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Cutler Education Corporation developed a software product to help children under age 12 to learn mathematics.The software contains two separate parts: Basic Level (Level I) and Intermediate Level (Level II). The list price of the software contains the access code only for Level I. Parents are eligible to purchase the access code for a higher level only if their children pass an exam created by software. The accounting period ends December 31.Kerry purchases the software at a price of $50 for his child, Tom, on December 1, 2012. Suppose Tom passed the Level I test on December 31, 2012, and Kerry immediately purchased the access code for Level II part for Tom for an additional $10. Cutler licensed Level II to Kerry on the same day, December 31, but provides him the access code to Level II on January 10, 2013.
Required:When would Cutler recognize revenue for the sale of Level I and II software?
Calculate the amount of budgeted cash disbursements for July and Tommy Company budgeted the subsequent information for 2012
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