Answered: What is the amount of revenue to be…

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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Excel Co. agreed to pay 10% royalty to National Corp. for the use of intellectual property rights of Excel Co. requires to make sales to its customers. Excel Co's sales for the period amounts to P1,000,000. In providing the goods and services itself, Excel Co. is the principal in the sales made with its customers. What is the amount of revenue to be recognized by Excel in its financial statements?

100,000
900,000
1,000,000
1,100,000

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