On january 1, revis consulting entered into a contract to complete a cost reduction program for green financial over a six-month period. revis will receive $63,200 from green at the end of each month. if total cost savings reach a specific target, revis will receive an additional $31,600 from green at the end of the contract, but if total cost savings fall short, revis will refund $31,600 to green. revis estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be received. required: prepare the following journal entries for revis: 1. to 3. prepare the journal entry on january 31 to record the collection of cash and recognition of the first month’s revenue. also record the entry on june 30 for receipt of the bonus assuming total cost savings exceed target. and record the entry on june 30 for payment of the penalty assuming total cost savings fall short of target

Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life

Paar corporation bought 100 percent of kimmel, inc., on january 1, 2012. on that date, paar’s equipment (10-year life) has a book value of $420,000 but a fair value of $520,000. kimmel has equipment (10-year life) with a book value of $272,000 but a fair value of $400,000. paar uses the equity method to record its investment in kimmel. on december 31, 2014, paar has equipment with a book value of $294,000 but a fair value of $445,200. kimmel has equipment with a book value of $190,400 but a fair value of $357,000. the consolidated balance for the equipment account as of december 31, 2014 is $574,000. what would be the impact on consolidated balance for the equipment account as of december 31, 2014 if the parent had applied the initial value method rather than the equity method? the balance in the consolidated equipment account cannot be determined for the initial value method using the information given. the consolidated equipment account would have a higher reported balance. the consolidated equipment account would have a lower reported balance. no effect: the method the parent uses is for internal reporting purposes only and has no impact on consolidated totals.

Which of the following is not an example of one of the four mail advantages of prices on a free market economy