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Presented below are three revenue recognition situations: a. Seahawks sells goods to Lions for $ 18,000 payment due at delivery. b. Seahawks sells goods to
Presented below are three revenue recognition situations:
a. Seahawks sells goods to Lions for $ 18,000 payment due at delivery.
b. Seahawks sells goods to Chargers for $ 75,000 due in 24 months and the collection is not reasonably assured.Seahawks uses a discount rate 12% per annum.
c. Seahawks sells goods on account to Rams for $ 54,000 payment due in 30 days.
Provide the transaction amounts for each of the above transactions and state when revenue will be recognized.Indicate the necessary recognition conditions, if any.
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