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30, N, considering the customer's purchasing pace, the entity deduces that the customer will indeed reach the target of 75 units.   April: 10 units   May: 12 units   June: 10 units   Work to be done:   How do these new orders change the assumptions that the entity made when recognizing revenue in the first quarter? Calculate the adjustment to the amount of revenue that t

30, N, considering the customer's purchasing pace, the entity deduces that the customer will indeed reach the target of 75 units.   April: 10 units   May: 12 units   June: 10 units   Work to be done:   How do these new orders change the assumptions that the entity made when recognizing revenue in the first quarter? Calculate the adjustment to the amount of revenue that t

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On June 30, N, considering the customer's purchasing pace, the entity deduces that the customer will indeed reach the target of 75 units.

 

April: 10 units

 

May: 12 units

 

June: 10 units

 

Work to be done:

 

How do these new orders change the assumptions that the entity made when recognizing revenue in the first quarter?

Calculate the adjustment to the amount of revenue that the entity will have to recognize on the first quarter revenue

Calculate the 2nd quarter revenue based on the new assumptions.

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