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What should ekad report as revenues

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On June 1, 2017, Ekad Corp contracted to sell 280,000 bushels of wheat to Daves Co. at $3.00 per bushel. Daves Co. paid $400,000 on June 15, 2017, $220,000 on December 31, 2017, and $200,000 on February 15, 2018. The wheat was delivered according to schedules provided in the agreement. Delivery data is provided at left.

Problem 1: What should Ekad report as revenues for 2017 using the accrual basis of accounting?

Reference no: EM132996515

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