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How much revenue should the firm recognize in the month

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Howie, Price, and Liu operate an accounting firm. In March, their staff worked a total of 1,400 hours at an average billing rate of $340 per hour. They sent bills to clients in the month of March that totalled $376,000. They expect to bill the balance of their time in April. The firm's salary costs total $142,800 each month.

Question 1: How much revenue should the firm recognize in the month of March assuming the firm uses the earnings approach to revenue recognition? How much salaries expense should it recognize?

Question 2: Could you please explain what the earnings approach is and contract based approach is ?

Reference no: EM132482874

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