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(Solution) - Each of the following independent situations relates to the reco

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Each of the following independent situations relates to the recognition of revenue:
a. Interest on loans made by a bank
b. Interest on loans made by a bank when the loans are in default
c. Collection of fares by an airline when the passengers make the reservations
d. Shipment of freight and mail by an airline before it receives payment
e. Imposition of a penalty (service charge) by a retailer on overdue accounts
f. Building a submarine for a foreign government
g. Growing and harvesting soybeans
h. Selling lots for vacation homes on long-term contracts with small down payments
i. Building houses in a subdivision
j. Growing timber over a 10-year period
k. Payments received by a producer for films that are licensed to movie theaters for two years, after which the rights are licensed to television networks for one year, and finally the rights revert to the producer
l. Rental of a building to another company for five years, with no payment of rent in the first year
m. ?One cent? sale in which the first item is sold at full price and the second identical item is sold for $0.01
n. Sale of a season pass by a ski resort
Required
For each situation indicate when a company should recognize revenue.

 







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This question was answered on: Jul 11, 2017

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