Sanjeev enters into a contract offering variable consideration. The contract pays him $2,000/month for six months of continuous consulting services. In addition, there is a 80% chance the contract will pay an additional $4,800 and a 20% chance the contract will pay an additional $1,200, depending on the outcome of the consulting contract. Sanjeev concludes that this contract qualifies for revenue recognition over time. Assume Sanjeev estimates variable consideration as the most likely amount. What is the amount of revenue Sanjeev would recognize for the first month of the contract
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sanjeev enters into a contract offering variable consideration. The contract pays him $2,000/month for six months of continuous consulting ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
What factors are important for the MIG owners to consider before making a decision on whether or not they should sell the restaurant to AECB? Why are these factors important?
Answers (1)
If you injure yourself bungee jumping and sue the bungee jumping company, what might the bungee company claim in defense?
Answers (1)
Asian-American consumers, Hispanic consumers, and African-American consumers are all considered to be which of the following? Select one: a. reference groups b. social classes c. cultures d. subcultures e. all of the above
Answers (1)
Middle managers spend most of their time a. on the telephone. b. managing inventory. c. in meetings. d. implementing plans of top managers. e. supervising production employees.
Answers (1)
Isabella files her income tax return 90 days after the due date of the return without obtaining an extension from the IRS. Along with the return, she remits a check for $2,000, which is the balance of the tax she owes.
Answers (1)
New Questions in Business
Who should you' alert that you are interviewing for jobs? A. Your references B. Other possible employers C. Your classmates D. Your present employer
Answers (1)
Common allocation bases are a. direct labor dollars, direct labor hours, and machine dollars b. machine dollars, direct labor dollars, and direct labor hours c. direct labor dollars, direct labor hours, and machine hours d.
Answers (1)
George and Weezy received $30,200 of Social Security benefits this year ($12,000 for George; $18,200 for Weezy). They also received $5,000 of interest from jointly owned City of Ranburne Bonds and dividend income.
Answers (1)
Which of the following is true regarding the high-tech industry today? a. It generally depends on a pool of low-skilled labor. b. It has led to the increased economic development of previously rural areas. c.
Answers (1)
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. -Sold merchandise on account for $64,000 to a customer.
Answers (1)