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 $130 ticket to a basketball game to be played in March. b. Tesla sold and delivered a $98,000 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 $50,000 due at the end of the contract. On December 31, 75% of the services have been completed. Situations a. Sale of a ticket to a basketball game b. Sale of a car on credit c. Contract to provide advisory services Revenue recognized

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 $130 ticket to a basketball game to be played in March. b. Tesla sold and delivered a $98,000 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 $50,000 due at the end of the contract. On December 31, 75% of the services have been completed. Situations a. Sale of a ticket to a basketball game b. Sale of a car on credit c. Contract to provide advisory services Revenue recognized

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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