? guide, determine how Creative Consulting Inc. would recognize revenue from this transaction
Discuss two benefits of PACS : Discuss the two advantages and two disadvantages of using PACS. Be sure to include the learning objectives listed in the rubric.
What is the payback period for luc bicycles : Luc's Bicycles is considering an investment of $15,900 that will return $3,000 per year for 5 years and then $6000 for 4 years.
Difference between finance and financial accounting : What is the difference between Finance and Financial Accounting. (with examples)
Find what is value of ending inventory using full costing : During the year, Laramie produces 51,900 snow shovels and sells 46,500 snow shovels. What is the value of ending inventory using full costing?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd