Question: please be carefull i will downvote if you r wrong Presented below are three revenue recognition situations. a. Groupo sells goods to MTN for $1,000,000,

please be carefull i will downvote if you r wrong

please be carefull i will downvote if you r wrong Presented below

Presented below are three revenue recognition situations. a. Groupo sells goods to MTN for $1,000,000, payment due at delivery. b. Groupo sells goods on account to Grifols for $800,000, payment due in 30 days. c. Groupo sells goods to Magnus for $500,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $464,000. Indicate the transaction price for each of these situations and when revenue will be recognized

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!