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Problem - On July 1, Wiggins Associates enters into a contract to provide consulting services to Pennsylvania University (PU). The contract is anticipated to last four months and is intended to achieve significant cost savings at the university. The contract stipulates that PU will pay Wiggins $40,000 at the end of each month, and, if total cost savings reach a specific target, PU will pay an additional $35,000 to Wiggins at the end of the contract. Wiggins estimates a 80% chance that cost savings will reach the target.
Assume that Wiggins estimates variable consideration as the expected value.
Required - Prepare the journal entry on July 31 to record the first month of revenue under the contract.
Explain some of the inherent risks associated with accounts payable. Describe the activities carried out by the auditor in the initial procedure
Make bank reconciliation for Dunbar Associates for August 31, 2017. A check for $72 for supplies was recorded as $27 in the ledger.
On October 1, 2016, Chief Corporation declared and issued a 6% stock dividend. Before this date, Chief had 90,000 shares of $5 par common stock outstanding. The market value of Chief Corporation on the date of declaration was $10 per share. As a resu..
If a business entity entered into certain related party transactions which of these would not be required to disclose all of the information
Amit is a partner in Reynolds Partnership. This year, Amit's Schedule K-1 from Reynolds reflected $50,000 of ordinary income, $1,000 of interest income, and a cash distribution of $35,000. Amit's marginal tax rate is 39.6 percent. Calculate Amit's af..
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On January 1, 2014, Fishbone Corporation purchased 350 of the $1,000 face value, 8%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2024, and pay interest annually beginning January 1, 2015. Fishbone purchased the bonds to yield 12%. Ho..
What is the original return on investment (ROI) for Johnson Ceramics (before making any additional investment)? What would the ROI be for Johnson Ceramics if the investment opportunity were undertaken? Would the manager of the Johnson Ceramics divisi..
Jason Products Co., a calendar year taxpayer, purchased business equipment (7-year property) for $2, 150,000. No other personal property was purchased during the year. Jason wants to take the largest possible tax deduction in 2016 related to this pro..
Explain how the company might utilize the international money markets when it is establishing other glass products related stores in Asia.
Use the dividend discount (i.e., free cash flow to equity investors) valuation model to estimate the company's current stock price.
what does the term consolidation process mean? What is the purpose of a worksheet during the consolidation process?
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