Assume the following scenarios.
Scenario 1: During 2012, The Hubbard Group provides services of $800,000 for repair of a state highway. The company receives an initial payment of $200,000 with the balance to be received the following year.
Scenario 2: Rolling Stone magazine typically charges $60 for a one-year subscription. On January 1, 2012, Herman, age 72, purchases a one-year subscription to the magazine and receives a 10% senior citizen discount.
Scenario 3: During 2012, Waste Management provides services on account for $20,000. The customer pays for those services in 2013.
Scenario 4: During 2012, Sysco Corporation sells grocery items to one of its customers for $250,000 on account. Cash collections on those sales are $170,000 in 2012 and $50,000 in 2013. The remaining $30,000 is written off as uncollectible in 2013.
Required:
For each scenario, calculate the amount of revenue to be recognized in 2012.