GOLIATH PRODUCTIONS QUESTIONS The CEO of Goliath Productions has hired your consulting firm to produce a report on this possible breach of contract case, including recommendations. Use the report writing guide from the course website. In your analysis of this case include answers to the following questions: Q. 1. Did Goliath breach the contract? Specifically discuss whether the showing by a competitor movie chain in Toronto constituted a violation of the Goliatthiant agreement. Ambiguous contract; geographical limits not specified Everyone Assuming the contract is valid, prepare the following financial analyses: a. Prepare a budget of expected minimum revenues under the contract. Show the sources of revenues from the set of five films and the fee. Brandon What are the general revenue recognition criteria established under Generally Accepted Accounting Principles (GAAP) Jose How would you apply the GAAP criteria for revenue recognition to account for the revenues under this contract? Explain your logic for both realizable and earned. Mefanfe Using the logic you developed in part c, calculate the revenue that Goliath Productions should report for the set of five films for the year ended 1213112006. Urnn For the year ended 12f31i2006, prepare a schedule that shows the cash flows received from Giant from the contract. Gio Why do cash flows and revenues recognized differ, if they differ under your calculations? Tara