Question: Dear Tutors, please help to answer the questions below based on the marks given. This is relating to MFRS15. Thank you (Question 1) In the
(Question 1) In the following independent situations, identify whether the revenue can be recognized based on MFRS 15 Revenue from Contracts with Customer, Supgort your answer with a brief explanation and caiculation. (Assume financial year ends 30 September 2019). 1. Starbucks serves gourmet coffee, espresso, tattes, leas, and smoothies. halso sells various pastries, coflee beans, and other food products. Starbucks wants to provide incentive for customers to buy its cottee beans, as well as purchase a cup of coffee. Therefore. it offers customers a RMto discount on the purchase of a large cup of coffee when they buy a bag of its premium Motor Moka beans. (which normally sell for RM150) at the same time. Dena decides this otfer is good to pass up and buys a bag of Motor Moka beans for RM150 and a large cup of coffee for RMG. For your information, a large cup of coffee normally retails for RM16 at Starbucks. ii. Fie Co. is an engineering who works in manutacturing industry in the USA.On 21 April 2019. the company entered a contract with Ford Motor Company and sold all of its second-hand vans for RM2,800,000 and recetved 5 lunury vehicles with the purpose to give them to its best employees in 2020. (5 marks) FINANCIAL ACCOUNTING AND REPORTING II CONFIDENTIAL ii. Four Legs (FL) is working in the Consumer Product industry in Malaysia andproduces all types of chairs, sofa and dinner tables. FL sold furniture set to a customer known as Fariba on 20 September 2019. Fariba requested the company to hold the furniture set until 10 January 2020 due to the renovason of her house. (5 marks) iv. Charming Garment (CG) Co. is a producer in the consumer product industryand produces all types of traditional clothes (Aba, Rada, and Shal) in Oman. CG sold Aba, Rada, and Shal at selling prices of RM450, RMR25 and RM150 respectively. It also sells in a package that consists of Aba and Rada for RM600. On 5 September 2019, CG had entered into a contract to sell the 2 products (Aba and Rada) named "Jazzab" at a special price of RM400. Mr. Nuh bought 1 set of "Jazzab" from CG for his mother
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