On January 1, 2023 Tic Company signed a three-year contract to provide accounting services to Tok Company. Tic Company collected $390,000 in advance for this service. The advance is for the total time period. No addition payments will be made by Brown to Smith. How much revenue will Tic Company recognize at the end of December 31, 2023?

Answer rating: 100% (QA)

The contract is for three years and the total revenue is collected upfront so Tic Company should r... View the full answer