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How much revenue is recognized in the next period

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Problem 1: 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?

Option 1: $0 in the current period, $90,000 in the next period

Option 2: $90,000 in the current period, $0 in the next period

Option 3: $50,000 in the current period, $40,000 in the next period

Option 4: $40,000 in the current period, $50,000 in the next period

Reference no: EM132615588

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