Business, 28.12.2021 14:00 sarinawhitaker

Waldman Associates received a written, approved contract to deliver economic consulting ser vices, with service and payment commencing in one month. The cont specifies the services that Waldman is to perform, and the payment terms. Waldman th e customer both can cancel the contract without penalty prior to commencing Does W aldman have a contract for purposes of revenue recognition on the day the contract received? A) Yes, because Waldman has a written approved contract.
B) No, because Waldman and the customer can cancel without penalty and neither has performed an obligation under the contract.
C) Maybe, depending on whether Waldman can estimate collectability of the receivable.
D) There is insufficient data on which to base an answer.

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