ct Quiz #3 Summer 2018 0 O You received no credit for this question in the previ

Question

ct Quiz #3 Summer 2018 0 O You received no credit for this question in the previous attempt 2 Brief Exercise 5-27 Timing of revenue recognition; consignment [LO5-7 Kerianne paints landscapes, and in late 2018 placed four paintings with a retail price of $260 each in the Holmstrom Gallery. Kerlanne's rangement with Holmstrom is that Holmstrom will earn a 10% commission on paintings sold to gallery patrons. As of December 3 2018, one painting had been sold by Holmstrom to gallery patrons. How much revenue with respect to these four paintings should Kerianne recognize in 201817 26 Print References Macb G Search or type URL 3 5 6 a W E R

Explanation / Answer

Revenue = $260

Revenue of only 'one painting' sold should be recognized in 2018. Commission shouldn't be deducted when revenue is recognized.

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