n the Month of March, Baldwin received orders of 100 units at a price of $15.00...
n the Month of March, Baldwin received orders of 100 units at a price of $15.00 for their product Bid. Baldwin uses the accrual method of accounting and offers 30 day credit terms. Baldwin delivers 100 units in April. They received payment for 50 units in March, and 50 units in April. In the March income statement, how much revenue is recognized on the March income statement from this order? How much in the April Income statement? (Answer in thousands) Select: 1 $750 , $750 0, $1,500 0, $750 $1,500 , 0
Homework Answers
Answer : 0, $1,500 ( ie., March :0 ; April : $1,500).
Explanation : As per accrual method of accounting , revenue is recorded when the goods are transfer from seller to buyer ie when seller delivers the goods. The time of receiving order & time of receiving the payment is irrelevant for recording sales.
Since in the given case Baldwin delivers the units in April , the whole revenue of $1,500 (100 units * $15) will is recognized on the April income statement
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