Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 15 Feb 2018 My Price 6.00

highway department

Revenue Recognition

The highway department contracted with a private company to collect tolls and maintain facilities

on a turnpike. Users of the turnpike can pay cash as they approach the toll booth, or they can

purchase a pass. The pass is equipped with an electronic sensor that subtracts the toll fee from

the pass balance as the motorist slowly approaches a special toll booth. The passes are issued in

$10 increments. Refunds are available to motorists who do not use the pass balance, but they are

issued very infrequently. Last year $3,000,000 was collected at the traditional toll booths,

$2,000,000 of passes were issued, and $1,700,000 of passes were used at the special toll booth.

How much should the company recognize as revenue for the year? Explain how the revenue

recognition rule should be applied in this case.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Feb 2018 11:02 PM My Price 6.00

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