Question: Genesis Corporation is an equipment manufacturing company Instructions a How should revenue

Genesis Corporation is an equipment manufacturing company.
Instructions
(a) How should revenue be recorded under the earnings and contract-based approaches if Genesis has a normal business practice of offering customers a one-year payment term?
(b) How would your response to (a) change if Genesis were a new company?
(c) How would your response to (a) change if Genesis started offering deep discounts and extending payment terms to five years?

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  • CreatedSeptember 18, 2015
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