O GO ?O ezto.mheducation.com/hm.tpx value 14.28 points cording to the revenue re

Question

O GO ?O ezto.mheducation.com/hm.tpx value 14.28 points cording to the revenue recognition principle, revenues should be recognized when they are earned. which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September Required For each of the transactions, if revenue is to be recognized in September, indicate the amount Activity Amount A customer paid $8 cash for 8 song files from Apple's iTunes store. Answer from Apple's standpoint Home Depot provided a carpet installation for $1,800 cash. A comparable installation from other companies costs $2,800 AT&T; is scheduled to install digital cable at 2,400 Austin area homes next week The a. c. installation charge is $110 per home. The terms require payment within 30 days of installation. Answer from AT&T;'s standpoint d. AT&T; completed the installations described in (c) Answer from AT&Ts; standpoint AT&T; received payment from customers for the installations described in (c). Answer from AT&T;'s standpoint A customer purchased a ticket from American Airlines in September for $895 cash to travel in December. Answer from American Airlines standpoint. Hints References Book& Resources O Type here to search

Explanation / Answer

Sr. No. Activity   Amount a) A Customer paid $ 8 cash for 8 songs.. $                    8 b) Home Depot Provide a carpet ….. $             1,800 c) AT & T is scheduled to ------- $             2,400 d) AT & & T completed the installation--- $                110 e) AT & T Received the payment----- $                   -   f) A Customer purchased ticket--- $                   -

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