Question
) On June 1, 2017, Ekad Corp contracted to sell 280,000 bushels of wheat to Daves Co. at $3.00 per bushel.Daves Co. paid $400,000 on
) On June 1, 2017, Ekad Corp contracted to sell 280,000 bushels of wheat to Daves Co. at $3.00 per bushel.Daves Co. paid $400,000 on June 15, 2017, $220,000 on December 31, 2017, and $200,000 on February 15, 2018. The wheat was delivered according to schedules provided in the agreement.Delivery data is provided at left.
What should Ekad report as revenues for 2017 using the accrual basis of accounting?Show your work.
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Managerial Accounting
Authors: John J Wild, Ken W. Shaw, Barbara Chiappetta
7th edition
1260482936, 978-1260482935
