The return on assets for Matthews Corporation is 8.9% 14.4% 8.2% 8.5% Questions 16-20 rela to CSO 2.1, 2.2 Objective 1: Identify, describe, and implement the steps necessary for revenue recognition related to short-term contracts. Objective 2: Identify, describe, and implement the steps necessary for revenue recognition related to long-term contracts. When a contract is expected to affect the risk, timing, or amount of the entity's future cash flows, the contract is said to have 16. A. no profit B. commercial substance no substance D. non-commercial substance Able sells a piece of equipment to Smythe for $1,800 on August 1. The equipment cost $1,000. The equipment is picked up by Smythe on August 10. The contract also includes a 12 month service plan. How many performance obligations are included in this transaction? 2 3 Pemco Enterprises sells annual memberships to its shooting lodge. The memberships cost $240 each. On January 1, Pemco sold 2,000 memberships and received cash. How much revenue should Pemco recognize each month? 40,000 48,000 20,000