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How much revenue should Smith and Sons recognize for year

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Reference no: EM132871856

Problem - Smith & Sons is a CPA firm that provides proprietary software to its clients. One of its software packages sells for $150 and contains pre-programmed tutorials on basic accounting concepts. Another product sells for $3,000 and contains Smith & Sons' archive of accounting standards and articles. Which Smith & Sons updates on a weekly basis and downloads to archive users for the two years following purchase of the product.

Required - If a customer purchases both software packages on June 1, 2021, how much revenue should Smith & Sons recognize for the year?

Reference no: EM132871856

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