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.

Question

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Answer 1

Question

Chapter 6, Problem 6.4E

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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Students have asked these similar questions

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Access the FASB’s Codification Research System® at the FASB website (www.fasb.org) and select Basic View. Determine the specific seven-digit (XXX-XX-XX) or eight-digit Codification citation (XXX-XX-XX-X) for accounting for each of the following items: Definition of initial direct costs. When a modification to a contract is reported as a separate contract (that is, separate from the original contract). The disclosures required in the notes to the financial statements for a lessor. The classification criteria for when a lessee classifies a lease as a finance lease and a lessor classifies a lease as a sales-type lease.

What is a multiple-element contract? Give an example of such a contract. How does NZ IFRS 15 apply to such transactions?

Answer 2

Question

Chapter 6, Problem 6.4E

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 6, Problem 6.4E

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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Answer 4

Question

Chapter 6, Problem 6.4E

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 6, Problem 6.4E

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 6, Problem 6.4E

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 6, Problem 6.4E

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

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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 6 Solutions