A man received $7500 for being an executor of an estate. He also received a home worth 100,000 but was only purchased for 30,000. Finally, he receives the life insurance benefits of 100,000. He elected to receive payment in installments and for this year he collected 30,000 of it. With these three scenarios, how much would his income increase by.
Answer to your above posted question:
Revenue is recognized when it is actually earned and realized. In other words its collectability should be assured. Revenues are ...
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