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Identify potential revenue recognition issues

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Problem 1: When should each of the following companies recognize revenue for the following operations? Identify potential revenue recognition issues or risk exposures facing the company:

a. Costco Wholesale Corporation collects annual membership fees from customers.

b. The New York Times receives advertising revenues in advance from Citigroup, for an ad campaign that will run a full-page spread once a week for six months.

c. Zappos is an online clothing and shoe retailer. It receives credit card payments when customers place their orders and ships products from warehouses within 5-7 business days.

d. Ticketmaster contracts with the producer of Blue Man Group to sell tickets online. Ticketmaster charges each customer a fee of $7 per ticket and receives $12 per ticket from the producer. Ticketmaster does not take control of the ticket inventory. Average ticket price for the event is $99.

Reference no: EM132725711

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