Question
Haymitch Co. sold equipment on January 1 with a two-year service contract for a single payment of $200,000. The fair market value of the equipment
Haymitch Co. sold equipment on January 1 with a two-year service contract for a single payment of $200,000. The fair market value of the equipment upon sale was $170,000.
a. What are the ending balances of any revenue-related balance sheet accounts related to this sale on December 31? (Ignore Cash, COGS, and Inventory.)
b. What are the revenue related income statement amounts related to this sale on December 31? (Ignore Cash, COGS, and Inventory.)
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Managerial Accounting
Authors: John J. Wild, Ken W. Shaw
2010 Edition
9789813155497, 73379581, 9813155493, 978-0073379586
