Fraternal Brothers provides consulting services on contract for a standard hourly rate of $100 per hour. The
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Identify any errors or likely errors in Fraternal Brothers revenue recognition for their contracts.
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Exhibit 4-1 Project Contracted Budget Budgeted start date completion hours in Hours % total revenue Revenue Billed Accrued Client (y/m/d dacontractto date complete $100/hr recorded to date revenue* Alpha 2011/2/5 2013/2/5 14,580 14,000 96.0% 1,458,000 1,400,000 656,100 743,900 Beta 2011/2/28 2012/2/29 6,000 5,230 87.2% 600,000 523,000 504,000 19,000 960,000 950,000 700,800 249,200 360,000 250,000 223,200 26,800 5,440 6,170 113.4% 544,000 544,000 277,440 266,560 16,000 68,400 15,000 44,720 39,670 88.7% 4,472,000 3,804(XX) 2.480.140 1.404.860 Chi Delta 2011/5/19 2012/5/19 3,600 2,500 69.4% Epsilon 2011/6/28 2012/6/28 Phi 2011/8/7 2011/10/6 Gamma 2011/9/16 2012/9/16 Eta 2011/10/26 2011/11/25 2011/4/9 2012/4/9 9,600 9,500 99.0% 750 160 21.3% 4,400 1,960 44.5% 350 150 42.9% 75,000 6,000 440,000 196,000 127,600 35,000 15,000
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The errors include the following The percentage complete is solely based on hours to datebudget hour...View the full answer
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