Suppose that Schwab Corporation incurs costs evenly in the construction of their new wrestling room. It takes three years to complete this state of the art facility. Costs incurred beginning January 1, 2020 and ending December 31, 2022 are as follows: 2020: $35,000 2021 $141,000 2022 $56,000 What are the Weighted Average Costs for 2022?

Suppose that Schwab Corporation incurs costs evenly in the construction of their new wrestling room. It takes three years to complete this state of the art facility. Costs incurred beginning January 1, 2020 and ending December 31, 2022 are as follows: 2020: $35,000 2021 $141,000 2022 $56,000 What are the Weighted Average Costs for 2022?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 13E: On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million....

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On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million. The promise to transfer the warehouse is determined to be a performance obligation. The contract states that if the warehouse is usable by November 30, 2019, Elkhart will receive a bonus of 600,000. For every week after November 30 that the warehouse is not usable, the bonus will decrease by 150,000. Elkhart provides the following completion schedule: Required: 1. Assume that Elkhart uses the expected value approach. What amount should Elkhart use for the transaction price? 2. Assume that Elkhart uses the most likely amount approach. What amount should Elkhart use for the transaction price? 3. Next Level What is the purpose of assessing whether a constraint on the variable consideration exists?
Suppose that Schwab Coroporation incurs costs evenly in the construction of their new wrestling room. It takes three years to complete this state of the art facility. Costs incurred beginning January 1, 2020 and ending December 31, 2022 as follows: 2020: $35,000 2021 $143,000 2022 $56,000 What are the Weighted Average Costs for 2022?
6. Suppose that Schw Corp incurs costs evenly in the construction of their new wrestling room. It takes 3 years to complete this state of the art facility. Costs incurred beg Jan 1, 2020 and ending Dec 31, 2022 as as follows: 2020 $35,000 2021 $141,000 2022 $56,000 What are the weighted average costs for 2022? Thank you Brenda
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