Question
Yard Designs (YD) experienced the following events in Year 1, its first year of operations: On October 1, Year 1, YD collected $54,000 for consulting
Yard Designs (YD) experienced the following events in Year 1, its first year of operations:
- On October 1, Year 1, YD collected $54,000 for consulting services it agreed to provide during the coming year.
- Adjusted the accounts to reflect the $30,000 of prepaid consulting services completed in Year 1.
1. What amount of revenue will YD report for Year 1?
2. What amount of revenue will YD report for Year 2?
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Modern Auditing
Authors: William C. Boynton, Walter G. Kell, Raymond N. Johnson, Dr William Boynton
7th Edition
047118909X, 978-0471189091
