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(Algo) Determining when to recognize revenue LO C1 following separate situations, determine how much revenue is recognized in De er 7, Oklahoma City Thunder sold a $92 ticket to a basketball game to be played d delivered a $60,000 car on December 25. The customer will not pay until Feb sa contract on December 1 to provide 40 days of advisory services with receipt December 31, 75% of the services have been completed. Situations Revenue recognized et to a basketball game on credit

(Algo) Determining when to recognize revenue LO C1 following separate situations, determine how much revenue is recognized in De er 7, Oklahoma City Thunder sold a $92 ticket to a basketball game to be played d delivered a $60,000 car on December 25. The customer will not pay until Feb sa contract on December 1 to provide 40 days of advisory services with receipt December 31, 75% of the services have been completed. Situations Revenue recognized et to a basketball game on credit

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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Exercise 3-1 (Algo) Determining when to recognize revenue LO C1 For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis accounting). a. On December 7, Oklahoma City Thunder sold a $92 ticket to a basketball game to be played in March. b. Tesla sold and delivered a $60,000 car on December 25. The customer will not pay until February. c. Deloitte signs a contract on December 1 to provide 40 days of advisory services with receipt of $12,000 due at the end of the contract. On December 31, 75% of the services have been completed. Situations Revenue recognized а. Sale of a ticket to a basketball game b. Sale of a car on credit C. Contract to provide advisory services
Transcribed Image Text:Exercise 3-1 (Algo) Determining when to recognize revenue LO C1 For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis accounting). a. On December 7, Oklahoma City Thunder sold a $92 ticket to a basketball game to be played in March. b. Tesla sold and delivered a $60,000 car on December 25. The customer will not pay until February. c. Deloitte signs a contract on December 1 to provide 40 days of advisory services with receipt of $12,000 due at the end of the contract. On December 31, 75% of the services have been completed. Situations Revenue recognized а. Sale of a ticket to a basketball game b. Sale of a car on credit C. Contract to provide advisory services
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