On September 27, 2018, a customer engaged HII for a retained search related to their facilities manager position that has been open for 6 weeks. The candidates that have applied directly to the customer have been less experienced than desired, and thus, the customer has engaged HII to conduct the professional search. The position’s compensation package was estimated at $90,000, including benefits. HII estimated that the contract period would last no more than 90 days. After 100 days, HII’s has fulfilled all of its obligations under this search contract. In addition, the final compensation package as negotiated by the accepted candidate totaled $120,000. Students’ Requirements

1. Compare and contrast the similarities or differences for each of the five sales examples between ASC 605 and ASC 606. 

2. Conclude on when revenue should be recognized for each of the five sales examples under both ASC 605 and ASC 606.

Answer rating: 100% (QA)

ANSWER The five sales examples are all similar in that they involve the sale of a product or service The first four examples involve the sale of a physical product while the fifth example involves the ... View the full answer