Gil is a baxley co. salesman desperate to make quota by the end of 2018. on the afternoon of december 31, 2018, he convinces a longtime customer with excellent credit to sign a contract to accept delivery of baxley co.’s widgetron deluxe. gil promises the customer a deep discount off the list price that they can ‘hash out later’ if the customer is 100% happy with the product. gil does not tell the customer that the company’s policy in such cases is to offer the maximum discount of 30%. the customer states he will have to consult an astrologer and a groundhog to determine if he is happy with the product. gil oversees the delivery that evening of the widgetron deluxe. should the revenue from this sale be recognized in 2018? why or why not?

The partnership of douglas, ryan, and ellen has dissolved and is in the process of liquidation. on july 1, 2016, just before the second cash distribution, the assets and equities of the partnership along with profit and loss sharing ratios were as follows: cash $30,000receivable - net $20,000inventories $25,000equipment - net $30,000total assets $80,000liabilities $12,000douglas, capital (20%) $28,000ryan, capital (50%) $24,000ellen, capital (30%) $16,000total liab./equity $80,000assume that the available cash is distributed immediately, except for a $2,000 contingency fund that is withheld pending complete liquidation of the partnership. how much cash should be paid to each of the partners? a. $3,200 douglas, $8,000 ryan, $4,800 ellenb. $5,600 douglas, $14,000 ryan, $8,400 ellenc. $16,000 douglas, $0 ryan, $0 ellend. $8,000 douglas, $0 ryan, $8,000 ellen