On July 1, Wiggins Associates Enters into a Contract to Provide

question 29

Essay

On July 1, Wiggins Associates enters into a contract to provide consulting services to Pennsylvania University (PU). The contract is anticipated to last four months and is intended to achieve significant cost savings at the university. The contract stipulates that PU will pay Wiggins $25,000 at the end of each month, and, if total cost savings reach a specific target, PU will pay an additional $20,000 to Wiggins at the end of the contract. Wiggins estimates a 75% chance that cost savings will reach the target.
-Assume that Wiggins estimates variable consideration as the expected value.
Required:
Prepare the journal entry on July 31 to record the first month of revenue under the contract.

Recognize the barriers to diversity, such as the glass ceiling for specific demographics and the challenges faced by individuals with disabilities at work.

Grasp the importance of individual and organizational approaches to managing and valuing diversity, including empathy and tolerance.

Identify the legal and societal shifts impacting workforce diversity, such as the ADA and EEOC rulings.

Understand the arguments for diversity, including resource acquisition, creativity, and problem-solving benefits for organizations.

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Definitions:

Open Market Purchase

The buying of shares of a company through the stock market by individuals or companies.

Stock Split

A corporate action where a company divides its existing shares into multiple shares to boost the liquidity of the shares, though the market capitalization remains the same.

Share Repurchase

A company's decision to buy back its own shares from the marketplace, reducing the number of outstanding shares.

Capital Gains

The increase in value of an asset or investment over time, realized upon the sale of that asset.