recognize revenue
Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges
Section: Chapter Questions
Problem 89P
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Question
On 30th of September 2020, Bobby delivered the October edition of a newspaper (with a total store value of $100,000) to a book shop. Legal title remains with Bobby until the bookstore sells a newspaper to the last consumer. The bookstores will start selling the newspaper to its customer on the 1st of October 2020. Any newspaper that remains unsold by the bookstore on the 31st of October 2020 are returned to Bobby. The bookstore will be invoiced by Bobby in November 2020 based on the difference between the number of issues they received and the number they return.
Required
Should Bobby recognize revenue from the above transaction in the year ended 30th of September 2020?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT