On June 1, 2021, Emmet Property Management entered into a 2-year contract to oversee leasing and maintenance for an apartment building. The contract starts on July 1, 2021. Under the terms of the contract, Emmet will be paid a fixed fee of $50,000 per year and will receive an additional 15% of the fixed fee at the end of each year provided that building occupancy exceeds 90%. Emmet estimates a 30% chance it will exceed the occupancy threshold, and concludes the revenue recognition over time is appropriate for this contract. Assume that Emmet accrues revenue each month, and estimates variable consideration as the most likely amount. On November 1, Emmet revises its estimate of the chance the building will exceed the 90% occupancy threshold to a 70% chance. What is the total amount of revenue Emmet should recognize on this contract in November of 20217 Multiple Choice $3,125 $4167 $4792 w Prev 1 of 40 !! Next > nize on this contract in November of 2021? Multiple Choice $3,125 $4,167 $4792 $7.291 Prev 1 of 40 Next 31 On June 1, 2021, Emmet Property Management entered into a 2-year contract to oversee leasing and maintenance for an apartment buliding. The contract starts on July 1, 2021 Under the terms of the contract, Emmet will be paid a fixed fee of $50,000 per year and will receive an additional 15% of the foxed fee at the end of each year provided that building occupancy exceeds 90%. Emmet estimates a 30% chance it will exceed the occupancy threshold, and concludes the revenue recognition over time is appropriate for this contract. Assume Emmet estimates variable consideration as the most likely amount. How much revenue should Emmet recognize on this contract in 2021? Multiple Choice $25,000 O $26125 $28,750 $50.000 23 Pretax accounting income: $663 Pretax accounting income included: Overweight fines (not deductible for tax purposes) 5 Depreciation expense 115 Depreciation in the tax return 335 The applicable tax rate is 25%. There are no other temporary or permanent differences. Which of the following must Franklin Freightways disclose related to the income tax expense reported in the Income statement ($ In millions)? Multiple Choice Only the total tax expense of $27. None of these answer choices are correct Saved applicable tax rate is 25%. There are no other temporary or permanent differences. Help th of the following must Franklin Freightways disclose related to the income tax expense reported in the income statement ($ in million Multiple Choice Only the total tax expense of $275. None of these answer choices are correct. Both the current portion of the tax expense of $112 and the deferred portion of the tax expense of $55. Only the current portion of tax expense of $220
