Question
Can you answer the question in the way I sent it want to know what is regonised each month. fill in the box example Feb
Can you answer the question in the way I sent it
want to know what is regonised each month. fill in the box
example Feb
march
april
Revenue Recognition
Neiman Marcus, a U.S. retailer, uses the accrual basis of accounting and follows U.S. GAAP. It recognizes revenue at the time it sells merchandise. Indicate the amount of revenue (if any) the firm recognizes during the months of February, March, and April in each of the following hypothetical transactions, in which Neiman Marcus does the following:
a. Collects $800 cash from a customer during March for a custom-made suit that the firm will make and deliver to the customer in April.
February | Select$0$400$800Item 1 | is recognized. |
March | Select$0$400$800Item 2 | is recognized. |
April | Select$0$400$800Item 3 | is recognized. |
b. Collects $2,160 cash from customers for meals served in the firm's restaurant during March.
February | Select$0$2,160Item 4 | is recognized. |
March | Select$0$2,160Item 5 | is recognized. |
April | Select$0$2,160Item 6 | is recognized. |
c. Collects $39,200 cash from customers during March for merchandise sold and delivered in February.
February | Select$0$19,600$39,200Item 7 | is recognized. |
March | Select$0$19,600$39,200Item 8 | is recognized. |
April | Select$0$19,600$39,200Item 9 | is recognized. |
d. Sells merchandise to customers during March on account, for which the firm will collect $59,400 cash from customers during April.
February | Select$0$29,700$59,400Item 10 | is recognized. |
March | Select$0$29,700$59,400Item 11 | is recognized. |
April | Select$0$29,700$59,400Item 12 | is recognized. |
e. Rents space in its store to a travel agency for $9,000 a month, effective March 1. Receives $18,000 cash on March 1 for two months' rent.
February | Select$0$9,000$18,000Item 13 | is recognized. |
March | Select$0$9,000$18,000Item 14 | is recognized. |
April | Select$0$9,000$18,000Item 15 | is recognized. |
f. Same as part e, except that it receives the check for the March and April rent on April 1.
February | Select$0$9,000$18,000Item 16 | is recognized. |
March | Select$0$9,000$18,000Item 17 | is recognized. |
April | Select$0$9,000$18,000Item 18 | is recognized. |
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