Reference no: EM132618971

Problem 1: Given only the following information, how much revenue would Sydney Ltd recognise for the month of June 2020?

1. Received a deposit in June from a customer for $100,000 for work to be commenced in July and completed in August 2020;
2. Credit sales of $300,000 in June 2018, only 50% to be collected in during June 2020;
3. Cash sales made in June 2020 $100,000;
4. Collected $400,000 in June from customers for May sales;
5. Received $250,000 in May 2020 from a customer for the delivery of goods in June 2020. The goods were subsequently delivered by the end of June.

Select one:

Option a. $500,000

Option b. $800,000

Option c. $650,000

Option d. $1,450,000

Option e. None of the above