FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2023 Tic Company signed a three-year contract to provide accounting services to Tok Company. Tic Company collected $390,000 in advance for this

On January 1, 2023 Tic Company signed a three-year contract to provide accounting services to Tok Company. Tic Company collected $390,000 in advance for this service. The advance is for the total time period. No addition payments will be made by Brown to Smith. How much revenue will Tic Company recognize at the end of December 31, 2023?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

The contract is for three years and the total revenue is collected upfront so Tic Company should r... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Reporting and Analysis

Intermediate Accounting Reporting and Analysis

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

2nd edition

9781305727557, 1285453824, 9781337116619, 130572755X, 978-1285453828

More Books

Students also viewed these Accounting questions

Question

trillium import has one of the largest selection of imported food products from europe some of the food products are nearing the best before date and as such the wholesale price that trillium charges...

Answered: 1 week ago

Question

★★★★★
The City of Smithville created a Street Improvement Bond Debt Service Fund to be used to retire the bonds issued for the purposes described in Chapter 5 of this cumulative problem, and to pay the...

Answered: 1 week ago

Question

★★★★★
Required: Determine the minimum 2022 taxable income and federal income tax payable for Lorne Inc. Show all calculations, whether or not they are necessary to the final solution. As the corporation...

Answered: 1 week ago

Question

★★★★★
(2) Write an 8086-assembly code to control the interrupt of (3) stepper motors and (2) servo motors in which each motor has its interrupt. The buffered mode for master was required with normal end of...

Answered: 1 week ago

Question

★★★★★
Swallow Company is a large real estate construction company that has made a Sub chapter Selection. The company reports its income using the percentage of completion method. In 2016, the company...

Answered: 1 week ago

Question

★★★★★
Find a manager and ask about the most important ethical rules he or she uses to make the right decisions.

Answered: 1 week ago

Question

★★★★★
What are some of the distinguishing features of third-force psychology?

Answered: 1 week ago

Question

★★★★★
As controller of a widely held public company, you are concerned with making the best decisions for the stockholders. At the end of its first year of operations, you are faced with the choice of...

Answered: 1 week ago

Question

★★★★★
What is the minimum number of year - end deposits that have to be made before the total value of the deposits is at least ten times greater than the value of a single year - end if the interest rate...

Answered: 1 week ago

Question

★★★★★
Company A is a global company based in the United States that operates in the financial industry. Company A serves its customers with financial products, such as checking accounts, bank cards, and...

Answered: 1 week ago

Question

★★★★★
The best example of a lagging indicator would be: a. Williams %R b. New high/New lows c. Volume d. Moving Average e. Japanese Candlestick

Answered: 1 week ago

Question

★★★★★
Lucky, LLC, has four members: Amber, Brandon, Crystal, and Drew. Amber and Brandon each contributed $30,000, and Crystal and Drew each contributed $50,000 to form the company. Profits and losses are...

Answered: 1 week ago

Question

★★★★★
List the violations for the Happy Foods establishments. Provide license_no, Inspection Date, inspection Results, fine, Inspection Point ID, and description of the inspection point violated. need sql...

Answered: 1 week ago

Question

★★★★★
Complete the solution to the following differential equation. y" + 4y + 3y = 16et y(0) = 0, y(0) = 1 Applying the Laplace transform in both sides we get s2Y(s) - sy(0) -y (0) + 4[sY(s) = y(0)] +...

Answered: 1 week ago

Question

★★★★★
CheersInc., a small health insurance company, manages its own call center to provide customer service. A call is first taken by a general representative who will try to resolve the client's inquiry....

Answered: 1 week ago

Question

★★★★★
Many practices have tried to reduce no-shows through automated text and phone call reminders. But that only solves the issue of forgetfulness. Much more effective are options for online scheduling...

Answered: 1 week ago

Question

★★★★★
B2B Co. is considering the purchase of equipment that would allow the company to add a new product to its line. The equipment is expected to cost $369,600 with a 6-year life and no salvage value. It...

Answered: 1 week ago

Question

★★★★★
Quadrilateral EFGH is a kite. Find mG. E H Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
Describe the relationship between cost of goods sold and inventory.

Answered: 1 week ago

Question

★★★★★
Cunningham Company reports a retained earnings balance of $365,200 at the beginning of 2016. For the year ended December 31, 2016, the company reports pretax income from continuing operations of...

Answered: 1 week ago

Question

★★★★★
At the beginning of 2017, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was $27,000 in 2015 and $35,000 in 2016. The allowance for doubtful...

Answered: 1 week ago

Question

★★★★★
Most people think that the "normal" adult body temperature is 98.6F. That figure, based on a 19th-century study, has recently been challenged. In a 1992 article in the Journal of the American Medical...

Answered: 1 week ago

Question

★★★★★
Agricultural scientists are working on developing an improved variety of Roma tomatoes. Marketing research indicates that customers are likely to bypass Romas that weigh less than 70 grams. The...

Answered: 1 week ago

Question

★★★★★
Companies that design furniture for elementary school classrooms produce a variety of sizes for kids of different ages. Suppose the heights of kindergarten children can be described by a Normal model...

Answered: 1 week ago

Previous Question Next Question