McGraw-Hill Connect 5 Question 2 p.mheducation.com/ext/map/index.html?_con%3con&external oogleDOCS Next Next: BM Wor.. 3 Project i For each of the following separate situations, determi accounting). a. On December 7, Oklahoma City Thunder sold a $12 b. Tesla sold and delivered a $92,000 car on Deceml c. Deloitte signs a contract on December 1 to provide contract. On December 31, 75% of the services hav Situations Revenue re a. Sale of a ticket to a basketball game b. Sale of a car on credit c. Contract to provide advisory services
McGraw-Hill Connect 5 Question 2 p.mheducation.com/ext/map/index.html?_con%3con&external oogleDOCS Next Next: BM Wor.. 3 Project i For each of the following separate situations, determi accounting). a. On December 7, Oklahoma City Thunder sold a $12 b. Tesla sold and delivered a $92,000 car on Deceml c. Deloitte signs a contract on December 1 to provide contract. On December 31, 75% of the services hav Situations Revenue re a. Sale of a ticket to a basketball game b. Sale of a car on credit c. Contract to provide advisory services
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter2: Working With The Tax Law
Section: Chapter Questions
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McGraw-Hill Connect
5Question 2- Learning Unit 3 Proj X
CA 2019 CHO7 Project01 Exam x
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3 Project i
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For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis
accounting).
a. On December 7, Oklahoma City Thunder sold a $124 ticket to a basketball game to be played in March.
b. Tesla sold and delivered a $92,000 car on December 25. The customer will not pay until February.
c. Deloitte signs a contract on December 1 to provide 40 days of advisory services with receipt of $44,000 due at the end of the
contract. On December 31, 75% of the services have been completed.
Situations
Revenue recognized
a. Sale of a ticket to a basketball game
b. Sale of a car on credit
c. Contract to provide advisory services
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