Crane Inc. sells prepaid phone cards to customers. Crane then pays the telecommunications company, TeleExpress,...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Crane Inc. sells prepaid phone cards to customers. Crane then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines related to the prepaid phone cards. Assume that Crane sells $5,200 of prepaid cards in January 2023 . It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Crane for TeleExpress lines over the three months is $2,400. Indicate how much income Crane should recognize in January, February, March, and April under IFRS. (Do not leave any answer field blank. Enter O for amounts.)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.