Performance obligation: Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract. To discuss: The basis of contract’s transaction price allocated to its performance obligation.

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Answer 1

Question

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

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Intermediate Accounting 105 May I please have a GAAP explanation, along with examples providing concepts? Under what conditions should a short-term obligation be excluded from current liabilities? Thank you so much

18.2 The Five-Step Process Revisited When a revenue arrangement involves more than one performance obligation, which of the following conditions must be evaluated? O whether each product or service involved is distinct within the contract O whether revenue recognition is simultaneous for all products or services O whether the promises involved with each product or service are explicit or implicit O whether customary business practice dictates that the products and services be provided together Submit Answer Save for Later

Answer 2

Question

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

Answer 6

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Answer 7

Chapter 5, Problem 5.4E

Requirement – 1

To determine

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Answer 8

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Answer 9

Requirement – 2

To determine

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

Answer 10

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

Answer 11

Requirement – 3

To determine

To discuss: The circumstances for viewed the option as performance obligation.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 5 - What are the five key steps a company follows to...Ch. 5 - What indicators suggest that a performance...Ch. 5 - What criteria determine whether a company can...Ch. 5 - We recognize service revenue either at one point...Ch. 5 - What characteristics make a good or service a...Ch. 5 - Prob. 5.6Q Ch. 5 - What must a contract include for the contract to...Ch. 5 - How might the definition of probable affect...Ch. 5 - When a contract includes an option to buy...Ch. 5 - Prob. 5.10Q

Performance obligation: Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract. To discuss: The basis of contract’s transaction price allocated to its performance obligation.

Solution Summary: The author explains that performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

Performance obligation:

Performance obligation is the promise made by the seller to supply the goods and service to the customer on or before the contract.

To discuss: The basis of contract’s transaction price allocated to its performance obligation.

To discuss: The indicators that promised goods or service is separately identifiable from other goods and services promised in the contract.

To discuss: The circumstances for viewed the option as performance obligation.

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Chapter 5 Solutions