Solved: Deteremining revenue for a particular year, Accounting Basics

+44 141 628 6080
[email protected]

Deteremining revenue for a particular year

Question:

A law firm received a "retainer" of $10,000 on July 1, 2010, from a client. In return, it agreed to furnish general legal advice upon request for one year. In addition, the client would be billed for regular legal services such as representation in litigation. There was no way of knowing how often, or when, the client would request advice, and it was quite possible that no such advice would be requested. How much of the $10,000 should be counted as revenue in 2010? Why?

View Complete Question

Solution Preview :

Prepared by a verified Expert

Accounting Basics: Deteremining revenue for a particular year

Reference No:- TGS01974822

Now Priced at $20 (50% Discount)

Recommended (90%)

Rated (4.3/5)

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Demonstrates leadership action-transformational leadership

Select a recent article (past 90 days) that demonstrates leadership in action; specifically, leadership that either supports the concepts of transformational

Q : What is the four-step process of innovation and learning

What is the four-step process of innovation and learning and how can your organization apply these steps to manage a project?

Q : Discuss an implementation of dcf technique

Although the mathematics of DCF looks so simple and compelling, the implementation of DCF technique becomes a minefield of problems.

Q : Writing mission statements for firms

You should choose three different institutions (company, firm) and write down their mission statements.

Q : Deteremining revenue for a particular year

How much of the $10,000 should be counted as revenue in 2010? Why?

Q : Computing the sales forecast

Alpha company has the following sales pattern. Compute the sales forecast for year 10.

Q : Describe how a disaster can affect an organization

Describe how a disaster can affect an organization or business.?

Q : How to build a baseline list of all of our wireless devices

Instruction: Review the attachments and build a baseline list of all of our wireless devices that we have across the company along with the annual quantity

Q : State laws relating to employment-at-will

Include a discussion on how the employer of a team member responds to its state's laws relating to employment-at-will.

1949484

Questions
Asked

3,689

Active Tutors

1438729

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Asked Questions

How children can be empowered by adults

Children can be empowered by adults who consistently let things go, even when they behave badly. Power can be a problem for children

Practicing independent behavior analyst

As a practicing independent Behavior Analyst, you have received an email from a staff member representing a provider of education

How perception refers to herself as a gestalt psychologist

A psychologist who specializes in the study of perception refers to herself as a Gestalt psychologist.

Design effective real-world strategies

Describe 2 ways in which our knowledge of findings from research on working memory can help us design effective real-world strategies for coping

Conducting a formative and/or summative evaluation study

Explain the purpose and potential benefits of conducting a formative and/or summative evaluation study

Behaviour of concern section in her individual care plan

Problem: Following your meeting with Sharon, update the Behaviour of Concern section in her Individual Care Plan (ICP)

Thinking of administering an assessment measure

You are thinking of administering an assessment measure to one of your clients. One factor you would consider in