Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. roan co enters into a contract with a major chain

Roan Co enters into a contract with a major chain of retail stores. The customer...

90.2K

Verified Solution

Question

Accounting

Roan Co enters into a contract with a major chain of retail stores. The customer commits to buy at least $40 of products over the next 12 months. The terms of the contract require Roan Co to make a payment of $4m to compensate the customer for changes that it will need to make to its retail stores to accommodate the products. By 31 December 2021, Roan Co has transferred products with a sales value of $9m to the customer.

Required:

How much revenue should be recognized by Roan Co in theyear ended 31 December 2021?

Answer & Explanation Solved by verified expert
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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Small moving containers can hold no more than 25 pounds If w represents the weight...

Algebra
Q

b In how many w a There are Type a whole nu

Basic Math
Q

High Country, Inc., produces and sells many recreational products. The company has just opened a new...

Accounting
Q

What is wrong with the following grouped frequency c Grades Frequency 50 55 55 60...

Basic Math
Q

f Boris recorded the number of daylight hours on the first day of each month...

Basic Math
Q

Construct Pivot Tables showing the counts of gender versus carrier and type versus usage in...

Calculus
Q

For the following trajectory find the speed associated with the trajectory and then find the...

Calculus
Q

Find a formula for an for the arithmetic sequence 70 310 55 an a5

Calculus
Q

Chadwick Enterprises, Inc., operates several restaurants throughout the Midwest. Three of its restaurants located in...

Accounting
Q

On January 1, 20X2, Pint Corporation acquired 80 percent of Size Corporation for $200,000 cash....

Accounting
Q

National Retail has two departments, Housewares and Sporting. Indirect expenses for the period follow. The...

Accounting
Q

Average hourly wage for service workers in a certain city last month was $11.30. This...

Accounting