assume the same facts as in BE-5-23. how much revenue will Saar recognize in 2018 under this arrangement if Saar report under IFRS
Saar Associates, which Saar advertises on an ongoing basis. How much revenue will Saar recognize in 2018 under this arrangement? The Role of Accounting as an Information System SECTION 1 278 mar- ketplace and the owner provides no advertising or other benefits to a licensee of the Saar Associates trade pu during the license period. How much revenue will Saar recognize in 2018 under this arrangement if Saar reno under U.S. GAAP? Assume the same facts as in BE 5-22 except that the trade name "Saar Associates" is not well known in the BE 5-23 Timing of revenue recognition; licenses LOS-7 IFRS Assume the same facts as in BE 5-23. How much revenue will Saar recognize in 2018 under this arrangement ie Saar reports under IFRS? BE 5-24 Timing of revenue recognition; licenses LO5-7, LOS-10 IFRS TopChop sells hairstyling franchises. TopChop receives $50,000 from a new franchisee for providing initial training, equipment and furnishings that have a stand-alone selling price of $50,000. TopChop also receives $30,000 per year for use of the TopChop name and for ongoing consulting services (starting on the date the franchise is purchased). Carlos became a TopChop franchisee on July 1. 2018, and on August 1, 2018, had com pleted training and was open for business. How much revenue in 2018 will TopChop recognize for its arrange- ment with Carlos? BE 5-25 Timing of revenue recognitionB franchises LOS-7 BE 5-26 Dowell Fishing Supply, Inc., sold $50,000 of Dowell Rods on December 15, 2018, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell's warchouse until January 12, 2019 (having assured Bassadrome that it would deliver sooner if necessary). How much revenue should Dowell recognize in 2018 for Timing of revenue recognition; bill-and-hold the sale to Bassadrome? LOS-7 Kerianne paints landscapes, and in late 2018 placed four paintings with a retail price of $250 cach in the Hol- mstrom Gallery. Kerianne's arrangement with Holmstrom is that Holmstrom will earn a 20% commission on paintings sold to gallery patrons. As of December 31, 2018, one painting had been sold by Holmstrom to gallery patrons. How much revenue with respect to these four paintings should Kerianne recognize in 2018? BE 5-27 Timing of revenue recognition; consignment LO5-7 GoodBuy sells gift cards redeemable for GoodBuy products either in store or online, During 2018, GoodBuy sold S1.000.000 of gift cards, and $840,000 of the gift cards were redeemed for products. As of December 3. 2018, $30,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the cards will pever be redeemed. How much gift card revenue should GoodBuy recognize in 2018? BE 5-28 Timing of revenue recognition; gift card LOS-7 this solution in the app 2 Bookmarks Show all steps: Chapter 5, Problem 22BE ON Problem Saar Associates sells two licenses to Kim & Company on September 1, 2018. First, in exchange for $100,000, Saar provides Kim with a copy of its proprietary investment management software, which Saar does not anticipate updating and which Kim can use permanently. Second, in exchange for $90,000, Saar provides Kim with a three-year right to market Kim's financial advisory services under the name of Saar Associates, which Saar advertises on an ongoing basis. How much revenue will Saar recognize in 2018 under this arrangement? Step-by-step solution Step 1 of 4 A
