A customer books a cruise with Carnival Cruise Line. He makes reservations and pays for the...
A customer books a cruise with Carnival Cruise Line. He makes reservations and pays for the cruise in November 2015. The cruise is not scheduled to sail until April 2016. When does Carnival report revenue from the ticket sale?
Homework Answers
In the current scenario in November 2015 the company receives Calvin's cash from the ticket sale, however as it has not substantially fulfilled its obligation to Calvin thus does not report revenue at that time. The revenue is recognized when it is earned and until April 2016 has not yet provided the services. Thus in April 2016 Carnival would recognize the revenue when the cruise occurs.
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