Identify and explain when each of the following companies should recognize revenue.
a. The GAP is a retailer of clothing items for all ages
b. Merck engages in developing, manufacturing, and marketing pharmaceutical products. It sells its drugs to retailers like CVS and Walgreen.
c. Deere manufactures heavy equipment . It sells equipment to a network of independent distributors, who in turn sell the equipment to customers. Deere provides financing and insurance services both to distributors and customers.
d. Bank of America is a banking institution. It lends money to individuals and corporations and invests excess funds in marketable securities.
e. Johnson Controls manufactures products for the government under long-term contracts.