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Problem - Revenue Recognition In 2017, SaulGroup, Inc. signed a fixed-fee contract to provide network security services which require a premise server to Goodman LLC. for $120,000 in one year. The company has performed similar services in the past and estimated with a high degree of reliability that he project is 40% complete at the end of 2017.
a. How is the revenue on this service contract recognized in the year 2017 under (1) U.S. GAAP and (2) IFRS 15?
b. Prepare the necessary journal entries.
Kaiwan, Inc., a calendar year S corporation, is partly owned by Sharrod, whose beginning stock basis is $32,000. Compute the Sharrod deductible loss
Set up a schedule of interest expense and discount amortization under the straight-line method.
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking.
pursco is a domestic corporation that distributes scientific equipment worldwide. during the current year pursco had
The partial payment is made within the discount period. The terms of the invoice are 5/20, n/60. Find the credit allowed for the partial payment
Nashville Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and long-run monthly usage of staff hours for Operating Departments 1 and 2 follow:
What is the total amount to be recognized as research and development expense for the current year of the four companies owned by Derek Louie?
russell preston delivers parts for several local auto parts stores. he charges clients 0.75 per mile driven. russell
Santana Co. sold merchandise to Birch Co. on account, $6,000, terms 2/15, n/30. The cost of the merchandise sold is $4,000. Santana Co. issued a credit memo for $800 for merchandise returned and later received the amount due within the discount perio..
The corporation paid Patrick a salary of $360,000 during its fiscal year ending October 31,2009. How much salary must Gander pay Patrick during the period November 1 through December 31, 2009, to permit the corporation to continue to use its fisca..
Jackson uses his automobile 90% for business and during 2015 drove a total of 14,000 business miles. What is Jackson deduction for the use of his car
Find the amount of basic earnings per share for the year. On January 1, 2X16, Manila Co. has 100,000 outstanding ordinary shares.
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