Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $1,084,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $810,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $540,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future. payments is $503,100. Indicate the transaction price for each of these situations and when revenue will be recognized. Transaction Price Revenue will be recognized (a) (b) $ V (c) $

Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $1,084,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $810,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $540,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future. payments is $503,100. Indicate the transaction price for each of these situations and when revenue will be recognized. Transaction Price Revenue will be recognized (a) (b) $ V (c) $

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 63P

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