Solved: How much revenue should recognize, Financial Accounting

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How much revenue should recognize

Timing of revenue recognition

Response to the following problem:

On May 1, 2016,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2016, to April 30, 2017, with Shaffer paying the entire $6,000 on May 1, 2016. How much revenue should Varga recognize in 2016?

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Financial Accounting: How much revenue should recognize

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Financial Accounting: How much revenue should recognize

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