Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. thomas consultants provided bran construction with

Thomas Consultants provided Bran Construction with assistance in Implementing varlous cost-savings Initiatives. Thomas's contract specifies...

80.2K

Verified Solution

Question

Accounting

image

Thomas Consultants provided Bran Construction with assistance in Implementing varlous cost-savings Initiatives. Thomas's contract specifies that it will receive a flat fee of $53,000 and an additional $23,000 if Bran reaches a prespecified target amount of cost savings. Thomas estimates that there is a 20% chance that Bran will achieve the cost-savings target. Required: 1. Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price. 2. Assuming Thomas uses the most likely value as its estimate of variable consideration, calculate the transaction price. 3. Assume Thomas uses the expected value as its estimate of variable consideration, but is very uncertain of that estimate due to a lack of experience with similar consulting arrangements. Calculate the transaction price. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Assuming Thomas uses the expected value as its estimate of variable consideration, calculate the transaction price. Possible Amounts Probabilities Expected Amounts % = % = Expected contract price at inception S 0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

You have been employed by Challenger Constructions as their first Chief Information Security Officer (CISO). You...

Civil Engineering
Q

Choose a historical or fictional character from a book or movie with a psychological problem. Write...

Psychology
Q

Which expressions are equivalent to the one below Check all that appl log 1 log5...

Basic Math
Q

There is no correlation between cost per serving and fiber per serving There is a...

Statistics
Q

Find the arclength of x 3y 201 on 2 y 6 to three decimal places

Calculus
Q

In a zoo, the ratio of adults to children is 12 to 5. If there...

Algebra
Q

functions Consider the functions fff and f given by the following diagrams In Fig 1...

Algebra
Q

1. Analyzing...

Accounting
Q

Ewing Corporation began the year with a simple capital structure consisting of 35,000 shares of...

Accounting
Q

When we make the adjusting entry for depreciation, why do we credit the Accumulated Depreciation...

Accounting
Q

#21-24 in my hwThe first picture information should be used to answer every question ...

Accounting
Q

Sales reported on the income statement were $779,000. The accounts receivable balance decreased $48,000 over...

Accounting