Pentaco Corp. was organized in 2021. The firm entered into a contract with a customer to do the following: bookkeeping activities, preparation of monthly and annual financial statements and annual tax returns. The annual fee is P100,000 for bookkeeping services, P5,000 for monthly reports and P50,000 for annual report and tax return. How many performance obligations in the contract?

Answer rating: 100% (QA)

In the contract between Pentaco Corp and the customer there are three distinct performance obligati... View the full answer