Question
Realization Principle Sky Bound Airlines has provided the following information regarding cash received for ticket sales in September and October: Cash received in September for
Realization Principle
Sky Bound Airlines has provided the following information regarding cash received for ticket sales in September and October:
| Cash received in September for October flights | $1,700,000 |
| Cash received in October for October flights | 1,300,000 |
| Cash received in October for November flights | 1,800,000 |
Apply the realization principle to determine how much revenue Sky Bound Airlines should report in its October income statement.
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Small Business Management Launching and Growing New Ventures
Authors: Justin Longenecker, Leo Donlevy, Terri Champion, William Petty, Leslie Palich, Frank Hoy
6th Canadian edition
176532218, 978-0176532215
