How much revenue should the township recognize

Assignment Help Accounting Basics

Reference no: EM131970257

Problem

The recognition of revenue from nes does not necessarily re ect the amount "earned" by merely issuing tickets. In August 2018, the last month of its fiscal year, Goldwaithe Township issued $88,000 worth of tickets for parking and trafic violations. Of these, the township collected $45,000. It expects to collect an addi- tional $20,000 within 60 days of the close of the fiscal year and to collect $3,000 subsequent to that. It will have to write off the balance. The tickets are due and the protest period expires on September 15.

• How much revenue should the township recognize from the tickets issued in August 2018? Explain.

• How might your answer change with respect to the township's government-wide statements?

Reference no: EM131970257

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