Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

Question

Financial Accounting problem

Answer 1

Question

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

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Answer 2

Question

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

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Answer 3

Question

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

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Answer 4

Question

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

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Answer 5

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

Answer 6

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

Answer 7

Chapter 17, Problem 1P

a.

To determine

Use the five step process to ascertain the revenue recognition,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation a.

Answer 8

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

Answer 9

b.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation b.

Answer 10

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

Answer 11

c.

To determine

Use the five step process to ascertain the revenue recognition ,(1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation c.

Answer 12

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

Answer 13

d.

To determine

Use the five step process to ascertain the revenue recognition, (1) a contract exists, (2) the performance obligations in the contract, (3) the transaction price in the contract, (4) the manner in which the transaction obligations is allocated to the performance obligations, and (5) recognition of revenue for situation d.

Answer 14

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Answer 15

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Answer 17

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Answer 19

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Answer 25

Ch. 17 - Prob. 1GI Ch. 17 - Prob. 2GI Ch. 17 - When a company recognizes revenue during a period,...Ch. 17 - Prob. 4GI Ch. 17 - Prob. 5GI Ch. 17 - What is the proper accounting for a wholly...Ch. 17 - If a seller enters into more than one contract...Ch. 17 - Prob. 8GI Ch. 17 - Prob. 9GI Ch. 17 - Prob. 10GI

Solution Summary: The author explains that a contract is an agreement between two parties or more parties which includes enforceable obligations and rights. The company must recognize terms of payment with respect to goods and services transferred.

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