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Revenue Recognition question

Stryderman · 2015-12-04 11:11:34

Can someone please help me on this question Motion International sells goods overseas on the basis of a sale or return basis. Customers may return goods within 31 days of the sale date. For those goods not returned within the 31 days, payment is due within 28 days. During the month of December sales of €1 million were…

04-12-2015 12:11pm

#1

Stryderman

Registered Users Posts: 211 ✭✭

Join Date: September 2009

Posts: 195

Can someone please help me on this question

Motion International sells goods overseas on the basis of a sale or return basis. Customers may return goods within 31 days of the sale date. For those goods not returned within the 31 days, payment is due within 28 days. During the month of December sales of €1 million were generated on a sales or return basis. Motion wishes to record the €1 milllion as sales in the year ended December 31st

Can Motion International do this? Justify your answer.

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Comments

#2 04-12-2015 1:37pm

myshirt

Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭

Join Date: November 2010

Posts: 5080

No. The risks and rewards of ownership have not passed.

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