Homework Answers
|
Activity |
Amount |
Explanation |
|
a. |
$ - |
It’s a cash received against issue of Shares hence not a revenue |
|
b. |
$ - |
Revenue will be recorded when games will be played. |
|
c. |
$ 55,29,000.00 |
Revenue for 1 game will be recorded as revenue. |
|
d. |
$ - |
Revenue will be recognized according to completion of contract. |
|
e. |
$ - |
Revenue will be recognized in next fiscal year |
|
f. |
$ 415.00 |
Service is provided in September so revenue will also be recorded in September. |
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economic benefits will flow to the company, and the benefits from
afnd costs associated with the transaction can be measured
reliably. The amount recorded is the cash-equivalent sales price.
Assume that the following events...
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Please answer and show
detail
2. value: 1.00 points According to the revenue recognition principle, revenues should be recognized when they are earned which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September: Required For each of the transactions, if revenue is to be recognized in September, indicate the amount. Activity Amount a. Gillespie Enterprises Inc. issued...
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transferred to the buyer the significant risks and rewards of
ownership of the goods, it retains neither continuing managerial
involvement to the degree usually associated with ownership nor
effective control over the goods, it is probable that future
economic benefits will flow to the company, and the benefits from
afnd costs associated with the transaction can be measured
reliably. The amount recorded is the cash-equivalent sales price.
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