Amagazine company received 800 today from subscribers the

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Reference no: EM13589308

According to the revenue recognition principle, if revenue to is going to be recognized in August, indicate the amount for each.

1. "Billy's Builders company signed a contract with a customer for the construction of a new $500,000 home. At the signing, Billy's received a check for $50,000 as a deposit to be applied against amounts earned during the first phase of construction. Answer from Billy's standpoint."

2. "Texas State University received $20,000,000 cash for 80,000 five-game season football tickets. None of the games have been played.

3. Texas State University played the first game referred to in (2).

4. A magazine company received $800 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint.

Reference no: EM13589308

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