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How much revenue is recognized in the current period

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Reference no: EM133535474

Question: A firm sold goods worth $90,000 in the current period. $40,000 was paid in cash in the current period, while $50,000 was recorded as Accounts Receivables. In the next fiscal period, the remaining $50,000 was paid in cash by the customers. Under Accrual Accounting, how much revenue is recognized in the current period, and how much revenue is recognized in the next period:

Reference no: EM133535474

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