Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you make a huge sale to a client worth $1m. it is

You make a huge sale to a client worth $1M. It is December 31st, the...

60.1K

Verified Solution

Question

Accounting

You make a huge sale to a client worth $1M. It is December 31st, the last day of your accounting calendar. The client explains that they do not currently have room in their warehouse for the shipment but you are free to bill them today (therefore recognizing the revenue in the current year) and you can simply ship the merchandise to them in two weeks to allow them to make room in their warehouse (this means ownership of the merchandise has not transferred to the customer). Are you able to recognize this revenue in the current year? Why or why not? Give a thorough and thought out explanation.

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

RIDDLE At the dining room table the mother said Stop reaching Haven t you g...

Operations Management
1.2K views

The world’s 3 billion-plus smartphones emit the kind of data that health authorities covet during outbreaks....

Psychology
1.2K views

Please explain how affirmative action policies have been beneficial for women and African Americans?

Biology
1.2K views

What property is not a characteristic of metals O Brittle O Shiny O Ductile O...

Physics
1.2K views

a 4 In a potentiometer the balance length with standard cadmium cell is 509 cm...

Geometry
1.2K views

2 Write the equation for the line on the graph Hint Start by reading 2...

Calculus
1.2K views

A soccer ball is kicked across a field a an angle of 60 with an...

Calculus
1.2K views

Determine if the relation defines y as a one to one function of x The...

Calculus
1.2K views

at is the solution to the given line y x 2 4x 5 the quadratic...

Accounting
1.2K views

TRUE FALS Naagment aceuntonts are reaired to tollow the generally thet are sest Reseat reporting...

Accounting
1.2K views

Mini-Exercise 16-6 (Algo) Net present value LO 16-7 Lakeside Incorporated is considering replacing old production...

Finance
1.2K views

You are asked to estimate the duration and cost of an excavation project. You are...