Purchase order between Barneys & Fred for vacuums. Terms are n/90. Barneys obtains legal rights to goods
Fantastic news! We've Found the answer you've been seeking!
Question:
Purchase order between Barneys & Fred for vacuums. Terms are n/90. Barneys obtains legal rights to goods at the point of delivery.
Barneys is not allowed to discount the vacuums to its customers to help move inventory through its warehouses; however, the agreement allowed Barneys to return any unsold product within 90 days of purchase.
What is the revenue recognition issue?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date: