Question
Refer to the Cuppa Joe example presented in the chapter. Respond to the following questions: a. when must Cuppa Joe first apply the new revenue
Refer to the Cuppa Joe example presented in the chapter. Respond to the following questions:
a. when must Cuppa Joe first apply the new revenue standard? Assume Cuppa Joe has a calendar year-end. describe the first interim and annual reporting period in which application of the new standard is required?
b. Find additional non-authoritative guidance to support the accounting for loyalty points. What are some of the other names by which loyalty points are known? What are some analogous examples? What are some industry examples?
c. Locate authoritative and nonauthoritative guidance differentiating between a material right and a promotion offered to all customers. Show the journal entries that apply at the time of scale of "cup1" if the punch card benefits are considered a material right versus if the punch card benefits are not considered a material right.
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