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Brothers Inc. has the following transactions in March; how much should be recognized as the firms March revenue? Brothers sold $100,000 tickets to its Lincoln
Brothers Inc. has the following transactions in March; how much should be recognized as the firms March revenue?
- Brothers sold $100,000 tickets to its Lincoln musical show that will be performed two months from now.
- Brothers received $45,000 of rent payment on Mar. 1st from its tenant for the quarter from March to May.
- Brothers collected $5,000 of payments from Dinosaurs stuffed animals sold in the past December-to-January holiday season.
- Brothers started building 10 solar powered cars for Disney in early March. Each car will cost $50,000 and sell for $100,000. The job is 50% done by end of the month. Disney is not paying Brothers until the cars are completed. Brothers expects three months to complete the job.
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Principles Of Auditing An Introduction To International Standards On Auditing
Authors: Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage
2nd Edition
0273684108, 978-0273684107
