What two methods are identified in the Codification as appropriate in
accounting for long-term construction contracts? Where in the
Codification did you find this?
AC 551 Unit 4 Assignment FASB Codification
(Case 13-1, Refer a Friend Program)
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assignment-fasb-codification-(case-13-1,-refer-a-
friend-program)
1. How should the $25 Referral Credit be recorded in Runway’s Income
Statement— as a reduction of revenue or as a marketing expense?
2. When would Runway record the $25 Referral Credit?
What are the entries Runway would record when the $25 Referral
Credit is earned by the Existing Customer?
What are the entries Runway would record when the $25 Referral
Credit is redeemed against a $100 purchase made by the Existing
Customer?
3. Runway is planning to adopt IFRSs in the near future. What is the
relevant?