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nekit [7.7K]
4 years ago
11

Waldman Associates received a written, approved contract to deliver economic consulting services, with service and payment comme

ncing in one month. The contract specifies the services that Waldman is to perform, and the payment terms. Waldman and the customer both can cancel the contract without penalty prior to commencing service. Does Waldman have a contract for purposes of revenue recognition on the day the contract is received
Business
1 answer:
inysia [295]4 years ago
7 0

Answer:

Waldman Associates

Waldman does not have a contract for purposes of revenue recognition on the day the contract is received.

Explanation:

Revenue from contracts with customers becomes recognizable after the performance of the obligations and not before.  Revenue is recognized when the contractor has transferred the benefits to the beneficiary and not before. Revenue, in this instance, is to be recognized based on past performance.  According to IFRS 15 and ASC 606, revenue is recognized when each performance obligation has been fully satisfied.  This is the point when economic benefit has been conferred on the other contracting party.

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Answer:

The correct answer is B. short spells of unemployment, while structural unemployment is thought to explain relatively long spells of unemployment.  

Explanation:

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6 0
4 years ago
What is the correct entry for a $100 purchase of supplies on credit?
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Explanation:

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3 years ago
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Answer:

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Explanation:

In the case when the treasury stock is resold for high amount that was buy so the difference occurs between the cost and the cash collected once it is resold should increase the stockholder equity

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3 0
3 years ago
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Answer:

Follows are the solution to the given question:

Explanation:

Please find the complete question in the attachment file.

Market capitalization at 30 June:  120000 = 95000+25000

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X Stock Dividends 1.2

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