Fy World sold $24,000 of merchandise to Chase Liquidators on December 23, terms FOB destination. This shipment is still in transit on 12/31, Wally's year-end.
Will Wally record revenue for this transaction on its 12/31 income statement?
A. Half of the performance obligations have been met, as the items have shipped, so Wally can realize half of the revenue related to this transaction, or $12,000.
B. Yes, Wally has satisfied the performance obligation and can record revenue of $24,000.
C. There is not enough information to determine the amount of revenue Wally should recognize.
D. No, no revenue is recorded for items shipped FOB destination until those items reach the buyer.
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Fy World sold $24,000 of merchandise to Chase Liquidators on December 23, terms FOB destination. Thi...
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