Fraternal Brothers provides consulting services on contract for a standard hourly rate of $100 per hour. The

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Fraternal Brothers provides consulting services on contract for a standard hourly rate of $100 per hour. The contracts allow the company to invoice the client evenly during the contract period. The company€™s average cost is $70/hour. At the end of December 31, 2011, its fiscal year-end, the company had the following projects still in progress:
Fraternal Brothers provides consulting services on contract for a standard

Required:
Identify any errors or likely errors in Fraternal Brothers€™ revenue recognition for their contracts.

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Intermediate Accounting

ISBN: 978-0132612111

Volume 1, 1st Edition

Authors: Kin Lo, George Fisher

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