Suppose our company has the following transactions with our customers, and only these, in Fiscal Year 2021:
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Question:
Suppose our company has the following transactions with our customers, and only these, in Fiscal Year 2021: We provide tutoring to Dane for $200 in cash. Alison pays us $300 in cash up front, for tutoring that we promise to give her next year, in Fiscal Year 2022. We provide tutoring to Avery this year, who promises/agrees to pay us $100 next year, in Fiscal Year 2022. What are our (accrual) Revenue for FY 2021?
A. $200
B. $500
C. $300
D. $600
E. None of the other answers
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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